Credit Card FAQ
Who Are The Largest Credit Card Processors?
The largest credit card processors these days are First Data and Chase Paymentech. Businesses are dealing with these companies as they provide the best merchant rates. First Data is the most popular credit card processor dominating the market with more than half of the market share, but Chase Paymentech is the most widely used solution in North America.
Nova Information Systems is another major credit card processing company which does heavy amounts of transactions worldwide with businesses all over world. Japan has NTT Data as their largest credit card processing company with increasing amounts of transactions. They are expanding rapidly worldwide especially in China and Asian countries. NTT data has an excellent reputation with regard to customer service.
What Is The Benefit Of Doing Business With A Large Credit Card Processing Company?
A large company like First Data has a credible history of credit processing. This gives the clients a credibility of quality service. Large companies will have several products to choose from and provide cutting edge services specific to the client's requirements. They ensure to meet certain standards to meet client's expectations.
Why Are They The Largest Credit Card Companies?
In 2007, First Data Corporation was officially taken over by KKR (Kohlberg Kravis Roberts). It was considered to be the largest leveraged buy-out in history. Recently First Data has entered the Ireland market with a joint collaboration with Allied Irish Bank. First Data has also acquired ICICI merchant business services.
During the period of expansion, First Data acquired businesses in United States and other regions. Some of the business it acquired includes PaySys International and their vision PLUS Payment software systems, Concorde EFS, and the STAR network with PIN based debit acceptance. First Data further expanded in regions like Asia, Europe, and Latin America.
Another major company as mentioned above is Chase Paymentech which was made by a joint venture between First Data Corporation (FDC) and Chase Merchant Services. It opened its first European office in Dublin, Ireland recently and merged Bank One and JP Morgan Chase. After that, Chase Paymentech's joint venture was coming to an end and Chase Paymentech became a subsidiary of JP Morgan Chase. Chase Paymentech's major software is the orbital suite of e-commerce products which includes Virtual Terminal and Permanent Gateway.
Nova Information Systems is spread across major locations of the globe and is the major credit card processing company and a subsidiary of U.S. Bancorp. Nova is the one of the largest in United States and Europe.
Is Largest Credit Card Processing Company Right For Me?
It is not certain that the largest credit processor will be the best for you. The best advice would be to research the services of these credit card processors and select the one which meets your personal requirements.
How To Choose The Credit Card Processing Company?
Selecting the right credit card company for your business also depends on the size of your company. Most large credit card processing companies deal with large to medium-sized enterprises. Hence, the smaller companies with selective requirements may have to search for smaller credit card processing companies.
The first step to choosing a credit card processing company is to determine which company would work with the company of your size. As explained previously, a company like First Data usually works best with a large enterprise as their requirements would be a little higher for smaller companies. The smaller companies do not give a high profit to credit card companies and if they agree to work to work with a small-sized company, they charge them more.
Therefore, the major large credit card companies are First Data, Chase Paymentech, and Nova Information System. These companies have become the largest credit card processing companies and large credit card companies work best with large to medium-sized enterprises.
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