First Foundation Bank and Central Missouri Community Credit Union Are Among the Financial Institutions Adding a Merchant Solutions Offering to Their Portfolio
Fiserv, Inc., a leading global provider of financial services technology solutions, announced that more than 50 financial institutions that utilize a Fiserv core processing platform added merchant solutions to their portfolio between the late July combination of Fiserv and First Data and the end of 2019.
Pairing a merchant offering alongside core technology from Fiserv allows banks and credit unions to better identify business banking opportunities, enable digital enrollment for merchant solutions, and deliver differentiated value to small and mid-sized businesses through the could-based Clover platform from First Data, now Fiserv.
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First Foundation Bank, which has 20 locations across California, Nevada and Hawaii, launched its merchant services program with Fiserv in October of 2019.
“Our new offering is helping us attract small business merchant customers, enabling them to create a merchant account in minutes, and giving us the opportunity to digitally market additional services to them,” said Tracy Miller, Senior Vice President, Director of Depository Services at First Foundation Bank. “The customer service Fiserv is providing our branch managers and merchant customers has been excellent. They have gone above and beyond.”
Central Missouri Community Credit Union, a Fiserv core processing client for more than 30 years, has also added merchant solutions.
“Adding merchant solutions from Fiserv will enable us to offer significant new value to our members who own and operate small businesses in our community,” said Carol White, Chief Executive Officer, Central Missouri Community Credit Union. “Payment acceptance is the lifeblood of small businesses, and we look forward to partnering with those small business owners in their future success.”
Fiserv completed its acquisition of First Data on July 29, 2019. The combination of the two companies built an offering of end-to-end solutions spanning the value chain of payments, including four benefits for financial institutions that are unique in the industry:
- Merchant Opportunity Analysis – Financial institutions are able to pull data from their core processing platforms to identify small business customers who are accepting debit and credit card payments
- Digital Merchant Enrollment – An integrated merchant services enrollment portal that sits within the financial institution’s website gives website visitors the ability to create a merchant account through their bank or credit union in less than five minutes
- Access to Clover – Financial institutions can offer the market-leading cloud-based point-of-sale platform to small and mid-sized businesses
- Integration with Core and Digital Banking Solutions – Merchant customers can see their business’ real-time payment data within their cash flow management dashboard
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