When you sign up for Clover, which company are you really signing with?

Summary

If you apply through Fiserv's merchant site, your contract is with First Data Merchant Services LLC, backed by one of seven sponsor banks, and Clover is the hardware and software brand on top. Buy Clover through a bank or a reseller and the terms can change, which Clover's own pricing FAQ says outright. First Data has been part of Fiserv since July 2019, which is why all three names keep turning up together.

Three names, one company

Fiserv closed its all-stock purchase of First Data Corporation on July 29, 2019. First Data shareholders got 0.303 of a Fiserv share for each share they held, First Data stopped trading on the New York Stock Exchange that day, and the combined company kept the Fiserv name. The closing announcement already listed merchant acquiring and the Clover point-of-sale system among Fiserv's businesses, and Fiserv's merchant site still introduces Clover as part of "the First Data and Fiserv family."

The fine print on Fiserv's small-business page

The footer of merchants.fiserv.com names the provider. Merchant services come from First Data Merchant Services LLC, a registered Independent Sales Organization of seven banks: Wells Fargo in Concord, California; Deutsche Bank in New York; PNC in Pittsburgh; MVB Bank in Fairmont, West Virginia; Pathward in Sioux Falls, South Dakota; Citizens Bank in Providence, Rhode Island; and KeyBank in Cleveland.

The page lists Clover Station Solo, Station Duo, Flex, Mini, Go, and Virtual Terminal, plus the FD150 terminal, and shows no prices at all. Each "Get Started" button leads to a form for reaching a business consultant.

Clover's pricing FAQ adds that contract terms and termination fees depend on who sold you the system. It names Clover Direct, partners such as Citi, PNC, and Wells Fargo, and more than 3,000 other US financial institutions that resell Clover.

What Clover.com charges a retail shop

Clover.com splits its pricing by business type and says the prices apply only on its own site. For retail:

Basic: a compact countertop terminal on the Starter software plan. $16 a month for 36 months, or $349. In-person cards 2.6% + 10¢, keyed cards 3.5% + 10¢.
Standard: the 14-inch Station Duo with an 8-inch customer screen, on Retail Growth. $180 a month for 36 months, or $1,899 plus $84.95 a month. In-person 2.3% + 10¢, keyed 3.5% + 10¢.
Advanced: the Standard setup plus a handheld Flex. $240 a month for 36 months, or $2,648 plus $104.90 a month. Same rates as Standard.

All three include Rapid Deposit, which pays out within minutes of a card sale for a 1.75% fee.

Monthly plan or outright purchase

Standard over 36 months Monthly plan 36 x $180 = $6,480.00 Purchase $1,899 + 36 x $84.95 = $4,957.20 Gap = $1,522.80 Advanced over 36 months Monthly plan 36 x $240 = $8,640.00 Purchase $2,648 + 36 x $104.90 = $6,424.40 Gap = $2,215.60

Going from Basic to Standard on the monthly plan adds $164 a month and takes 0.3 percentage points off the in-person rate. The lower rate covers the extra $164 once in-person card sales reach about $54,700 a month.

Sources

Related on this site

Written by Kaz (pen name). Figures are copied from providers' published pricing pages on the dates shown. We have not used these products. Corrections: contact form.