Clover payment system is currently owned by Fiserv.
Fiserv, a global leader in financial services technology solutions, acquired ownership of the Clover payment system through its strategic acquisition of First Data Corporation. This significant transaction, completed in 2019, brought First Data's extensive portfolio of merchant solutions, including the popular Clover platform, under the Fiserv umbrella.
Understanding the Ownership
The ownership of Clover is a direct result of one of the largest mergers in the financial technology (fintech) industry:
- Initial Creator and Owner: Clover was initially developed and owned by First Data Corporation. First Data was a prominent global leader in e-commerce and payment processing.
- Acquisition by Fiserv: In a move to expand its merchant-facing business and enhance its payment processing capabilities, Fiserv acquired First Data Corporation. This acquisition was a major strategic play, combining Fiserv's banking technology expertise with First Data's extensive merchant network and payment solutions like Clover.
What is Clover?
Clover is a comprehensive point-of-sale (POS) system that provides various payment processing solutions for businesses of all sizes, from small retail shops to large restaurants. It offers a suite of hardware devices and software applications designed to simplify transactions, manage inventory, track sales, and streamline operations. Its versatility and user-friendly interface have made it a popular choice among merchants.
Impact of Fiserv's Ownership
Under Fiserv's ownership, Clover continues to evolve, leveraging Fiserv's resources and global reach. This integration has allowed Clover to:
- Expand its Market Reach: Benefit from Fiserv's existing client base and distribution channels, reaching more businesses globally.
- Enhance Product Development: Access greater investment in research and development, leading to new features and improved functionality for the Clover platform.
- Integrate with Broader Financial Services: Offer more integrated solutions that combine payment processing with other financial services provided by Fiserv.
Today, Clover operates as a key part of Fiserv's merchant solutions segment, providing an end-to-end payment ecosystem for businesses aiming to modernize their transaction processes.
