Fiserv Reports Its Merchant Acceptance Revenue Was up 11.8% in the Latest Quarter

With thousands of merchants across the globe, processing powerhouse Fiserv Inc. continues to reap the benefits of that reach with an 11.8% increase in its merchant-acceptance revenue in the third quarter.

Heavily affecting the segment’s growth was a 19% increase in revenue from Fiserv’s Clover point-of-sale products and services and 18% more revenue for Carat, a commerce platform. This pattern echoes Fiserv’s second quarter, when each product also experienced significant revenue growth. Fiserv said its merchant volume in the third quarter was up 10% and its transaction growth was 5%. Overall, the merchant-acceptance segment saw $1.9 billion in third-quarter revenue, up 11.8% from $1.7 billion in the same quarter a year ago.

But the merchant-acceptance segment was the only unit to record double-digit revenue growth. Dubbed the payments and network segment, the business line that includes Fiserv’s Zelle peer-to-peer volume, had a 6.7% increase in revenue to $1.6 billion from $1.5 billion last year. In an earnings presentation, Fiserv says Zelle transactions increased 34% in the third quarter from a year ago and the number of clients enrolled in Zelle via Fiserv increased 48% for the same period.

Overall, Fiserv posted revenue of $4.5 billion for the quarter, up 7.1% from $4.2 billion in revenue a year ago. Its net income of $493 million was up 10.5% from $446 million in the 2021 third quarter. “We credit the strength of our client franchise, industry-leading products and geographic reach for these continued outstanding results,” Frank Bisignano, Fiserv president and chief executive, said in a statement.

Fiserv also announced it would move its headquarters from Brookfield, Wis., a Milwaukee suburb, to downtown Milwaukee. The relocation will include the addition of 250 jobs over five years. The project is contingent on local government incentives. Fiserv expects to begin the relocation in 2023.