First Data in Germany becomes an e-money institution
First Data has been approved by the German Federal Financial Supervisory Authority (BaFin) as an e-money institution in Germany. At the same time, we are consolidating the business of three companies under one roof in this country, First Data GmbH. So we can now offer you innovative payment solutions much easier than before and Europe-wide.
TeleCash remains an important pillar
TeleCash GmbH & Co. KG, First Data Germany GmbH and the German credit card acquiring business of First Data are jointly launched as First Data GmbH. The merger will create a completely integrated solution provider in the European payment market, which will be able to offer you the entire value-added chain around cashless payment from a single source.
TeleCash will continue to be a central pillar of our offering in Germany, Austria and Switzerland. The TeleCash solutions are now significantly enhanced by the comprehensive acquiring expertise and the broad technology and solution portfolio of the entire First Data Group and positioned on the market under the First Data TeleCash brand.
First choice in payments
Furthermore, we have now received approval from the Federal Financial Supervisory Authority as an e-money institution. With the e-money permit, we are able to support you in all countries of the European Economic Area. The new structure and the e-money permit now make us the definitive first choice for technology solutions in the financial services sector in Europe.
We have gone through a successful transformation from a payment processor to an integrated payment provider. With our new and clear structure, our focus on technology and our extended service promise as a solution provider, we are entering the market significantly stronger. This and access to the innovation power of First Data's global payment solutions are two compelling unique selling propositions over other providers.
With the e-money license, we now have a much stronger focus on innovation. We are convinced that only those companies that can respond to the challenges of their customers with innovative solutions from a single source will be successful in the future.
You, as our customers, will now have much easier access to an expanded technology and solution portfolio from a single source. This will make it much easier for you to do business with First Data: In the future, you will be able to procure all First Data services in Germany, Austria and Switzerland from just one contract partner.
We have summarised and answered the most important questions for you below. Of course, your customer advisor will be happy to answer any further questions you may have.
Three turns into one! – Key points for our customers
1. Why is there a merger of the three companies into one company?
With the merger, First Data is consistently adapting to the increased demands of the market and is developing into a true full-service payment service provider. This is achieved by pooling the competencies of individual teams and departments, because they complement each other optimally. First Data impresses with the combination of a leading acquirer and service provider for cashless payment at the point of sale and highly innovative technological products that are unparalleled in the marketplace - in brick-and-mortar retailing and e-commerce. Under the new, unified brand, First Data offers its customers an even wider and more attractive product range for full customer support in Germany and Europe.
2. What benefit does the merger have for the customer?
The merger of the three companies offers many advantages for (retail) customers. As of Day 1, customers will retain their preferred payment service provider and, in addition, have access to a wider and more attractive product range. Traders also benefit from the development of a full-service payment service provider with the following performance promises
- A contract partner for all services
- Full payment product range coverage and complementary services
- Integrated solutions across all payment methods, channels and markets
- Access to state-of-the-art technological solutions from an internationally experienced group
- Ideal payment mix of international and country-specific payment methods
3. What happens to the brand "TeleCash"?
The dealer business remains one of our most important pillars in Germany. Already today, we are trading as First Data TeleCash and this familiar image will be preserved for our customers. Because we bundle our products and services around the merchant business and credit card acceptance under the product brand TeleCash. This is a clear sign that we see the retailer business as the central pillar of our company in Germany. It is also clear that our dealer customers will retain their usual contacts and services in the future as well. They continue to do business with the same people as before. In addition, we still see great growth potential in German trade.
4. Will performance and / or service change?
You will continue to receive your existing high quality performance and service levels. Depending on the products used, there will be an increase in quality and performance in the future. With regard to pending changes, we will approach customers on an individual level and discuss all further developments and benefits.
5. Are prices or conditions changing?
Prices and conditions remain the same.
6. Does the contract change?
No. As the merger will result in a transfer of business from one company to another, customers will be informed, but there will be no direct changes.
7. Do customers of TeleCash or the customers of the First Data Europe branch have a special right of termination by this transaction?
No. Since First Data GmbH is the legal successor of TeleCash GmbH & Co. KG, there is no special right of termination. The customers of the First Data Europe branch also have no special right of termination, as the terms and conditions of First Data Europe already provide for the right to transfer the contract to another company of the First Data Group.
8. Who will be my contact person in the future?
Our customers keep their usual contact.
9. Is there a technical migration and / or system downtime?
The IT infrastructure remains in the proven form. This is how we ensure the usual system stability.
10. Do customers have to do / change something?
No, customers will be informed about the change, but there will be no change in the day-to-day business for customers and there is no need to take any action.