Fiserv has relied on its signature Clover point of sale system to drive overall revenue growth, a record of success it hopes to replicate in Australia.
Clover this week launched in the country, expanding the point of sale system's network to 11 countries and about 3.5 million locations.
The point of sale system is key to Fiserv's ability to sell technology to both banks, which issue cards, and the merchants that accept payments. The expansion to Australia also furthers Fiserv's ability to compete with
Payment companies are chasing a sizable small-business market. Australia's 2.5 million small businesses represent over 97% of all companies in the country, according to the
Clover was part of Fiserv's 2019 acquisition of payments processor First Data, which built Clover as a competitive counter to the payment hardware Square was selling to small businesses. Clover combines payment acceptance with other merchant services such as inventory management and sales analytics.
The product paid dividends almost immediately after the acquisition. It helped Fiserv
In late March, Fiserv acquired Netherlands-based
Fiserv has been steadily expanding Clover's footprint, a company spokesperson told American Banker in an email. Fiserv and First Data have been active in Australia for more than 30 years, selling bank technology and payment processing. Fiserv has more than 50,000 existing small-business and enterprise clients and processes one out of every seven payments in Australia. Clover will provide a way to expand Fiserv's payments business in Australia by adding more point of sale products.
Clover is a merchant revenue growth engine for Fiserv, according to a research note from William Blair that noted the payment system is on pace to reach Fiserv's $3.5 billion revenue goal for 2025, which would be up 29% from 2024.
"Among the three financial institutional independent sales organizations we spoke with, all noted Clover trends were tracking in line with expectations," said Jeffries in a research note on Fiserv. Jeffries also reported Clover Kiosk, an expanded self-order system for restaurants, sold out quickly following its spring 2024 launch.
Clover Kiosk will be among the products Fiserv will sell in Australia, along with other features such as a software-as-a-service product to enable remote upgrades for merchants. Another feature is Clover for Personal Services, a module that Fiserv launched in the fourth quarter of 2024. That product has helped Fiserv's ISO resellers expand into barbershops, salons and spas, creating room for growth given that beauty and personal care are less than 10% of rival Square's gross payment volume.
"We are impressed by high 20% Clover organic revenue growth," William Blair's research note said.
