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A credit giant First Data began as a unit of American Express Travel Related Services in 1987 and grew quickly, becoming the largest bank card processing company in the U.S. in the early 1990s. In 1992, First Data spun off as an independent company. Three years later, it merged with its chief rival, First Financial Management. Today, First Data is the nation's largest processor of credit transaction information. It processes credit applications, embosses cards, and provides billing services for the banks that issue cards. The company plays a role in nearly every ATM transaction in the U.S. In addition, its subsidiaries provide a host of other financial services including check authorization, money transfers, investment processing, and health care administration. In 1998, First Data moved to take advantage of emerging credit technologies; for example, it created a unit to deal with stored-value cards, and received a 10-year contract from Wal-Mart to process the 5 billion credit and debit transactions that the world's largest retailer sees each year. Shift in strategy But 1998 proved a difficult year for the industry giant as a host of banks pulled out of its merchant-alliance program -- management was in disarray. First Data realized it needed to reorganize or risk seeing its stock tumble further. In November 1998, the company cut 50 management and executive jobs in a move the company called a "response to the clients' needs." In December 1998, First Data announced that it was closing operations of its Innovis divsion, which provided consumer credit reporting information. Industry analysts agree that this move signaled that the company was dropping any ambition to compete directly with the major credit bureaus. Charging ahead For investors, most of the clouds of uncertainty were lifted in February 1999 when Bank One announced it would convert accounts in First Chicago's First Card portfolio to First Data. In March 1999, investors were finally able to breathe a sigh of relief as First Data's strategy began to bear fruit. That month, the company announced a 55 percent increase in the number of debit transactions it handled from the previous year. The future is looking bright for First Data as it has recently unveiled plans for doing work with IBM and iMall, Inc.
Applicants should call First Data's job hotline, which is updated weekly. The hotline lists information about current openings, including minimum degree and experience requirements. Applicants should then contact the Human Resources department for information about applying. First Data does not accept faxed resumes.
First Data combines "small-company camaraderie" with "big-company benefits." The company takes the "extra steps" to provide small but significant perks such as free movie tickets and frequent office social events. First Data's "trailblazing" use of credit technology, moreover, is creating "new career opportunities every day." While some, er, First Daters say that the company's "explosive growth" created short-term problems ? such as an insufficient supply of up-to-date office technology ? they also say that First Data's long-term prospects are "brilliant."
Human Resources (770) 857-7238
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