Clover Network

{{Coord|37|23|11.76|N|122|1|54.07|W|scale:1563_region:US|display=title}}

{{Infobox company

| name = Clover Network, Inc.

| logo = Clover_mobile_app_Logo.svg

| image = Clover Station with receipt printer and cash drawer.jpg

| image_caption = The touchscreen Clover Station with a receipt printer and cash drawer.

| type = Subsidiary

| founders = Leonard Speiser, John Beatty, Kelvin Zheng

| area_served = Worldwide

| location_city = Sunnyvale, California

| location_country = United States

| revenue =

| homepage = {{URL|www.clover.com}}

| screenshot =

| caption =

| num_employees = 400+

| parent = Fiserv (through First Data)

| registration =

| founded = October 2010

| current_status =

| industry = POS

}}

Clover is a cloud-based Android point of sale (POS) platform that was launched in April 2012. The company is headquartered in Sunnyvale, California, United States. As of the quarter ended September 2020, Clover processed $133 billion of annualized card transactions worldwide, making it the largest U.S. cloud POS firm.{{cite web |title=Fiserv 2020 Investor Conference Presentation |url=https://investors.fiserv.com/static-files/820517ed-48a8-4925-aca7-181065168e25 |archive-url=https://web.archive.org/web/20230717211716/https://investors.fiserv.com/static-files/820517ed-48a8-4925-aca7-181065168e25 |archive-date=July 17, 2023}}

Clover was acquired on December 28, 2012, by First Data Corporation,{{cite web |title=First Data Quietly Buys Payments Startup Clover; Launches Point of Sale Platform for Merchants |url=https://nilsonreport.com/publication_newsletter_archive_issue.php?issue=1182 |archive-url=https://web.archive.org/web/20210922084745/https://nilsonreport.com/publication_newsletter_archive_issue.php?issue=1182 |archive-date=September 22, 2021}} which itself was acquired by Fiserv, the world's largest merchant acquirer,{{cite web |title=The Nilson Report, Issue 1182, Sep 2020 |url=https://nilsonreport.com/publication_newsletter_archive_issue.php?issue=1182 |archive-url=https://web.archive.org/web/20210922084745/https://nilsonreport.com/publication_newsletter_archive_issue.php?issue=1182 |archive-date=September 22, 2021}} on July 29, 2019.{{cite web| url=https://investors.fiserv.com/news-releases/news-release-details/fiserv-completes-combination-first-data-further-cementing#:~:text=As%20previously%20announced%2C%20First%20Data,as%20of%20July%2029%2C%202019%20.&text=The%20combined%20company%20will%20carry,under%20the%20ticker%20symbol%20FISV.| title=Fiserv Completes Combination With First Data Further Cementing Industry Leadership| date=October 19, 2023| access-date=April 28, 2024| archive-date=June 5, 2023| archive-url=https://web.archive.org/web/20230605065735/https://investors.fiserv.com/news-releases/news-release-details/fiserv-completes-combination-first-data-further-cementing#:~:text=As%20previously%20announced%2C%20First%20Data,as%20of%20July%2029%2C%202019%20.&text=The%20combined%20company%20will%20carry,under%20the%20ticker%20symbol%20FISV.| url-status=live}} Bank of America Merchant Services was the first to announce it would sell Clover to its merchant base in October 2013.{{cite web | url=http://merch.bankofamerica.com/cloverdetailspage | title=POS Device Solutions for Small Business | access-date=April 25, 2014 | archive-date=April 26, 2014 | archive-url=https://web.archive.org/web/20140426232449/http://merch.bankofamerica.com/cloverdetailspage | url-status=dead }}{{cite web |url= https://www.firstdata.com/en_us/about-first-data/media/press-releases/10_09_13.html |title=First Data Unveils Sleek Clover Point-of-Sale Solution for Small Business | First Data |access-date=April 25, 2014 |url-status=dead |archive-url= https://web.archive.org/web/20140426215505/https://www.firstdata.com/en_us/about-first-data/media/press-releases/10_09_13.html |archive-date=April 26, 2014}} PNC Merchant Services was the second to announce it would sell Clover to its merchant base.

History

=Funding and early history=

Clover was incorporated on October 15, 2010, and raised $5.5M on November 1, 2010.{{cite web | url=https://www.sec.gov/Archives/edgar/data/1517885/000151788511000001/xslFormDX01/primary_doc.xml | title=Sec Form D | access-date=August 27, 2017 | archive-date=October 3, 2016 | archive-url=https://web.archive.org/web/20161003183342/https://www.sec.gov/Archives/edgar/data/1517885/000151788511000001/xslFormDX01/primary_doc.xml | url-status=live }} The lead investor was Sutter Hill Ventures with participation from Andreessen Horowitz and a number of angel investors. The company was founded by John Beatty, Leonard Speiser, and Kelvin Zheng. The company secured an additional $3M convertible note from Sutter Hill Ventures in April 2012.{{cite web | url=https://www.sec.gov/Archives/edgar/data/1517885/000151788512000001/xslFormDX01/primary_doc.xml | title=Sec Form D | access-date=August 27, 2017 | archive-date=June 19, 2018 | archive-url=https://web.archive.org/web/20180619215307/https://www.sec.gov/Archives/edgar/data/1517885/000151788512000001/xslFormDX01/primary_doc.xml | url-status=live }}

= First hardware product =

Clover launched its first hardware solution, the Clover Station, in 2013 and began shipping it in January 2014.{{cite web| url=http://gigaom.com/2013/10/09/after-a-quiet-year-clover-emerges-with-a-sexy-cash-register-a-new-owner/| title=After a quiet year, Clover emerges with a sexy cash register & a new owner| work=Gigaom| date=October 9, 2013| access-date=April 25, 2014| archive-date=April 12, 2014| archive-url=https://web.archive.org/web/20140412154418/http://gigaom.com/2013/10/09/after-a-quiet-year-clover-emerges-with-a-sexy-cash-register-a-new-owner/| url-status=dead| last1=Fehrenbacher| first1=Katie}} Clover opened its App Marketplace to third-party developers in 2014. Gyft announced the launch of its Gift Cloud Service on Clover in April 2014.{{citation needed|date=July 2023}}

First Data announced the sale of 17,000 Clover Stations six months after the release of the product.{{cite web|last=|first=|date=September 16, 2014|title=KKR Banks on Bisignano Forging Apple Deal at First Data|url=https://www.bloomberg.com/news/articles/2014-09-16/kkr-banks-on-bisignano-forging-apple-deal-at-first-data|url-status=live|archive-url=https://web.archive.org/web/20150131191536/http://www.bloomberg.com:80/news/articles/2014-09-16/kkr-banks-on-bisignano-forging-apple-deal-at-first-data |archive-date=January 31, 2015 |access-date=October 17, 2020|website=Bloomberg.com}} This put Clover ahead of Square Stand in terms of total units shipped.

On September 9, 2014, Clover announced its work with Apple to support Apple Pay via its Android POS Platform.{{cite web| url=http://clover-developers.blogspot.com/2014/09/apple-pay.html| title=Clover Developers Blog: How Apple Pay works and why it matters for developers| date=September 9, 2014| access-date=September 18, 2014| archive-date=September 20, 2014| archive-url=https://web.archive.org/web/20140920214755/http://clover-developers.blogspot.com/2014/09/apple-pay.html| url-status=live}} Clover described the functionality in a blog post that was featured on the home page of Hacker News.{{cite web | url=https://news.ycombinator.com/item?id=8292140 | title=How Apple Pay works and why it matters for developers | Hacker News | access-date=February 19, 2015 | archive-date=March 4, 2016 | archive-url=https://web.archive.org/web/20160304085109/https://news.ycombinator.com/item?id=8292140 | url-status=live }}

= Second hardware product =

Clover announced its second hardware product, the Clover Mobile, at the Money 20/20 conference in November 2014.{{cite web| url=https://techcrunch.com/2014/11/04/first-data-debuts-clover-mobile-a-wireless-tablet-based-point-of-sale/| title=First Data Debuts Clover Mobile, A Wireless, Tablet-Based Point-Of-Sale| date=November 4, 2014| access-date=June 25, 2017| archive-date=July 6, 2017| archive-url=https://web.archive.org/web/20170706050647/https://techcrunch.com/2014/11/04/first-data-debuts-clover-mobile-a-wireless-tablet-based-point-of-sale/| url-status=live}} On March 19, 2015, Clover Mobile] won the gold medal for the Best POS innovation at the PYMNTS.com Innovator Awards ceremony.{{cite web | url=https://www.firstdata.com/en_us/all-features/clover-mobile-wins-gold.html | title=All Small Business Payment Solutions | First Data | access-date=July 19, 2015 | archive-date=October 11, 2015 | archive-url=https://web.archive.org/web/20151011014928/http://www.firstdata.com/en_us/all-features/clover-mobile-wins-gold.html | url-status=live }} Clover Mobile [https://www.salesplay.com/features/ features] a complete EMVCo compliant payments solution with an on-screen pin-pad,{{cite web | url=https://www.clover.com/pos-hardware/mobile | title=Clover | access-date=July 19, 2015 | archive-date=July 22, 2015 | archive-url=https://web.archive.org/web/20150722121205/https://www.clover.com/pos-hardware/mobile | url-status=live }} that is fully PCI PTS 4.0 compliant.{{cite web |url=https://www.pcisecuritystandards.org/popups/pts_device.php?appnum=4-40156 |title=Data |publisher=www.pcisecuritystandards.org |date= |access-date=April 30, 2021 |archive-date=November 11, 2018 |archive-url=https://web.archive.org/web/20181111133749/https://www.pcisecuritystandards.org/popups/pts_device.php?appnum=4-40156 |url-status=live }} It also features an EMVCo compliant Contactless payment interface which enables it to support Apple Pay among other contactless payment modes. The device has an ergonomic handle with an integrated barcode scanner{{cite web |url=https://www.firstdata.com/downloads/marketing-merchant/FD_Solutions_with_Clover_Mobile.pdf |title=Take Your Business Mobile with First Data Solutions |access-date=July 19, 2015 |archive-url=https://web.archive.org/web/20160629131719/http://www.firstdata.com/downloads/marketing-merchant/FD_Solutions_with_Clover_Mobile.pdf |archive-date=June 29, 2016 |url-status=dead}} - with an external wireless mobile printer accessory{{cite web | url=https://www.clover.com/pos-hardware/accessories?accessoriesTypeGroup=mobile | title=Clover | access-date=July 19, 2015 | archive-date=July 22, 2015 | archive-url=https://web.archive.org/web/20150722121145/https://www.clover.com/pos-hardware/accessories?accessoriesTypeGroup=mobile | url-status=live }} designed to keep the device lightweight and reduce fatigue.

= Third hardware product =

Clover's third hardware product, the Clover Mini was launched by First Data on June 16, 2015.{{cite press release| url=http://www.businesswire.com/news/home/20150616006141/en/Data-Launches-Clover%C2%AE-Mini-Future-Payment-Terminals| title=First Data Launches Clover® Mini, the Future of Payment Terminals| date=June 16, 2015| access-date=July 19, 2015| archive-date=July 21, 2015| archive-url=https://web.archive.org/web/20150721215316/http://www.businesswire.com/news/home/20150616006141/en/Data-Launches-Clover%C2%AE-Mini-Future-Payment-Terminals| url-status=live}} Like Clover Mobile, Clover Mini{{cite web | url=https://www.clover.com/pos-hardware/mini | title=Clover | access-date=July 19, 2015 | archive-date=July 22, 2015 | archive-url=https://web.archive.org/web/20150722121207/https://www.clover.com/pos-hardware/mini | url-status=live }} is a PCI PTS 4.0 approved,{{cite web |url=https://www.pcisecuritystandards.org/popups/pts_device.php?appnum=4-40158 |title=Data |publisher=www.pcisecuritystandards.org |date= |access-date=April 30, 2021 |archive-date=November 11, 2018 |archive-url=https://web.archive.org/web/20181111133718/https://www.pcisecuritystandards.org/popups/pts_device.php?appnum=4-40158 |url-status=live }} EMVCo compliant contact and contactless next generation payment device. Clover Mini has a built-in receipt printer and is designed to be a terminal replacement with the support for advanced payments interfaces, while also allowing Merchants to install apps from the Clover App Market.{{cite web | url=https://www.clover.com/appmarket/ | title=Clover | access-date=July 19, 2015 | archive-date=July 22, 2015 | archive-url=https://web.archive.org/web/20150722121153/https://www.clover.com/appmarket/ | url-status=live }} Clover Mini also features a USB hub allowing easy interface of peripherals such as external barcode scanners, cash drawer {{Cite web |url=https://www.firstdata.com/downloads/marketing-merchant/FD_Solutions_with_Clover_Mini.pdf |title=First Data Solutions and the next generation of payment terminals – Clover Mini. |access-date=July 19, 2015 |archive-date=April 24, 2016 |archive-url=https://web.archive.org/web/20160424193444/http://www.firstdata.com/downloads/marketing-merchant/FD_Solutions_with_Clover_Mini.pdf |url-status=dead}} and a Merchant keypad (for cases where the Mini is Customer-facing).{{cite web | url=https://www.clover.com/pos-hardware/accessories?accessoriesTypeGroup=mini | title=Clover | access-date=July 19, 2015 | archive-date=July 22, 2015 | archive-url=https://web.archive.org/web/20150722121157/https://www.clover.com/pos-hardware/accessories?accessoriesTypeGroup=mini | url-status=live }}

Acquisition

On December 28, 2012, Clover entered into a merger agreement with First Data Corporation.{{cite web |url=https://www.sec.gov/Archives/edgar/data/740112/000104746913011139/a2217468zs-4.htm |title=Info |publisher=www.sec.gov |date= |access-date=April 30, 2021 |archive-date=November 11, 2018 |archive-url=https://web.archive.org/web/20181111133800/https://www.sec.gov/Archives/edgar/data/740112/000104746913011139/a2217468zs-4.htm |url-status=live }} In a radio interview with Wharton professor Rahul Kapoor{{cite web | url=http://www.innonavi.com/recent-guests/ | title=Recent Guests | access-date=October 9, 2015 | archive-date=October 29, 2015 | archive-url=https://web.archive.org/web/20151029180420/http://www.innonavi.com/recent-guests/ | url-status=live }} the structure of the acquisition was explained. An operating agreement was put into place whereby Clover would receive $100M in funding to run independently. First Data would be responsible for sales and support, while Clover built all new payment hardware/software for the company. The deal utilized a "Founder's Clause" that would trigger a very large penalty payment if the parent company interfered with operations of Clover. Thirty two months after the acquisition Clover was mentioned 88 times in the S-1 filed by First Data Corporation.{{cite web | url=https://www.sec.gov/Archives/edgar/data/883980/000119312515256975/d31022ds1.htm | title=Form S-1 | access-date=August 27, 2017 | archive-date=November 11, 2018 | archive-url=https://web.archive.org/web/20181111173530/https://www.sec.gov/Archives/edgar/data/883980/000119312515256975/d31022ds1.htm | url-status=live }} Clover is now owned by Fiserv through the acquisition of First Data Corporation. As of May 1, 2024, Clover raised basic plans over 1000% for users via a forced updated Software terms and agreement. Long time customers who purchased software embedded equipment before 2019, are now being charged for software that was contractually "free" based on original customer acquisition agreements. Several law firms are planning class action suits on behalf of customers as they are now locked out of their accounts unless they agree to new terms and an absurd increase in plan pricing. Clover and Fiserv have refused to buy back the software embedded hardware of impacted customers.

Sponsorships

Clover sponsors race team Chip Ganassi Racing with their partnerships with First Data and Credit One Bank. Clover is also one of the sleeve sponsors for the San Jose Earthquakes.{{cite web | url=https://www.sjearthquakes.com/post/2020/07/08/news-earthquakes-secure-wearable-sponsors-2020-season | title=Earthquakes announces sleeve sponsors for 2020 season | access-date=July 12, 2020 | archive-date=July 13, 2020 | archive-url=https://web.archive.org/web/20200713033122/https://www.sjearthquakes.com/post/2020/07/08/news-earthquakes-secure-wearable-sponsors-2020-season | url-status=live }}