Vantiv or Worldpay (current name) is a renowned global payment processing provider. The organization was launched back in 1989. Later, it went ahead with helping major internet-based systems in 1994. Therefore, Vantiv became the first-ever company in the market to do so. Recently, in 2018, the Worldpay brand had made acquisitions with Vantiv -a major payment processor and became Worldpay Inc. This resulted in the development of an organization that is significant enough to claim the reputation of a single, leading Global Merchant Acquirer. Recently, Worldpay has been successful in acquiring FIS or Fidelity National Information Services.
After the acquisition of Worldpay by Vantiv in 2017, the partnership entity has assumed the brand name of Worldpay. As the sub-brands of Vantiv have been effectively consolidated into Worldpay, the Vantiv brand appears to have been phased out completely.
An Overview of Vantiv
Vantiv or Vativ.com is a leading merchant account and credit card processing service provider while serving as the core division of the Fifth Third Bank. The organization turns out to be one of the largest payment processors in the entire United States. It is publicly traded on the NYSE (New York Stock Exchange) under the name of VNTV.
In 1991, Vantiv made its entry into the merchant services industry under the scope of Midwest Payment Systems. A few years later in 2003, the name was changed to Fifth Third Processing Solutions. Again, in 2011, the name was changed to Vantiv.
Since the inception of the brand, the company has been successful in acquiring a series of ISOs and credit card payment processors -including CMC or Card Management Corporation, ACI Merchant Services, NPC or National Processing Company, WorldPay (the most recent one), Element Payment Services, and Mercury Payment Systems. Since its inception, multiple payment systems and providers have been combined as well as rebranded to come up with Vantiv Integrated Payments.
Vantiv serves to be a direct processor that has been sponsored by Fifth Third Bank. The corporate headquarters of the company is located in Cincinnati in Ohio. However, it also has offices in other places -including Texas, Indiana, and Illinois. Currently, Charles D. Drucker is the CEO of Vantiv.
Services Offered by Vantiv
Vantiv is known to offer access to payment processing, mobile payment processing, prepaid payment, check processing, and an e-commerce payment gateway solutions. with Vantiv, it is also possible to accept payments in different currencies -when you might have international customers.
- Card Processing: If you have access to credit or debit cards, you can consider taking it with Vantiv. The company is capable of offering support to almost all major cards -including MasterCard, Visa, American Express, Fleet, and Discover cards. Some of the Fleet cards that are supported are Wright Express, Voyager, Fleet One, and others.
Moreover, it is possible to access PIN-based debit cards on all core networks -including AFFN, Jeanie, Accel, Alaska Option, Maestro, Interlink, Pulse, Star, NYCE, and so more. There is also the possibility to choose whether or not you want to accept the EBT cards.
- E-commerce: If you have a website and wish to allow customers buying from you directly, you can use the e-commerce services offered by Vantiv. Vantiv offers access to e-commerce services with the help of a dedicated payment gateway -known as E-Commerce Plus. Otherwise, you can also think of setting up with the help of the famous Authorize.Net payment gateway.
Both the payment gateways are capable of integrating with the e-commerce website as well as shopping carts. This allows the end customers to securely and easily make payments for the products and services bought on the website. It is also possible to take international payments with the help of Vantiv.
- Mobile Processing: If you wish to ensure payments on the go with the help of a tablet or a smartphone, Vantiv offers access to the feature of Vantiv Mobile Accept. Irrespective of the platform used iOS or Android, Vantiv is capable of working with multiple devices, including Android smartphones, iPads, and iPhones.
It is possible to blend the mobile app of Vantiv with a dedicated card reader to swipe cards during payment rather than keying. Transactions tend to be less expensive and faster upon swiping. Moreover, payments are highly secure with the help of encryption.
- Check Processing: Checks continue going strong -even in the modern digital era. In terms of check processing, Vantiv offers access to a wide range of useful solutions -especially if you wish to use checks within your business. Some of the leading check processing services offered by Vantiv are Check 21, Electronic Check Conversion, and Paper Guarantee.
- Prepaid Solutions: The prepaid solutions by Vantiv include incentive programs, reload gift cards, and rebates. With Vantiv’s prepaid solutions, you can expect flexible programs that can be customized according to your needs.
Gift cards can be effectively designed with the help of existing templates or through the creation of customized artwork. Dedicated programs including online reporting and ordering, 24/7 customer services, and so more.
On its official website, Vantiv does not reveal its fees or rates. There can be the possibility of interchange-plus pricing. However, it is recommended for merchants to be completely cautious about the charges that you can expect while using the services offered by Vantiv.
One of the best ways to obtain a secure, up-to-date, and accurate pricing is requesting a customized quote from the service provider.
- Chargeback Service Fee T1: During July 2017, Vantiv came up with the plan for chargeback service fee T1. Rather than incurring a dedicated chargeback fee only in the case of a chargeback, the pricing will be assessed on a monthly basis for all business enterprises.
When you have access to a direct account with Vantiv, you can expect to observe this fee on the monthly processing payment cycle. If you are working with the ISO or Vantiv reseller, it is up to the reseller to decide whether or not they will pass along the fee to the respective business enterprise. While the statement by Vantiv indicated a $5 fee on a monthly basis, the accurate chargeback fee will depend on the respective processor.
According to the latest study reports by industry experts, Vantiv has received a B- rating for its services. The report reveals around 265 complaints in total that have been filed in the duration of last 3 years. Around 130 of the complaints have been with respect to the products and services. Around 127 of them were due to collection and billing. The remaining were related to sales and advertising issues.
Vantiv and a Contract
Yes, there is a contract with Vantiv. The standard contract by Vantiv is for 3 years. It gets renewed automatically. Moreover, there is an early termination fee of around $295 as specified in the contract. There might be the availability of seasonal downtime as well. It is important to note that fees and terms can vary. Therefore, it is recommended for the merchants to go through the contract by Vantiv in-depth before signing the same.
Customer Services Offered by Vantiv
The customer care services by Vantiv remain open 24/7. You can make a call or communicate through online chat. There is the presence of an online live chat feature that will help you whenever needed.
Moreover, Vantiv also offers access to support video library including how-to guides and video tutorials for some of the most common issues. However, customer services by Vantiv turn out to be a future point in the sense of negative reviews online. The reviews state that the overall hold times for reaching an agent tend to be longer. Moreover, it is also observed that the customer service representatives can be unhelpful and rude.
Advertising & Sales Transparency of Vantiv
There is no disclosure of processing fees or rates on the official website. To top it all, Vantiv does not offer much insight into its overall advertising and sales transparency as well. However, the organization offers access to extensive educational material. While it serves to be a valuable resource for first-time merchants who wish to learn about credit card processing, it still continues to be a poor substitute for particular disclosures about contract terms and pricing.
The website of Worldpay appears quite professional and easy to navigate. However, it also offers access to minimum disclosures about the products or services of the company. There has been no mention of pricing at all. Rather, there is the presence of vague references stating payment processing packages that are made available to small-scale businesses.