Vantiv Review

Vantiv, established in 1991 as Midwest Payment Systems, evolved into a major player in the payment processing industry through strategic rebranding and acquisitions. Initially focused on serving U.S. merchants, the company underwent multiple rebrandings, becoming Fifth Third Processing Solutions and eventually Vantiv. Let’s delve deeper into the Vantiv Review.

In 2017, Vantiv acquired the UK-based payment processor Worldpay in a $10 billion deal. The acquisition created one of the largest global payment processing companies, rebranded as Worldpay Inc. The merged entity expanded its reach to support transactions in over 146 countries, handling approximately $1.5 trillion annually.

Post-acquisition, Vantiv leveraged Worldpay’s strengths to offer comprehensive payment solutions, such as credit and debit card processing, eCommerce solutions, and mobile payment options. The company’s services are tailored to businesses of all sizes, including small and medium enterprises, eCommerce merchants, and large enterprises.

Today, the Vantiv brand operates under the Worldpay name and is recognized for its robust risk management, fraud prevention tools, and global payment support. It serves as a versatile payment solution for a variety of industries, maintaining a strong reputation for technology integration and secure transaction processing.

Company Overview and History | Vantiv Review

Vantiv was originally founded in 1991 as Midwest Payment Systems, a division of Fifth Third Bank, focusing on payment processing services. It went through several transformations and rebranding phases, reflecting its growth and expanding capabilities in the financial sector. In 2003, it was renamed Fifth Third Processing Solutions and continued to develop its services. The company was finally rebranded as Vantiv in 2011, marking a significant milestone in its journey to becoming a leading player in the payments industry.

Over the years, Vantiv made several strategic acquisitions to enhance its service offerings and reach. It acquired National Processing Company (NPC), Element Payment Services, and Mercury Payment Systems, each bringing valuable assets and expertise. These acquisitions helped Vantiv broaden its scope from traditional credit card processing to more diverse payment services, including mobile payments, eCommerce solutions, and sophisticated risk management systems.

The most notable turning point in Vantiv’s history came in 2017 when it acquired Worldpay, a major UK-based payment processor, in a $10 billion deal. This acquisition transformed Vantiv into a global powerhouse, expanding its footprint from a U.S.-focused entity to a global leader in payment processing. The merger allowed Vantiv to serve merchants in over 146 countries, handling transactions in more than 126 currencies, and supporting over 300 different payment methods. Post-acquisition, the combined entity retained the Worldpay brand, further solidifying its position in the global market.

These strategic moves allowed Vantiv to evolve from a regional payment processor to a comprehensive global payments solution provider. Today, under the Worldpay brand, it continues to serve a diverse range of businesses, from small enterprises to multinational corporations, offering a variety of payment solutions across multiple channels and industries.

Services Offered by Vantiv

Vantiv offers a comprehensive suite of payment processing services that cater to a diverse range of businesses, including small businesses, large enterprises, and eCommerce merchants. Their services are designed to support both in-person and online transactions, providing flexibility and security for businesses of all sizes.

Card Processing: Vantiv supports the acceptance of major credit and debit cards, including Visa, MasterCard, American Express, and Discover. In addition to standard credit cards, Vantiv also supports fleet cards and PIN-based debit cards, which can be processed on all core networks such as Accel, Pulse, Star, and NYCE. This capability allows businesses to cater to a broader customer base and offers seamless payment experiences across various channels.

E-commerce Payment Gateway: For eCommerce merchants, Vantiv offers robust solutions through its E-Commerce Plus gateway or the widely recognized Authorize.Net. These gateways provide secure payment acceptance, integration with shopping carts, and advanced features like tokenization and encryption to handle online transactions. With support for cross-border payments, Vantiv allows businesses to expand globally and handle international customers with ease.

Mobile Payment Processing: The Mobile Accept app by Vantiv is designed for businesses on the go. Available for both iOS and Android devices, this app enables merchants to process payments through mobile card readers. The app’s capabilities ensure secure and fast transactions, making it an ideal solution for small businesses and mobile service providers.

Check Processing Solutions: It provides multiple options for check processing, such as Paper Guarantee, Electronic Check Conversion, and Check 21. These services ensure the secure handling of paper checks and minimize the risk of bounced checks, providing businesses with guaranteed payments.

Prepaid Solutions: Vantiv’s prepaid solutions include customizable gift cards, incentive programs, and rebate options. Businesses can design gift cards with unique artwork and track their usage through detailed reporting.

Risk Management and Security Solutions: It takes a proactive approach to risk management with tools such as tokenization, encryption, and PCI compliance. The company’s fraud prevention tools help merchants reduce chargebacks and ensure the security of sensitive payment data during transactions.

Features of Vantiv’s Payment Solutions

Vantiv, now part of Worldpay, offers a range of powerful features designed to streamline payment processing and enhance transaction security for businesses of all sizes. Its suite of solutions supports multiple payment methods, integration with various platforms, and global payment capabilities, making it an ideal choice for diverse business needs.

Support for Multiple Payment Methods: Vantiv’s platform enables businesses to accept a variety of payment options, including major credit cards (Visa, MasterCard, American Express, and Discover), ACH payments, and gift cards. This versatility ensures that merchants can cater to a broad customer base while providing a seamless and secure transaction experience. Additionally, the company’s support for both prepaid cards and PIN-based debit cards expands the available payment options, which is particularly beneficial for businesses targeting diverse markets and customer preferences.

Integration Capabilities with Various Platforms: Vantiv is well-known for its robust integration capabilities. It connects seamlessly with a wide range of point-of-sale (POS) systems, eCommerce platforms, and ERP systems. Vantiv collaborates with over 3,000 POS software developers and value-added resellers, allowing merchants to integrate payment solutions into their existing systems effortlessly. This compatibility helps businesses streamline operations, enhance transaction efficiency, and reduce the time and costs associated with implementing new payment systems.

Global Payment Solutions: After the acquisition by Worldpay, Vantiv expanded its reach to offer global payment solutions. The platform now supports payments in over 120 currencies and 146 countries, making it a suitable option for businesses looking to operate internationally. With enhanced cross-border payment capabilities and support for various global payment methods, Vantiv enables businesses to scale and serve customers worldwide while maintaining transaction security and compliance.

Technology and Integration Capabilities

Vantiv, now operating under the Worldpay brand, offers advanced technology and integration capabilities that cater to businesses of all sizes. With a strong focus on providing seamless integration, Vantiv has developed a range of developer tools, SDKs, and APIs that enable easy integration of their payment solutions into various platforms. This flexibility allows businesses to optimize their payment processing workflows and deliver a better customer experience.

Developer Tools and API Support: Vantiv provides a comprehensive set of APIs and SDKs for developers to integrate payment solutions across different applications and platforms. These tools include RESTful JSON APIs, which are well-suited for building omnichannel payment solutions. The API documentation, along with resources such as code examples and guides, makes it easier for developers to create custom integrations for specific business needs. Additionally, the APIs support functionalities like online payments, card-not-present (CNP) transactions, and fraud prevention, offering a robust solution for developers.

Integration with Third-Party Software and ERP Systems: Vantiv’s integration capabilities extend to various third-party software, eCommerce platforms, and ERP systems. This includes compatibility with popular platforms such as Magento and OpenCart. Moreover, Vantiv’s certification process ensures that integrations meet stringent security and compliance standards before going live, minimizing risks and enhancing reliability. Businesses can also integrate Vantiv’s payment solutions with ERP systems like SAP and Oracle, making it easier to manage payment processing and financial data in one place.

Advanced Security Technologies: To ensure secure transactions, Vantiv employs advanced technologies such as tokenization and encryption. Tokenization replaces sensitive card data with unique tokens, while encryption protects data during transmission. These technologies help reduce the risk of data breaches and ensure compliance with PCI standards, making Vantiv’s solutions a trusted choice for businesses handling large volumes of transactions.

Customer Support and Value-Added Services

Vantiv, now operating as Worldpay, is known for its robust customer support and a suite of value-added services that cater to businesses of all sizes. The company has built a strong reputation for providing award-winning customer service, offering personalized support to help businesses optimize their payment processes, simplify workflows, and achieve greater operational efficiency.

Award-Winning Customer Service: Vantiv’s customer support team is known for its high standards and dedication to resolving customer issues efficiently. The company offers 24/7 support through multiple channels, including phone, email, and an extensive knowledge base. This around-the-clock assistance ensures that businesses can receive help at any time, whether they face technical challenges, need guidance on using their payment solutions, or have questions about billing. The support is not only available for business owners but also for developers, with dedicated developer assistance provided to facilitate smooth integration and implementation of Vantiv’s payment solutions.

Value-Added Services: In addition to its strong support system, Vantiv provides several value-added services designed to help businesses optimize their operations. One of the key services is the Vantiv iQ for eCommerce platform, which offers advanced reporting, analytics, and insights. This tool allows merchants to track their transactional and financial data, monitor payment trends, and identify areas for improvement. With these analytics, businesses can make data-driven decisions to enhance their payment strategies and streamline their processes.

Furthermore, Vantiv’s risk management tools, such as fraud detection and PCI compliance support, help businesses protect their operations from threats and maintain secure payment environments. These features, combined with the company’s dedicated support and comprehensive solutions, make Vantiv a preferred choice for businesses looking to optimize their payment processes and achieve operational success.

Pricing and Contract Terms

Vantiv, now operating under the Worldpay brand, generally follows a standard pricing and contract structure. Its typical contract terms span three years, and they often renew automatically for another year unless a 90-day notice is given before the renewal period. One aspect of Vantiv’s contracts that has attracted criticism is the early termination fee, which can be as high as $495. This fee may apply if a merchant chooses to cancel their contract before the term ends. Some merchants have reported difficulties in understanding the exact conditions under which these fees are applied, making it important to carefully review the contract terms before signing up.

Vantiv uses various pricing models, including tiered pricing and interchange-plus pricing. While the tiered pricing model is the most commonly used, some businesses may qualify for interchange-plus pricing based on factors like their industry type and transaction volume. Interchange-plus pricing can be more transparent as it separates the interchange fees charged by card networks and a fixed markup added by the processor, potentially reducing costs for merchants.

In addition to the basic processing fees, It applies a range of additional fees depending on the services utilized. One of the notable fees introduced in July 2017 is the $5 monthly “Chargeback Service Fee.” This fee applies regardless of whether a chargeback occurs and is assessed on a monthly basis. Some businesses have reported that this fee is included in their billing statements automatically, while others noted that it varies depending on whether they are working directly with Vantiv or through a reseller.

Given the complex nature of Vantiv’s pricing and the variety of fees involved, merchants are advised to seek a customized quote and carefully read through the terms of their contract. This approach will help ensure transparency and prevent any unexpected charges down the line.

Advantages of Using Vantiv

Vantiv, now operating under the Worldpay brand, offers several advantages for businesses seeking a reliable and comprehensive payment processing solution. With a long history of experience and a global reach, It  has positioned itself as a leading provider of payment solutions, catering to businesses of all sizes across various industries.

Extensive Experience in Payment Processing: One of the key strengths of Vantiv is its extensive experience in payment processing. Over the years, Vantiv has built a solid reputation by serving merchants in different industries, including retail, eCommerce, and hospitality. The company’s depth of knowledge allows it to offer a broad range of solutions tailored to specific business needs, ensuring seamless transaction processing, whether it is in-store, online, or through mobile devices.

Comprehensive Risk Management and Security Tools: Vantiv is known for its robust risk management and security solutions, ensuring compliance with the Payment Card Industry Data Security Standard (PCI DSS). The company offers tools such as point-to-point encryption and tokenization, which protect sensitive cardholder information during transactions. Additionally, It provides risk monitoring and fraud detection services, enabling businesses to minimize chargebacks and reduce the risk of fraudulent activities. These capabilities are especially valuable for merchants handling large transaction volumes or dealing with cross-border payments.

Omnichannel Payment Support: Vantiv excels in offering omnichannel payment support, which enables businesses to accept payments through multiple channels, including in-store, online, and mobile transactions. This flexibility ensures that businesses can cater to customers through their preferred payment methods, enhancing the overall customer experience. Furthermore, It supports a wide variety of payment types, including EMV chip cards, contactless payments, and mobile wallets like Apple Pay and Google Pay, making it easier for merchants to accommodate diverse customer preferences.

Challenges and Complaints

Vantiv, now operating as Worldpay, has received a number of complaints from customers, primarily related to its complex fee structures and early termination fees. One of the most common grievances involves the lack of transparency around the pricing and the structure of various fees, which many businesses find confusing and difficult to understand. Several merchants have expressed frustration with hidden fees that were not clearly communicated during the initial agreement process. For example, the monthly “Chargeback Service Fee” introduced in 2017 charges merchants a $5 fee regardless of whether a chargeback occurs, creating confusion for users who did not expect these additional charges.

Another significant issue is Vantiv’s early termination fees, which can be as high as $295 or more, depending on the contract terms. These fees are often triggered automatically due to Vantiv’s standard three-year contract that includes an auto-renewal clause. Merchants who wish to cancel their contracts before the renewal date frequently find themselves liable for these termination fees, even if they were unaware of the renewal or if their business circumstances changed.

Many customers have reported difficulties in canceling their accounts. Some have cited long hold times and unhelpful customer service when trying to close accounts or contest charges. This can lead to a cycle of continued charges, as some businesses have noted being billed even after they stopped using Vantiv’s services or attempted to terminate their agreements. This lack of responsiveness has led to a number of negative reviews and dissatisfaction among customers who feel trapped by the contract terms and surprised by the unexpected charges.

Overall, while it offers a comprehensive suite of payment solutions, the lack of transparency in its pricing and the high early termination fees have been consistent points of criticism from users. Businesses considering Vantiv should carefully review their contract terms and fee structures to avoid any unexpected costs down the line.

Conclusion

Vantiv’s strengths lie in its extensive experience, robust security features, and omnichannel payment support, making it suitable for businesses of all sizes. However, its complex fee structures and early termination fees can be challenging. It is ideal for businesses seeking comprehensive payment solutions but requires careful contract review before committing.

FAQs

Q1: What are the contract terms and fees associated with Vantiv?

A1: Vantiv generally offers a standard three-year contract with an early termination fee of up to $495. Additional fees may include monthly service charges, PCI compliance fees, and a $5 monthly chargeback service fee. The exact pricing depends on the specific agreement between the merchant and Vantiv.

Q2: What security features does Vantiv offer to prevent fraud?

A2: Vantiv provides advanced security features, including PCI compliance, tokenization, and encryption. It also offers a fraud toolkit with three service levels—Basic, Advanced Best Practices, and Advanced Custom—allowing merchants to choose the appropriate level of protection.

Q3: How does Vantiv handle eCommerce payment processing?

A3: Vantiv supports eCommerce payment processing through dedicated gateways like E-Commerce Plus and Authorize.Net. It integrates with various platforms, providing multiple payment method support and advanced risk management tools for secure transactions.