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Verisave Merchant Services Review: Vantiv (Now Worldpay)

vantiv

Vantiv for Credit Card Payment Processing


Vantiv (now Worldpay) is one of the largest merchant services company in the United States, operating since 1970. This company has gone by the names of Midwest Payment Systems, Fifth Third, and Vantiv. They’re rebranding again with the new name Worldpay since merging with Worldpay in 2017.

The name transition will take some time as they were once Vantiv, now they are Vantiv (now Worldpay). At some point, the Vantiv name will be removed and they will be simply one with Worldpay.

Vantiv works with a broad selection of payment processing companies. Formerly restricted to a US market, their merger with Worldpay allows them to access a global market of merchant processors and services.

Signing up with Vantiv (now Worldpay) could easily result in high start-up fees, high early termination fees, and higher rates altogether. But most of their contracted terms are negotiable before enrolling. It helps to have a team of credit card processing consultants like Verisave to help you control costs with Vantiv (now Worldpay).

Products & Services Offered


Vantiv (now Worldpay) is primarily focused on merchant services that enable credit card payment processing. With other companies, you’re likely to find that they offer similar services as well as business management solutions for accounting, HR, and more.

Concerning credit card payment processing, Vantiv offers the following services:

  • Merchant Accounts
  • mPOS
  • Mobile Payment Support
  • POS Systems
  • Terminals
  • Virtual Terminals
  • eCommerce
  • Recurring Payments
  • Giftcard Payments
  • Security

VANTIV MERCHANT ACCOUNTS – Vantiv provides merchant accounts for any type of business, anywhere in the world.

VANTIV mPOS SYSTEM – This is the card reader service provided by Vantiv. They use payment platforms similar to First Data, Global Payments, and TSYS.

VANTIV MOBILE PAYMENT SUPPORT – If you’re using your mobile device to make or accept payments, Vantiv has a support line for NFC-based payments.

VANTIV POS SYSTEMS & TERMINALS – Vantiv provides integrated and non-integrated POS options. Some of their more popular payment terminals include the Verifone Vx520, the Ingenico iCT220, and the Ingenico iCT250.

[su_row class=”s-row”][su_column size=”1/3″]Vx520 [/su_column]
[su_column size=”1/3″]Ingenico iCT250 [/su_column]
[su_column size=”1/3″]Ingenico iCT220 [/su_column][/su_row]

VANTIV VIRTUAL TERMINALS – Like many credit card payment processors, Vantiv offers a virtual terminal solution for merchants who prefer to use their computer or device as a POS terminal. They call it Virtual Terminal Plus.

VANTIV eCOMMERCE SOLUTIONS – This is a useful tool if you’re selling anything to customers outside of the US. The customer will see their preferred currency while you see yours. It works for mobile web transactions. It also allows for eCheck and PayPal payments.

VANTIV RECURRING PAYMENT TOOLS – You can offer your customers installment payment options as well as subscription payment options.

VANTIV GIFT CARD OPTIONS – This is not an option with all business industries. But many business’ can offer their customers the use of gift cards for their transactions.

VANTIV SECURITY – Using Vantiv can fulfill your PCI compliance. They encrypt their data in case of hacking and use tokenization to protect stored data. Vantiv’s security system is OmniShield Assure. Should your customer data be breached, you can count on their data breach insurance.

Vantiv’s Website Boasts Numerous Customized Merchant Services Based On Your Specific Industry

Vantiv (now Worldpay) has created customized merchant services packages for your business’ needs depending on which industry you are in. But taking a closer look, you’ll realize that each of these items leads to the same sign-up process – “Get Started”. So though they may seem to have developed generous information for your specific niche, they are really just using this marketing tactic to draw you in.

  • Pharmacy Merchant Account
  • Small Business Merchant Account
  • B2B Payment Processing
  • Restaurant Credit Card Processing
  • Retail Credit Card Processing
  • Salon Merchant Account
  • eCommerce Merchant Account
  • Non Profit Credit Card Processing
  • Internet Merchant Account
  • Franchise Credit Card Processing
  • Gas Station Credit Card Processing
  • Hotel Credit Card Processing
  • Law FIrm Credit Card Processing
  • Health Club Payment Processing
  • Dentist Credit Card Processing
  • Church Credit Card Processing
  • Corporate Merchant Solutions
  • Taxi Credit Card Processing
  • Medical Merchant Account
  • Education Payment Processing
  • Supermarket Credit Card Processing
  • Contractor Merchant Account
  • Liquor Store Credit Card Processing
  • Car Wash Credit Card Processing
  • Property Management Payment Processing
  • Daycare Payments Processing

Working with Verisave is all the customization you’ll need for setting up your merchant accounts. Having worked with hundreds of companies processing credit payments every day, we can apply our proven savings strategies to your merchant account. If Vantiv (now Worldpay) isn’t the best option for your business, we’ll tell you who is. Give us a call before making long-term commitments to any credit card payment processor.

UI/System Integration


Integrating the use of Vantiv credit card processing services, including hardware like POS terminals, is relatively easy. Because they focus on credit card processing and less on business/enterprise management software, there isn’t much integration involved. Enrollment, receiving hardware, managing statements, and paying your monthly merchant fees are simple to integrate and user-friendly.

How Much Will You Be Paying For Vantiv Services?


Vantiv does not disclose pricing and financials online. For a quote, you can submit a request and get an idea of how much you could be paying for their services.

Like many other credit card processing companies, your rates and fees will be determined by a number of factors. Factors considered when creating your quote for Vantiv credit card processing services include:

  • Your specific industry
  • Your monthly credit card processing volume
  • Your desired tools and package customizations
  • Your credit card industry knowledge and ability to negotiate fair terms

After working with Vantiv for a number of years across multiple industries, Verisave has developed proprietary benchmark data that allows access to more savings opportunities. We can help you save money with Vantiv regardless if you’re just starting with them or if you have been with them for a long time.

Consider Your Desired Contract Length


Vantiv has long contracts, lasting an average of three years. They are always set to auto-renew so buyer beware: if you plan on canceling your Vantiv services, be sure to know how to go about doing this to avoid auto-renewal. The early termination fee of at least $295. Early termination fees increase based on your contract.

On occasion, Vantiv customers have encountered fees for “liquidated damages.” Vantiv will expect you to pay (along with your early termination fee) 10-15% of the profits they would have made off of your credit card sales for the remainder of your contract. Before signing a contract with Vantiv, urge them to remove this stipulation from your contract.

If your interested in Canceling a Vantiv Contract, Implementing/Restructuring with Vantiv, or Trying to Achieve Savings with Vantiv, then speak with a Verisave merchant service expert. Customers achieve an average savings of 25%-35% in overall credit card processing fees with an audit from Verisave.

Speaking With Vantiv Sales and Customer Service Reps


Researching Vantiv’s Merchant Services – Vantiv’s website is vague. You can read lots of marketing verbiage for the benefits of Vantiv credit card processing and merchant services, but until you speak with a sales representative, you won’t actually know what to expect from them. Even after speaking with a sales rep, you may be in the dark. Many complaints about Vantiv come from a general lack of transparency and misunderstandings about contract elements.

Contacting Vantiv’s Customer Support – You can reach customer support by submitting a support request online, calling in by phone, or with their live chat feature. Have on hand your first/last name, legal business name, merchant ID, email address, and phone number so they can respond to your requests. They have multiple service phone lines including their main line, a line for eCommerce support, activation support, integrated payments support, former element merchant support, former Moneris USA customers, and former NPC merchants. Vantiv’s customer support has been found to be useful and efficient.

Online Reviews of Vantiv (Now Worldpay)


When compared to other credit card processing companies online, Vantiv has a surprisingly low amount of negative complaints. This is in respect to the size of the company. You will find complaints about Vantiv but most seem to involve customer service and outlandish liquidation damages of which clients were unaware.

There are regular complaints from customers who wished to cancel their contracts early but had signed contracts with a hardware lease that was non-cancelable.

VERISAVE MERCHANT SERVICES REVIEW

Vantiv for Credit Card Payment Processing


Many businesses small and large use Vantiv for credit card processing. Having worked with a number of companies across multiple industries using Vantiv, Verisave merchant account experts are well versed in Vantiv’s product, common contract practices, offered rates, and more. To avoid the frustration that customers have experienced in negative reviews found online, work with Verisave to implement transparent, measurable merchant savings while working with Vantiv as your credit card processor.

Stay two steps ahead of the enrollment process with a team of merchant account auditors on your side when enrolling in merchant services with Vantiv. With Verisave’s developed proprietary benchmark data on Vantiv you gain access to factual savings results that can be applied to your merchant account.

If you are currently using Vantiv as your credit card processing company, you can still save money on by working with Verisave. Submit your most recent merchant account statement and we will determine whether or not you could benefit from our services after performing a free audit of your account statement.

Credit Card Processing Consultants Can Save You Thousands Each Month

Merchants pay fees for each sale that is made using a debit or credit card. Though it may be a small percentage, the numbers can really add up over the course of a year. Let’s go through a basic rundown of the numbers.

Average credit card processing cost for merchants:

If the card is swiped:

2.45%-3.25%

If the card is not present

2.75%-3.75%

Keep in mind that these interchange rates are determined by a number of factors so these numbers can vary depending on each individual transaction.

At these rates, a business that processes an average of $500,000 a month in sales can expect to pay $12,250 – $16,250 monthly/ $147,000-$195,000 a year in credit card processing fees.

Monthly CC Volume: $500,000

x2.85%

Ave. Monthly Fee: $14,250

Ave. Yearly Fee: $171,000

Consider another company processing an average of $1,000,000 each month in sales via credit card transactions. This company will expect to pay an average of $28,500 each month or $342,000 every year in credit card processing fees.

Monthly CC Volume: $1,000,000

x2.85%

Ave. Monthly Fee: $28,500

Ave. Yearly Fee: $342,400

As you can see from the above rates, the actual amount that companies pay in credit card fees varies. If you are stuck paying higher than average rates (which many companies are), we can help you lower your credit card processing rates. In some cases, even a small change in the percentage can have a huge impact on your bottom line. Compare the difference in rates below:


Verisave Cuts Spending For Merchants In A Number of WaysThe difference a small jump in percentage makes for your credit card processing fees can mean the difference of thousands of dollars every month in spending. Imagine uncovering a savings of nearly $50,000 a year! With Verisave, you can expect to pay the lowest possible transaction rate for your merchant services. Thanks to years of experience and a detailed knowledge of the back end cost structure of the credit card industry the Verisave team can increase your company’s bottom line by eliminating and reducing your credit card fees.

At Verisave, we focus on three main aspects of your merchant account for cutting costs: Interchange Savings, American Express Savings, and Processor Savings. Significantly lowering your merchant fees requires lots of time, education, and testing. We have worked with every payment platform out there and a number of processing companies. This experience has been invaluable to our team of auditors. In about 2 business days, we can review your merchant statement and locate a number of itemized fees that can be either eliminated or lowered. Many of these fees are hidden between convoluted lines of itemized billing.

Send us a copy of your statement and at no charge to you, we will comb over the details to determine exactly what your company could be pocketing each month. Not only can we return a detailed summary of our findings in only a few days, you could be realizing these savings in just a matter of weeks. Call us today and let us show you what we can do for you.

Understanding American Express Discount Rates

When referring to the percentage merchants pay for accepting credit card transactions, Visa and Mastercard use the phrase “Interchange Rate”. American Express uses the phrase “Discount Rate” when referring to their processing fees, which can be misleading. Instead of giving merchants a discount for particular purchases, they are actually taking a larger percentage of the purchase than most credit card processors. As American Express works as a closed loop system (dispersing their own cards, authorizing and settling payments), they set their fees at high price rates for whatever they can get away with in our current economy.

Amex Discount Rates Vary From Business To Business

Read moreUnderstanding American Express Discount Rates

Optimize Your Interchange Rates To Save On Merchant Account Fees

Too often, companies accept losing money on merchant account fees when they would not accept those kinds of losses in other areas. But merchant account fees are presented in such a way that it can feel like an insurmountable task to cut back on expenditure. It is possible the fees are purposely obscured so businesses are not aware that fees can be reduced.

By optimizing your interchange rates, weeding out unnecessary charges, and implementing more tried-and-true techniques, Verisave could reduce your merchant account fees anywhere from 25% to 35% each month. Years of experience sorting through companies’ merchant account statements has given Verisave a familiarity with the process. Our savings experts focus solely on reducing your merchant account fees, saving your business more than they imagined was possible.

Interchange Rates Contribute The Most To Your Merchant Account Fees

Read moreOptimize Your Interchange Rates To Save On Merchant Account Fees

Merchant Account Fee Basics: Visa and Mastercard Interchange Rates

Merchant account processing is a topic that involves so many variables, it is difficult to fully understand. Understanding credit card processing involves a variety of topics ranging from Visa, Mastercard, AmEx, and Discover interchange rates to processing options like Chase Paymentech, TSYS, Elavon, and more. This is why so many companies pay for convenience through high merchant fees — because they simply do not have the time to really digest all the info that comes with payment processing.

However, if you know enough about the credit card industry (like we do), you can take one look at your merchant account to know where you are overspending and start making changes to reduce your monthly merchant fees.

Start With The Basics – Visa And Mastercard Interchange Rates

Read moreMerchant Account Fee Basics: Visa and Mastercard Interchange Rates

Savings Calculator

Benchmarking Your Credit Card Processing Fees

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Simply upload a recent Merchant Account Statement here. We will report back with any savings opportunities we identify.

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