Vantiv

• Multiple Features and Benefits
• POS Options
• Vantiv iQ

Features and Benefits

Vantiv has a variety of offerings, such as credit cards, ATM processing, merchant services, rewards programs, fraud prevention, as well as pre-paid cards and gift cards, card personalization, PIN debit processing, cardholder eServices, and other miscellaneous services. The company has the ability to process payments with customers' card of choice. It can also accept Visa, MasterCard, Discover and American Express and process Fleet cards, such as Voyager, Wright Express, and Fleet one, as well as business, corporate, and other purchasing cards. Vantiv uses dynamic currency conversion and multi currency pricing. Additionally, the company can reduce the fraud risk with fewer chargebacks and bad check losses with PIN debit transactions. Vantiv also accepts electronic benefit transfer (EBT) and can accept checks by mail and image capture as well. Another feature is the company's option for electronic check conversion with real-time authorizations; consumers can track and review their activity. Additionally, Vantiv offers a paper check guarantee with real-time authorizations and online reporting, which helps reduce the risk of check fraud.

POS Options

Consumers can use their iPhone, iPad, or Android device to process payments at the point of sale, without the need for a specific iPhone credit card reader or dongle for iPad, and at a fraction of the cost of a wireless terminal. Each payment is processed using encryption and tokenization along with PCI and breach assist. Vantiv also has a gift card processing option and terminal warranty and supplies. The company has a reporting system with a variety of features, such as Direct - Powered by Vantiv, which is a back-office management system that gives you detailed and summary transaction data 24/7.  You will also be able to access simple summary snapshots of detailed analytics and receive online notifications of exception items, such as draft retrievals and chargebacks. You can research transaction history in batches or by individual transactions, as well as a multitude of other specific searches.

Vantiv iQ

Vantiv iQ is a tool that allows you to access your payment data anytime, anywhere. You will receive proactive notifications, adaptable reports, and comprehensive solutions that will help you focus on your business. Additionally, you will receive alerts regarding chargebacks, statements, reports, and more, as well as actionable insights. Vantiv Business Insights is meant to help you access your current payment activities to aid in positioning your business for future success. The flexible Vantiv analytics tool was designed to dissect and analyze your business in any way you want. Vantiv Business Insights provides key performance indicators (KPIs) in three main categories: My Business, My Store, and My Customers.

• Additional Fees
• Long Contracts

Additional Fees

Vantiv's merchant account agreements vary from company to company, and reviews indicate that, depending on your sales agent, they add various fees to any given contract.  Therefore, it's extremely important that you read every line of your contract with a fine tooth comb and renegotiate the terms of the agreement you don't like. Possible fees include the following:

• $99 annual fee
• $50-$90 annual PCI compliance fee
• $10-$20 monthly PCI non-compliance fee
• Chargeback fees
• Card network fees
• $295 early termination fee and/or liquidated damages

Long Contracts

In addition to the above fees, most of Vantiv's contracts are for a term of three years; however, there is an auto-renew clause, which is one of the non-disclosure complaints voiced by several merchants.  Additionally, they have a steep early termination fee and in some cases will assess liquidated damages as well.  Therefore, this is something you need to pay particular attention to, if you don't want to end up at the raw end of the deal.