CINCINNATI, Sept. 14, 2017 /PRNewswire/ -- Vantiv (NYSE:
VNTV), a leading provider of payment processing services and
related technology solutions for merchants and financial
institutions, and Visa today announced FastAccess Funding, a
product that will allow merchants to receive settlement payout in
minutes to their debit card once funded1, versus the
standard of one to three days via ACH. The product is the first
merchant solution to launch on Vantiv's new push-to-card
platform.
Over one-third of U.S. small businesses identify consistent cash
flow as a major challenge in running their business.2
FastAccess Funding combines Vantiv and Visa Direct functionality to
address this pain point for small- to medium-sized businesses
(SMBs), by significantly speeding up the SMB's access to funds from
their daily sales. Historically, merchants have had to wait days to
receive funds, and FastAccess Funding empowers merchants with quick
and consistent access to their daily settlement. Once funded,
payment to the merchant's eligible debit card will occur within
minutes.1 Through this joint effort, Vantiv will become
the first major merchant acquirer3 to speed up the
merchant settlement process and offer faster disbursements to their
clients.
"Access to your money, on your schedule, is incredibly important
to running your business the right way. Before FastAccess Funding,
settlements could take days to finalize, and when you need to make
payroll, order inventory and pay bills, that can be too long for
some growing businesses," said Scott
DeAngelo, senior vice president, product at Vantiv. "With
FastAccess Funding, Vantiv is able to leverage its scale, card
brand relationships, and commitment to SMB growth to deliver a
complete funding solution that fulfills a significant need; and we
are proud to be the first major processor to do it."
Through the integration with Visa Direct, Vantiv is utilizing
the Visa card-based platform that can deliver funds in real
time1 to a customer's eligible debit card. This combined
technology is an enhancement to Vantiv's efficient authorization
process and empowers SMBs with consistent access to cash flows –
even during peak-volume days such as weekends and holidays – so
they can grow their business by investing in their products and
employees at their convenience.
"Visa Direct is a simple, fast, and secure real-time payments
platform that allows companies to create better payment experiences
for their customers," said Bill
Sheley, head of global push payments, Visa Inc. "Through
this collaboration with Vantiv, small businesses can sign up to
receive their earned money when they need it: quickly, and
efficiently, with Visa Direct."
As the leading US merchant acquirer that manages more
transactions than any other processor,3 Vantiv serves
its clients with FastAccess Funding and an integrated, all-in-one
payments approach that delivers a customized settlement schedule
that fits any business, and provides the peace of mind of 24/7/365
customer support.
FastAccess Funding marks the launch and inaugural use case for
Vantiv's push-to-card platform. The platform will address the
increasing desire for real-time funding and settlement across
segments and channels, with additional features for merchant
clients expected to be announced in the next 6 months.
To find out more about the product, visit
vantiv.com/fastaccessfunding. Additional information about Visa
Direct can be found at www.visa.com/visadirect.
ABOUT
VANTIV
Vantiv, Inc. (NYSE: VNTV) is a leading payment processor
differentiated by an integrated technology platform. Vantiv offers
a comprehensive suite of traditional and innovative payment
processing and technology solutions to merchants and financial
institutions of all sizes, enabling them to address their payment
processing needs through a single provider. We build strong
relationships with our customers, helping them become more
efficient, more secure and more successful. Vantiv is the largest
merchant acquirer and the largest PIN debit acquirer based on
number of transactions in the U.S. The company's growth strategy
includes expanding further into high-growth channels and verticals,
including integrated payments, eCommerce, B2B and merchant bank.
Visit us at www.vantiv.com, or follow us on Twitter, Facebook,
LinkedIn, Google+ and YouTube.
ABOUT VISA
Visa Inc. (NYSE: V) is the world's leader in digital payments. Our
mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company's relentless focus on innovation is
a catalyst for the rapid growth of connected commerce on any
device, and a driving force behind the dream of a cashless future
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit usa.visa.com/aboutvisa, visacorporate.tumblr.com and @VisaNews.
© 2017 Vantiv, LLC. All Rights Reserved. All trademarks, service
marks and trade names referenced herein are the property of their
respective owners. Vantiv and other Vantiv products and services
mentioned herein as well as their respective logos are registered
trademarks or trademarks of Vantiv, LLC in the U.S. and other
countries.
CONTACTS
Adam
Kiefaber
Leader, Corporate
Communications
513-900-5097
Adam.Kiefaber@vantiv.com
|
Sarah
Hamblen
Communications
Manager, Visa
shamblen@visa.com
|
1.
|
Actual fund
availability varies by financial institution. Visa requires US
issuers to make funds available to its cardholders within a maximum
of 30 minutes of approving the transaction. Settlements from
FastAccess Funding follow operational cycles that could take up to
five (5) hours, but once amount is funded the merchant gets those
funds within minutes.
|
2.
|
WASP Barcode
Technologies, 2017 State of Small Business Report; WePay 2017 SMB
& Money Survey
|
3.
|
"Major merchant
acquirer" by purchase transactions based on list of U.S. merchant
acquirers contained in the Nilson Report, issue 1105 (March
2017)
|
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SOURCE Vantiv, Inc.