Vantiv, Inc. (VNTV) announced today a strategic relationship with NCR Corporation (NCR), to bring innovative point-of-sale (POS) technology integrated with leading payments solutions to the small business market.
The multi-year agreement will focus on developing exclusive new solutions and expanding both companies' innovative technology platforms to deliver personalized customer experiences that help smaller merchants compete more effectively against larger competitors.
The new relationship begins with today's introduction of Vantiv Mobile Checkout powered by NCR Silver. This easy-to-implement product provides single shop and small chain owners a complete solution that makes managing their sales, inventory, marketing and customers easier, everyday. The package1 includes all of the payment processing services, software and cloud-based back-office functions, and the necessary hardware peripherals that transform a business' own iPad® into a turnkey mobile POS system. Moreover, Vantiv is offering this full solution at an incredibly affordable introductory price.
"At Vantiv, we've been working to leverage the power and efficiency of our single-integrated processing platform to provide greater value to small and medium-sized businesses," said Donald Boeding, president of merchant services at Vantiv. "Now with this new relationship, we will be able to quickly offer more small merchants powerful POS technology that balances affordability with critical functionality and mobility. Vantiv Mobile Checkout powered by NCR Silver is our first, joint effort as part of this new relationship."
Research by McKinsey and Company shows that up to 50 percent2 of small and medium-sized businesses are considering moving to a tablet POS or mobile POS system. With more than five million3 small-to-medium sized businesses in the United States, the strategic relationship between Vantiv and NCR provides expanded reach and distribution capabilities that capitalize on this trend.
"Small and medium-sized merchants have to compete in an omni-channel world and face many of the same challenges as our larger customers," said Christian Nahas, vice president and general manager of the NCR small and medium business team. "Our relationship with Vantiv is focused on ensuring that all merchants have access to the best technology at affordable prices in order to help differentiate themselves, connect with their customers and thrive."
Vantiv services nearly 400,000 merchant locations across the country and is the No. 1 PIN Debit processor and third largest overall acquirer in the United States by total number of transactions4.
1 The package includes the Receipt Printer for Vantiv Mobile Checkout, the Credit Card reader, the Cash Drawer, and the Swivel Stand for iPad. Apple devices are sold separately.
2 McKinsey Small Business Panel, June 2012 (using or considering)
3 U.S. Census Data
4 The Nilson Report, March 2013