Vantiv, Inc. (NYSE: VNTV), a leading provider of payment processing services and technology for merchants and financial institutions of all sizes, and Credorax, a global merchant acquiring bank, today announced a partnership that bolsters the capabilities of Vantiv’s merchants to serve global consumers via card-not-present channels.
As a result of this relationship, Vantiv’s merchants will now be able to process and settle card payments in the local currencies of 34 countries, which often results in lower international banking fees and higher transaction approval rates.
Additionally, Vantiv’s clients will have access to a global acquiring platform, meaning a seamless customer experience, key network and banking relationships that translate into fewer contractual hurdles, and easy onboarding. By partnering with Credorax, Vantiv is also enabling its U.S. customers to reach international markets that previously posed regulatory, cultural, and technological challenges, resulting in a faster track to innovation.
“Credorax brings a unique combination of international acquiring coupled with technical agility,” said Greg Worch, senior vice president of eCommerce sales at Vantiv. “Our alliance with Credorax allows our customers to expand into global markets, while working directly with Vantiv for integration, reporting, and servicing.”
Additionally, Credorax will help Vantiv’s customers overcome the obstacles of cross-border fees, taxes, regulations, supply chain issues, and payment technology integration.
“The world of eCommerce gets more competitive every day, so it is becoming essential for online U.S. merchants to broaden their reach internationally,” noted Rod Katzfey, vice president of Business Development and Sales at Credorax. “We look forward to collaborating with Vantiv, as the validation from such a well-respected payments company is important for Credorax and the industry challenges we address.”
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