Vantiv, Inc. (VNTV), a leading provider of payment processing services and technology for merchants and financial institutions of all sizes, and Ppro Group, a cross border e-payment provider, today announced a partnership to offer international alternative payment methods (APMs) to Vantiv's merchants.
This new relationship means that Vantiv's customers will be able to offer non-card payment methods – including direct debit, bank transfers, cash-based e-payments, and e-wallets – to international consumers through a single integration and customer service experience for both domestic and international payments processing.
In addition to existing credit and debit cards offerings, Vantiv's merchants will be able to add preferred local payment methods to reach new customers in Europe and Asia, maximize sales, accelerate go-to-market, and reduce costs.
"Countries and cultures greatly differ when it comes to payments behavior. There are large groups of consumers who either prefer APMs over credit and debit cards, or do not have access to card payment methods," noted Sayid Shabeer, vice president of merchant product at Vantiv. "We understand the importance of offering alternative payment methods, which in some regions account for 30 percent or more of all online spending. We are pleased to work with PPRO Group, an expert and agile provider, to bring these kinds of APMs to our merchants."
The data from these international alternative payment methods will be combined with the business-impacting analytics and reporting capabilities of Vantiv iQ for eCommerce to provide merchants with comprehensive information and a global view of all their transactions.
"We are proud to have one of the largest U.S. credit card acquirers worldwide as our new partner," said Simon Black, CEO at PPRO Group. "It is great to see that U.S.-based merchants are increasingly looking into the vast growth opportunities that cross-border eCommerce can deliver for them."