Vantiv and Visa pair up for fast merchant settlement
15 September 2017 | 4751 views | 0
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.