- Sales & Marketing: Vantiv hires independent sales agents and has received a low-to-moderate number of complaints about its sales practices.
- Costs & Contract: Vantiv offers a three-year standard contract with a $495 early termination fee.
- Complaints & Service: Vantiv has received more than 200 public complaints.
- BBB Rating: Vantiv has a "B-" rating with the Better Business Bureau and has received 265 complaints in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With Vantiv
Vantiv Review
We take our role in providing guidance and education regarding the card payment industry very seriously. At our own expense, we have vigorously defended our right to continue expose unethical and predatory practices in the industry, successfully defeating every attempt to silence us. However, fending off frivolous lawsuits is costly. To sustain these efforts, one of the ways we generate revenue is through affiliate partnerships with ethical providers. This means that some of our outgoing links connect business owners to trustworthy, low-cost payment processors, which is what most of our readers seek. We see this revenue channel as a win-win-win for everyone involved. Business owners find good processors, processors get good clients, and we are able to continue to provide a valuable service to the small business community. We also recommend and link to many services that do not compensate us. Our priority is to guide you to the best solutions for your needs, regardless of potential revenue. If you have questions, please feel free to contact us.
All mentions of rate and fee costs are estimations based on publicly available information and client feedback. Actual costs may vary based on a variety of factors unique to your business.
Vantiv
Rating
Customer Reviews & Sentiment
Vantiv is mentioned in more than 200 complaints outside of the Better Business Bureau, and a few of the complaints describe the company as a ripoff or scam. The complaints fall into four common types, in which merchants report unsavory sales tactics, fund holds, unexpected early termination fees, or poor customer service. You can see actual merchant reviews at the bottom of this article. It should also be noted that some of Vantiv’s sub-ISOs and subsidiaries have received a substantial amount of complaints. We have not factored these complaints into this rating because it is unclear who is ultimately responsible in these cases.
Although Vantiv’s complaint total is low for a provider of its size, we have noticed an moderate uptick in complaints within the last year. This trend has lowered the company’s score as of this update. Merchants are strongly encouraged to fully read and understand the terms of any merchant account agreement before signing any documents.
Industry Scores & User Ratings
| Product & Service Complaints | 130 |
|---|---|
| Billing & Collection Complaints | 127 |
| Advertising & Sales Complaints | 8 |
| Guarantee & Warranty Complaints | 0 |
| Delivery Complaints | 0 |
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
As of this review, the Better Business Bureau is reporting that Vantiv is not BBB accredited and is awarding the company an “B-” rating. The report shows a total of 265 complaints (down from 282 as of our last update) filed in the last 36 months, with 130 regarding problems with products and services, 127 due to billing and collection, and eight related to an advertising or sales issue. Seventy-five complaints have been resolved to the merchants’ satisfaction, while 185 either were resolved to the merchants’ dissatisfaction or did not receive a final response from the merchant. Vantiv didn’t respond at all to five complaints. We have adjusted the company’s rating to a “C” for the purposes of this review due to Vantiv’s sharp uptick in BBB complaints. Our rating will be adjusted further if Vantiv continues to accumulate complaints at such a rapid rate.
Processing Rates & Fees
Vantiv merchant account agreements appear to vary from merchant to merchant based on several factors, including who set up the merchant account, each merchant’s business type, and each merchant’s processing volume. The standard Vantiv contract (available below) is a three-year service agreement with an early termination fee of $495 or liquidated damages, whichever is greater. Additionally, the contract may automatically renew for successive one-year terms if not cancelled within a small window of opportunity.
Most multi-thousand-dollar termination fees are actually equipment lease termination fees rather than merchant account cancellation fees, and at least one merchant commenter has claimed that they were signed up for a Lease Finance Group lease alongside their Vantiv contract.
The company also appears to charge a PCI Compliance fee which may be assessed either on a monthly or annual basis and may vary in cost from one account to the next. Vantiv earns an average score in this section primarily due to its automatically renewing contract in combination with an early termination fee. See the Vantiv Terms and Conditions.
Vantiv Competitors
Compare Vantiv to competitors that earned top marks.
Bottom Line
For Vantiv’s size and time in business, the company appears to be performing at an average level in terms of overall merchant satisfaction. The factors that lower the company’s rating are extensive use of sub-ISOs, resellers, and subsidiaries (a tactic which makes measurement of merchant satisfaction difficult to quantify), reports of poor customer service, and reports of nondisclosure of the early termination fee prior to setting up accounts. Additionally, a few of Vantiv’s sub-ISOs and subsidiaries have numerous complaints, for which Vantiv may or may not bear some responsibility.
