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Vantiv Review

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see who will offer you the lowest pricing and best service

Rating

3/5
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Most Recent Comment

  • Ersen Irsel:
    "Worst company to work with , they are holding my money over a month because of an issue on their side ! nothing my fault .Coustemer service w..." Read More
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Rating:
3/5

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Most Recent Comment

  • Ersen Irsel:
    "Worst company to work with , they are holding my money over a month because of an issue on their side ! nothing my fault .Coustemer service w..." Read More
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Updated 1/2/2019: Following Vantiv’s 2017 acquisition of WorldPay, the joint entity has assumed the latter credit card processor’s brand name and has opted for a slightly different stylized designation, “Worldpay.” Since Vantiv’s sub-brands have since been consolidated into Worldpay and the Vantiv brand appears to be almost entirely phased out, we will no longer update this review. For current information about this company, see our Worldpay review.

Vantiv (vantiv.com) is the merchant services and credit card processing division of Fifth Third Bank. The company is one of the largest payment processors in the United States and is publicly traded on the New York Stock Exchange under “VNTV.” Vantiv entered the merchant services industry in 1991 under the name of Midwest Payment Systems, then changed its name to Fifth Third Processing Solutions in 2003, and then again changed its name in 2011 to Vantiv.

Since its founding, the company has acquired several other credit card processors and ISOs, including ACI Merchant Services, Card Management Corporation (CMC), TNB Card Services, National Processing Company (NPC), Mercury Payment Systems, Element Payment Services, and, most recently, WorldPay. Mercury and Element Payment Services have since been combined and rebranded to create Vantiv Integrated Payments. Vantiv is a direct processor sponsored by Fifth Third Bank. The company’s corporate headquarters is located at 8500 Governors Hill Dr., Cincinnati, Ohio 54249, but Vantiv also has offices in Illinois, Indiana, and Texas. Vantiv’s CEO is Charles D. Drucker.

Key Points

  • 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

Is the BBB Rating for Vantiv Accurate?

Better Business Bureau Profile

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see who will offer you the lowest pricing and best service

BBB Summary

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.

How Expensive is Vantiv?

Rates, Fees, and Contract Terms

This processor offers the lowest rates and best service we've seen

Cost Summary

Swiped Rate Variable
Keyed-in Rate Variable
Early Termination Fee $250 To $495
PCI Compliance Fee Variable
Equipment Lease Terms Variable

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.

Does Vantiv Use Deceptive Marketing?

Advertising & Sales Strategy

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Key Points

Employs Independent Resellers Yes
Advertises Deceptive Rates No
Discloses All Important Terms No

Vantiv appears to market its services through several different methods, including directly within its own sales channels as well as indirectly through partnerships with sub-ISOs and independent resellers. The company also markets heavily through large subsidiaries such as National Processing Company and WorldPay as well as its banking partner Fifth Third Bank.

Although Vantiv does not appear to use any deceptive rate advertising or quoting tactics, its grade is negatively affected by the use of sub-ISOs, independent resellers, and subsidiaries. These marketing channels make it difficult for the company to control the sales tactics used to sell its services, and it also spreads merchant complaints across several different company names instead of concentrating them on one source. We have seen a consistent rise in sales-related complaints that is typical of companies that use this approach.

Does Vantiv Deserve Your Business?

Review Summary & Our Thoughts

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.

5-Star Rated Vantiv Competitors

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About The Author

Phillip Parker is a Payments Industry Analyst and creator of this blog, CardPaymentOptions.com. Phillip is passionate about researching merchant service providers and payment industry trends. He is often quoted as an expert source in national publications such as INC Magazine, The Los Angeles Times, Entrepreneur, and many others.

“I started this blog because I was disgusted by the business practices of the merchant services industry. I wanted to empower business owners by providing insight on how to avoid shady merchant account providers and costly credit card processing mistakes.” 

Phillip’s Processor Comparisons

Picking a credit card processor can be a headache, but we’ve made it easy. Phillip recommends comparing the best merchant services providers we’ve researched.

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