|Featured Credit Card Processors (*no cancellation fee)|
Merchant Maverick's Rating: (4 out of 5)
Last Updated: March 2nd, 2012.
Vantiv (formerly known as Fifth Third Processing Solutions) is a large credit card processor located in Ohio. They've been in operation since 1970 when they were known as Midwest Payment Systems, but eventually changed their name to Fifth Third Processing Solutions. In 2011 they changed their name once again to Vantiv.
Vantiv has hundreds of thousands of merchants that use their service, so they're definitely one of the big boys. With that many customers, one would expect to see a ton of complaints, but surprisingly, I couldn't find very many. Their BBB profile is low on negative reviews, and so is the rest of the web. One could argue that it's because the brand name Vantiv has only been around since 2011, but if you search their previous name "Fifth Third Processing Solutions" you won't find much either. That's all good news, though I'm still going to keep an eye on the Vantiv brand to see how it progresses.
Much like any other large processor, Vantiv merchant accounts do have a contract with an early termination fee ($295), however it can be negotiated. Ask your rep to waive it for you.
From what I've seen so far, I like Vantiv, so they get a 4 out of 5 for now.
With that said, if you plan on getting an account through Vantiv, then I highly recommend you consult me first. At least I can walk you through the process and hopefully get you the best deal.
Formed in 1970 as Midwest Payment Systems. Changed name to Fifth Third Processing Solutions in mid 2000s, then changed name again to Vantiv in 2011.
Vantiv is the parent company (formerly known as Fifth Third Processing Solutions). They own National Processing Company, Jeanie (ATM network) and SKIPJACK (payment gateway).
Acquiring Bank(s) (Acquirer):
Fifth Third Bank.
Vantiv is a direct processor, but has been known to work with TSYS as well.
They have their own payment gateway called e-Commerce Plus. They also can set you up with SKIPJACK, TrustCommerce or Authorize.Net.
Do you need help setting up your payment gateway with your website? Click here.
For a company as large as Vantiv, I was surprised that I didn't find many negative comments, aside from the few BBB complaints. Granted, the Vantiv brand has only been around since 2011, but even the previous brand "Fifth Third Processing Solutions" is low on the complaint count as well.
If you want to do your own research, you can search for phrases like:
- vantiv complaints
- vantiv reviews
- vantiv scam
- fifth third processing solutions complaints
- fifth third processing solutions reviews
- fifth third processing solutions scam
You can find a number of success stories on the Vantiv site. They're mainly from larger financial institutions that Vantiv provides processing service for. As opposed to smaller merchants like you and I. Your best bet would be to ask them for references.
No on-site security features (i.e. McAfee, Security Metrics etc...). The security issue really depends on what kind of information the merchant account provider is collecting from you. If they require you to fill out a full digital application with sensitive info like SSN numbers, then they should definitely have some third-party security in place. Sometimes, and in the case of Vantiv, the initial contact form only requires some basic info, then the real application is taken care of by fax or later on through a secure online app.
Existing customers get 24/7 service and support. Have you worked with Vantiv? Feel free to leave us your review. Don't forget to read the user review and comment policy.
Seasonal downtime is also offered by Vantiv.
Retail (Credit/Debit), Online/e-Commerce Payments, Mail Order/Telephone Order (MOTO), Wireless, Mobile, ATM, Recurring Payments, Check Processing, Gift & Loyalty, Point-Of-Sale (POS).
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