| Businesses can access their earned revenue faster, through payments to their eligible debit card|
CINCINNATI , Sept. 14, 2017 /PRNewswire/ -- 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.
To find out more about the product, visit vantiv.com/fastaccessfunding. Additional information about Visa Direct can be found at www.visa.com/visadirect.
Vantiv, Inc. (NYSE: VNTV) is a leading payment processor differentiated by an integrated technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes, enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company's growth strategy includes expanding further into high-growth channels and verticals, including integrated payments, eCommerce, B2B and merchant bank. Visit us at www.vantiv.com, or follow us on Twitter, Facebook , LinkedIn, Google+ and YouTube .
Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/aboutvisa, visacorporate.tumblr.com and @VisaNews.
© 2017 Vantiv, LLC . All Rights Reserved. All trademarks, service marks and trade names referenced herein are the property of their respective owners. Vantiv and other Vantiv products and services mentioned herein as well as their respective logos are registered trademarks or trademarks of Vantiv, LLC in the U.S. and other countries.
Actual fund availability varies by financial institution. Visa requires US issuers to make funds available to its cardholders within a maximum of 30 minutes of approving the transaction. Settlements from FastAccess Funding follow operational cycles that could take up to five (5) hours, but once amount is funded the merchant gets those funds within minutes.
WASP Barcode Technologies, 2017 State of Small Business Report; WePay 2017 SMB & Money Survey
"Major merchant acquirer" by purchase transactions based on list of U.S. merchant acquirers contained in the Nilson Report, issue 1105 (March 2017)
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SOURCE Vantiv, Inc.