Essay on Business Analysis : The Midwest Payment Systems
Vantiv previously operated under the name Midwest Payment Systems, which a division of Fifth Third Processing Solutions and is currently headquartered in Cincinnati, Ohio. They are a payment processing and technology provider based in the United States and are the largest PIN debit U.S. acquirer. Vantiv was founded in 1970 and is a publicly traded company listed on the New York Stock Exchange (VNTV).
Vantiv processes over 16.9 billion payment transactions each year and about $611 billion in volume annually. And they employ approximately 2,700 people. Their merchant base includes retail, restaurants, government entities, eCommerce, supermarkets, drug stores, business to business and various consumer services. Vantiv boasts more than 400,000 merchant locations and over 12,000 ATMs in 46 states and eight countries.
Vantiv focuses on allowing large and small merchants to accept and process credit cards, debit cards, prepaid payments and supplies them with supporting services and information solutions to help them grow their business.
Vantiv does not disclose their rates and they offer an auto renewing three year contract; therefore, you should have some sort of system in place to alert you to the contract expiration date, should you decide to cancel your service with them.
Vantiv has a variety of offerings, such as: credit cards, ATM processing, merchant services, rewards programs, fraud prevention, as well as pre-paid cards and gift…