US-based payments processor Vantiv is partnering with the global merchant acquiring bank Credorax to expand the ability of Vantiv clients to serve global customers via card-not-present channels.
The partnership will enable Vantiv’s merchants and financial institutions to process and settle card payments in the local currencies of 34 countries, which often results in lower international banking fees and higher transaction approval rates.
Additionally, Vantiv’s clients will have access to a global acquiring platform, which should provide fewer contractual hurdles, and easy onboarding. The partnership with Credorax, also enables Vantiv’s US customers to reach international markets that previously posed regulatory, cultural, and technological challenges, resulting in a faster track to innovation.
“Credorax brings a unique combination of international acquiring coupled with technical agility,” said Greg Worch, senior vice president of e-commerce sales at Vantiv. “Our alliance with Credorax allows our customers to expand into global markets, while working directly with Vantiv for integration, reporting, and servicing.”
Additionally, Credorax will help Vantiv’s customers overcome the obstacles of cross-border fees, taxes, regulations, supply chain issues, and payment technology integration.
“The world of e-commerce gets more competitive every day, so it is becoming essential for online US merchants to broaden their reach internationally,” said Rod Katzfey, vice president of business development and sales at Credorax.
“We look forward to collaborating with Vantiv, as the validation from such a well-respected payments company is important for Credorax and the industry challenges we address.”
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