Credit card acquirers across prosperous markets, such as the US and UK, are making bold changes to attract consumers from growing ecommerce markets. Vantiv, Inc. (NYSE: VNTV), a leading provider of payment processing services, and PPRO Group, a cross border e-payment provider, today announces the latest partnership to break convention and offer international alternative payment methods (APMs) to merchants looking to conquer European and Asian markets.
This is a big change in direction for Vantiv, a traditionally credit card focused company founded in a card saturated market. In a connected landscape, Vantiv realised they must adopt APM’s to attract attention from growing ecommerce markets. Those who want to step further into international waters must follow in their footsteps to keep pace with the digital revolution which is making the world of ecommerce smaller.
This new relationship means that Vantiv’s customers will be able to offer non-card payment methods – including direct debit, bank transfers, cash-based e-payments and e-wallets – to international consumers through a single integration and customer service experience both domestically and internationally.
In addition to existing credit and debit cards offerings, Vantiv’s merchants will be able to add preferred local payment methods to reach new customers in Europe and Asia, maximising sales, accelerating go-to-market and reducing costs.
“Countries and cultures greatly differ when it comes to payments behaviour. There are large groups of consumers who either prefer APMs over credit and debit cards, or do not have access to card payment methods,” noted Sayid Shabeer, vice president of merchant product at Vantiv. “We understand the importance of offering alternative payment methods, which in some regions account for 30 percent or more of all online spending. We are pleased to work with PPRO Group, an expert and agile provider, to bring these kinds of APMs to our merchants.”
The data from these international alternative payment methods will be combined with the business-impacting analytics and reporting capabilities of Vantiv iQ for eCommerce to provide merchants with comprehensive information and a global view of all their transactions.
“We are proud to have one of the largest U.S. credit card acquirers worldwide as our new partner,” said Simon Black, CEO at PPRO Group. “It is great to see that U.S.-based merchants are increasingly looking into the vast growth opportunities that cross-border eCommerce can deliver for them.”