Vantiv, Inc, a leading provider of payment processing services and technology for merchants and financial institutions of all sizes, announced it is developing comprehensive eCommerce payments and security extensions for the Magento 1 and Magento 2 platforms from Magento Commerce, the worldwide leader in cloud digital commerce innovation.
These integrations, part of a new relationship between the two firms by which Vantiv has become a member of the Magento Commerce Xcelerate Partner Program as a Select Technology Partner, will help Magento merchants – especially those that employ the increasingly widespread subscription, or recurring payment, business model – to maximize customer lifetime value and increase revenue.
In addition to traditional credit and debit card processing, gift cards, mobile wallets (Apple Pay and Android Pay), alternative payment methods (eCheck and PayPal), Level 1, Level 2, and Level 3 card processing, and international payment options, Vantiv’s Magento extensions will include the following value-added services and supplementary payments capabilities: Vantiv Recovery (Account Updating and Authorization Recycling), Vantiv Recurring Engine, Vantiv Issuer Insights, Vantiv iQ for eCommerce, Vantiv eProtect, Vantiv Fraud Toolkit, and Tokenization.
Vantiv’s extension for Magento M2 is available now from the Magento Marketplace, while the M1 platform extension is planned for release later this fall.
“Our eCommerce processing solutions will provide Magento merchants with a number of convenient payment methods – plus help safeguard their online stores and offer business-impacting customer data,” said Greg Worch, head of eCommerce at Vantiv, “We believe our stature as a Magento Select Technology Partner, coupled with our extensions to the highly popular Magento 1 and Magento 2 platforms, will enable us to further expand our brand and reach among the merchants within this important network.”
“We are delighted to welcome a payments processor with the prestige of Vantiv into our ever-expanding ecosystem,” said Mark Lenhard, senior vice president of strategy and growth at Magento. “Our partnership with Vantiv will help our customers stay ahead of the payments challenges associated with revenue generation and risk management.”
According to The Nilson Report’s latest annual U.S. Merchant Acquirer Rankings, Vantiv now processes more domestic debit and credit transactions than any other acquirer in the United States.