Payment processing and technology provider Vantiv Inc. is partnering with merchant acquiring bank Credorax to expand cross-border e-commerce payments for Vantiv clients.
The partnership allows Cincinnati-based Vantiv to offer customers payment processing and settlement in local currencies in 34 countries, an arrangement that results in lower international banking fees and higher transaction approval rates, Vantiv said in a March 15 press release.
In addition, Vantiv clients will have access to a global acquiring platform from Boston-based Credorax, providing key network and banking relationships that will aid contracts and merchant onboarding.
U.S. customers will find it easier to reach international markets that previously posed regulatory, cultural and technological challenges, Vantiv stated.
"Credorax brings a unique combination of international acquiring coupled with technical agility," Greg Worch, senior vice president of e-commerce sales at Vantiv, said in the release. "Our alliance with Credorax allows our customers to expand into global markets, while working directly with Vantiv for integration, reporting and servicing."
Credorax will help customers navigate 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 U.S. merchants to broaden their reach internationally," Rod Katzfey, vice president of business development and sales at Credorax, said in the release.
"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."