Vantiv Chosen by Busey for Merchant Services Company's Merchant Bank Portfolio Continues to Expand
CINCINNATI and CHAMPAIGN, Ill., Nov. 14, 2012 /PRNewswire/ -- Vantiv, Inc. (NYSE: VNTV), a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, announced today that it has entered into a multi-year agreement with Busey, a premier provider of financial services, to provide Merchant Bank payment acceptance solutions to their commercial banking customers. Busey has 43 banking centers: thirty-one full-service and four limited service banking centers serving Illinois, a full-service banking center in Indianapolis, Indiana, and seven full-service branches serving southwest Florida.
"We are delighted that Busey has chosen Vantiv to provide merchant services to their commercial and lending customers," said Donald Boeding, President, Merchant Services, at Vantiv. "Our Merchant Bank program provides a great way for Busey to grow their existing merchant relationships. The full suite of processing services offered by Vantiv will not only complement Busey's strong customer service but will help further differentiate the solutions they provide to attract and retain business customers."
Merchant processing services provide the ability for local businesses to accept various forms of payments such as credit cards and gift cards across various platforms including at retail locations, online and with mobile devices. The Merchant Bank program by Vantiv is an effective sales referral strategy utilizing local representation and products and services. A business development team is assigned to the financial institution to help drive business campaigns while the leads are managed by local personnel dedicated to Busey's success. This unique approach to generating leads is a powerful driver for uncovering new revenue opportunities, while increasing customer loyalty and minimizing transaction costs.
"At Busey, we are committed to providing innovative solutions to meet the financial needs of our clients – helping to keep their business successful and nimble," says Graeme Jack, Executive Vice President, Commercial Banking at Busey. "By partnering with Vantiv, our clients are rewarded with an expansive selection of merchant processing solutions, allowing us to truly tailor each business relationship to their needs."
About Vantiv, Inc.
Vantiv, Inc. (NYSE: VNTV), is a leading, integrated payment processor differentiated by a single, proprietary technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes in the U.S., enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the third largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company's growth strategy includes expanding further into high growth payment segments, such as prepaid, ecommerce, mobile and information solutions, and attractive industry verticals, such as business-to-business, government, healthcare and education. For more information, visit vantiv.com.
About First Busey Corporation
First Busey Corporation is a $3.5 billion financial holding company headquartered in Champaign, Illinois. Busey Bank, First Busey Corporation's wholly-owned bank subsidiary, is headquartered in Champaign, Illinois and has thirty-one full service and four limited service banking centers serving Illinois, a full service banking center in Indianapolis, Indiana, and seven full service banking centers serving southwest Florida. Busey Bank had total assets of $3.5 billion as of September 30, 2012.
Busey Wealth Management is a wholly-owned subsidiary of First Busey Corporation. Through Busey Trust Company, Busey Wealth Management provides asset management, investment and fiduciary services to individuals, businesses and foundations. As of September 30, 2012, Busey Wealth Management managed approximately $4.1 billion in assets.
Through Busey Bank, First Busey Corporation owns a retail payment processing subsidiary, FirsTech, Inc., which processes over 22 million transactions per year through online bill payments, lockbox processing and walk-in payments through its 3,100 agent locations in 38 states.
Busey Bank also provides electronic delivery of financial services through its website, www.busey.com.
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SOURCE Vantiv, Inc.