Payments pay off for Vantiv as Ecommerce fuels growth
Leading payments processor Vantiv cited strength in its e-commerce business as a key driver of a second quarter performance that saw revenues increase 11% to $519.4 million and profits on an adjusted basis increase 21.6% to $82.7 million, or 40 cents a share. Vantiv said its e-commerce business grew by 38% during the second quarter.
"I am proud to report another strong quarter that demonstrates our team's focus on execution," said Vantiv president and CEO Charles Drucker. "We are winning in our traditional and e-commerce markets while also investing for the future. Our partnerships with leading technology providers enable us to bring innovative value-added solutions to the market and strategically position us as a partner of choice for financial institutions and merchants.”
Vantiv is a leading integrated payment processor that serves the retail and financial services industries with a suite of traditional and innovative payment processing and technology solutions. The company 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 ecommerce, payment facilitation, mobile, prepaid and information solutions and vertical industry segments such as petroleum, business-to-business, government, healthcare, gaming and education.