WESTERLY – The Washington Trust Co., a wholly-owned subsidiary of Washington Trust Bancorp Inc., has expanded its relationship with payment processing company Vantiv to include credit card merchant services, the bank announced Monday.
Washington Trust has used Vantiv to process debit card transactions for many years and the expanded agreement involves merchants who accept credit card transactions through American Express, Discover, Mastercard or Visa.
“Vantiv is one of the premier payment processing companies in the nation, and we believe our merchant services customers will benefit from this relationship,” stated Joseph J. MarcAurele, Washington Trust Chairman and CEO. “Vantiv is committed to providing our merchant customers with a high level of customer service and innovative payment solutions.”
Washington Trust merchant services customers will be converted automatically to Vantiv processing.
Merchants who previously purchased or rented a credit card processing terminal through Washington Trust will now purchase or rent those terminals through Vantiv, which will provide new upgraded terminals for most merchants at no charge, according to the bank.
One of the benefits to merchants will be that they previously received multiple statements from the credit card companies, they will now receive one combined statement. Another benefit will be 24/7 support services.
“As Washington Trust’s payments partner, we look forward to providing their merchants a full suite of the latest payments products and high levels of customer care,” said Vantiv Senior Vice President and General Manger of Financial Institution Services Stephanie Ferris.
Under the agreement, Vantiv has purchased Washington Trust’s merchant services portfolio. Washington Trust realized a gain of approximately $6.3 million upon the March 1 closing of the transaction. In addition, Washington Trust expects to record divestiture-related costs of approximately $359,000 in the first quarter of 2014. Washington Trust also will have the opportunity to earn additional referral revenue during the 10-year period following the transaction.