Originally launched in 1971, Worldpay Inc operated as a payment processing firm for financial institutions and financial service providers. After nearly four decades of maintaining its separate brand among other financial institutions, the company was acquired by Fidelity National Information Services (FIS) in June 2019. Following the acquisition, Worldpay Inc was merged into FIS where its infrastructure continues to serve the financial services sector.
The merger adds more revenue sources to Fidelity National Information Services (FIS), a company that is present on the New York Stock Exchange. As a company that is listed on the New York Stock Exchange, FIS must make the right decisions in regard to increasing revenue through acquisitions and customer acquisition.
Over the course of its operations, the Worldpay Inc brand went through a few rebranding decisions. While Worldpay Inc services more or less remained the same, the change of name did have an effect on its public or marketing image throughout these years.
If you know Worldpay Inc by the name of Vantiv or Fifth Third Processing Solutions, it’s important to understand the company’s history in the financial services sector before you learn more about its active solutions.
Vantiv Worldpay Branding Changes
The payment processing firm was first established in Cincinnati, Ohio as Midwest Payment Systems (MPS), with the company sticking to the name for over three decades.
In 2003, the firm found a new name in the form of Fifth Third Processing Solutions. It was a direct reference to Fifth Third Bank, which was its parent organization at the time.
But that name didn’t stay for long and changed to Vantiv in 2011. After operating under that label for a period of nearly 7 years until 2018, Vantiv acquired a U.K. payment processing firm Worldpay. After the Vantiv Worldpay merger, Vantiv assumed the title of its newly acquired asset, with Worldpay merchant services remaining the firm’s final branding decision until its merger with FIS.
At the time of writing, the Worldpay brand is fully absorbed into FIS. All the services that the company once used to provide through its U.S. and U.K. offices are now offered under the FIS banner in addition to other solutions. This is good news for those financial services providers who relied on Worldpay credit card processing to conduct their operations and serve their clients.
The larger firm would embrace the results of the leaders of Worldpay like Charles Drucker and Philip Jansen and provide value to Worldpay merchants. It would continue to operate Vantiv merchant services as well as Vantiv credit card processing to bring about more value to the processing ecosystem.
Let’s learn more about the World pay brand and how it has progressed after the Worldpay acquisition.
FIS Offers a Slew of Services to Its Clients
Established in 1968, FIS is a financial services company that completed its acquisition and merger of Worldpay Group PLC in the sector’s biggest deal. That $35 billion transaction brought FIS front and center in the financial sector and made it the largest firm in the global payments industry. It is present in many countries as a payments provider processing large payment volumes through services such as its many commerce channels.
Some of the most prominent services offered by FIS include but are not limited to:
- Point of Sale (POS) Network.
- Digital Payments Network.
- Global Payments Network.
- Back Office Solutions.
- Legal and Outreach Solutions.
- Credit and Collection Solutions.
- Treasury Solutions.
- Financial Software Solutions.
Through a network of ISO’s, FIS serves large-scale and enterprise businesses alike. With the adaptability of its offered solutions, the company has become integral to the operations of businesses all over the world. Stax is one of FIS’s largest distributors providing third-party payment processing solutions to small and medium-sized businesses.
FIS is a Financial Industry Behemoth
With over 20,000 clients, 75 billion processed transactions, and $9 trillion worth of annual global transactions, FIS has cemented its reputation in the financial services industry.
The company has achieved this feat through multiple business divisions that cater to a distinct sector in the financial industry.
These departments include:
- Merchant Solutions.
- Banking Solutions
- Capital Market Solutions.
- Corporate Solutions.
All of these divisions hold an important aspect in the financial services sector. However, when it comes to using Worldpay’s infrastructure and its former brand name, FIS utilizes those properties most prominently through its merchant services solutions distributed through ISO’s. Stax handles the day-to-day activities of a merchant account including setting up the account, providing the payment technology and support, and assisting with the unique processing needs of the merchant.
What Kind of Services Does Worldpay by FIS Provide?
With its focus on merchant services, Worldpay by FIS has become one of the flagship divisions of the financial services firm. These merchant services include both in-person and digital payments that offer access to no less than 126 currencies.
It’s because of this approach to the deployment and design of these services that Worldpay by FIS processes a whopping 110 million transactions on a regular day. It also does so with a vast network that’s spread across 146 countries.
The solution has become known for its robust operations for large-scale entities, where its payment services are used by 80 percent of the world’s most significant retail, airline, and internet firms.
This is all possible due to the wide range of solutions offered by the firm, which are spread across brick-and-mortar stores to digital businesses alike.
This includes but is not limited to the following solutions.
- Traditional and Wireless POS Terminal Services.
- Mobile Payment Services.
- Internet Payment Gateways.
- Virtual Terminals.
- Digital Wallet Solutions.
- Multichannel Payment Solutions.
- B2B Payment Solutions.
Through these services, Worldpay by FIS makes it easier for different entities to access its payment solutions and find an optimal fit for their needs. This makes the company stand out in terms of usability by large-scale enterprises while Stax assists with the small and medium-sized businesses (SMBs).
What Kind of Product Features Does Worldpay by FIS Brings to the Table?
Worldpay by FIS mainly stands apart due to its vast network and brand recognition. But it does bring many other features to its users that make it a beneficial merchant services provider.
These features include but are not limited to the following aspects:
POS Integrations and Devices
Worldpay by FIS offers a slew of POS integrations and devices. Through the company’s network, you can connect to over 1,000 POS systems. If you want a multi-payment solution in one device, you can also go with the company’s SmartPay series that bundles various services into a single piece of equipment.
Whether you just need an in-store system or want something that also works wirelessly, this helps you find a solution that caters to your needs. At the same time, it allows you to accept all major payment types and cards, including tap-to-pay services, MasterCard, and Visa. This provides you with extensive flexibility in selecting a POS system that works for your brick-and-mortar or hybrid business.
Faster Cash Flow
Worldpay by FIS also provides you with faster cash flow, where you can get your card payments deposited to your accounts within a few hours of a transaction. This cuts back the typical time for completing such transactions, which usually spans a few days.
The Titled FastAccess Funding feature is one of the most prominent advantages of the company. The service is also available on business days, such as the holiday season. With funds transfer completing as quickly as 30 minutes, this also makes it a sought-after benefit for many organizations who want to minimize the time between their sales and the actual receipt of their amount.
Ability to Scale
Worldpay by FIS also comes with a certain advantage of offering ideal scalability. With various products in its two, the company allows you to switch between different traditional and digital solutions according to your growing needs. This lets you expand your business without worrying about its infrastructural requirements.
From virtual terminals such as Omniflex to devices that turn your phone into a POS terminal, you can easily find services that can fit your growing business needs. While the pricing for these solutions can vary, it can often accommodate your budgetary needs or at least fulfill your expectations regarding value for money.
Digital Payments and Mobile Wallets
Apart from accepting payment solutions across POS terminals, virtual terminals, and internet payment gateways, Worldpay by FIS also allows you to process transactions through digital wallets and mobile payments. Depending upon your needs, you can integrate these solutions into your payment system to provide customers with an easy way to complete their transactions.
This works wonders to bring next-generation payment solutions to your customers, especially if you want your company to move forward with a futuristic approach to its operations. It is also an ideal payment method for online businesses.
Optimal Payment Security Solutions
Being a recognized brand, Worldpay by FIS excels at payment security solutions. Through full compliance with the Payment Card Industry (PCI) Data Security Standard, the company ensures that your customers’ card data remains safe at all times. With it, it also offers fraud protection and risk management for relevant payment mechanisms.
Worldpay by FIS also offers services such as Omnishield Assure that decrease your fraud liability. It also delivers point-to-point encryption that ensures your customers’ card data is protected through optimal security. This provides you with the peace of mind you need while moving forward with electronic payments.
The Company Provides Excellent Financial Services to Those Who Can Afford It
Worldpay by FIS offers its quotes upon request, which means that they can depend upon your business’ specific needs and overall requirements. However, the company provides its solutions through higher price points than many other providers.
This pricing is justified due in part to its brand name and expansive outreach. But it can go beyond the affordability of small startups or sole proprietorships that are just taking off with their services. If you can look beyond this particular aspect, Worldpay by FIS can prove to be the perfect fit for you.
Stax is an ISO partnered with Worldpay and is proud to deliver the best technology solutions for every business type including incredible savings, and real customer support for every member.