It was recently disclosed that Vantage Hospitality Group has chosen Heartland Payment Systems (HPY) to provide payroll solutions and payment processing services. Vantage is the eighth largest hotel company in the world. Its portfolio includes Americas Best Value Inns and the Lexington family of inns and hotels.
Through the deal Heartland will allow Vantage members access to its web-oriented payroll solutions. These payroll solutions, specially designed for the hospitality industry, come with a three-year price guarantee coupled with credit and debit card processing services. They are designed to support most of the property management systems like AutoClerk, RoomKey and Check-Inn. Alongside, Heartland will also offer its round-the-clock live customer service to Vantage members.
Heartland through its cost effective services expects to improve the operational efficiency of Vantage and its members. In turn, by providing its services to Vantage, Heartland will be able to expand its business and fortify its sales structure.
Vantage aims to utilize Heartland’s services to provide its members, best-in-class technology and its guests a better hospitality experience.
Heartland currently delivers its services to over 60,000 restaurants and 6,500 lodging properties. Moreover, it officially functions as the payment processor for the American Hotel & Lodging Association, the National Restaurant Association and 43 state lodging associations.
Heartland continuously engages in a number of transactions to expand and enhance its existing lines of business. In Jan 2013, Heartland and ABM Parking Services, a subsidiary of ABM Industries Incorporated (ABM), extended the duration of their strategic liaison. The joint venture allows Heartland to process signature debit and credit card transactions at more than 1100 ABM sites throughout the nation.
Among other payment processors, Visa Inc. (V) entered into a strategic partnership with JPMorgan Chase & Co. (JPM) last week for a period of ten years to promote electronic mode of payments. Visa will thereby support merchants further to provide convenient shopping experience for cardholders.
Heartland Carries a Zacks Rank #3 (Hold) while Visa carries a favorable Zacks Rank #2 (Buy).Read the Full Research Report on JPM
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