MerchantPro Express offers processing services, advanced point of sale equipment, and merchant cash advances to business communities
Fiserv acquires MerchantPro Express. (Credit: M.O. Stevens/Wikipedia.org)
Financial technology provider Fiserv has acquired MerchantPro Express, a New York-based credit card processing company, for an undisclosed price.
Powered by First Data, the New York-based firm is an independent sales organisation (ISO), which caters to business communities of all sizes and needs with processing services, advanced point of sale equipment, and merchant cash advances.
By using technology, analytics, and a consultative approach, the company is said to help its clients and partners grow their businesses by bringing down processing costs and by offering a range of value-added services.
MerchantPro Express CEO Chris Briller said: “By completing this transaction, we have confirmed our commitment to provide a high-quality and sustainable platform to our agents, employees and customers.
“The highly regarded Fiserv brand and focus on growth will enable us to distribute premier products and services to our clients.”
Acquisition of MerchantPro Express will expand Fiserv’s merchant services business
Fiserv has acquired the credit card processing firm as part of its strategy to expand its merchant services business and for growing its partner-based distribution.
The combination will bring together Fiserv’s payment solutions such as CoPilot, CardPointe, and Clover with the onboarding and service of MerchantPro Express.
Fiserv global business solutions senior group president Devin McGranahan said: “MerchantPro Express has been a key Fiserv distribution partner since 2009. By combining our solutions and expertise under one roof we will be able to expand and speed the delivery of new and innovative solutions.”
In December 2019, Fiserv agreed to sell a stake of up to 60% in its Investment Services business to a consortium of investors led by Motive Partners for a post-tax amount of approximately $510m. The financial technology company will retain the remaining stake of 40% in the business, which offers the technology for certain segments of the wealth and asset management industry.
In July 2019, Fiserv wrapped up its $22bn acquisition of rival US financial services company First Data in a move to become one of the major payments and financial technology providers in the world.