In a joint venture revealed Aug. 9, 2012, global ISO and processor Total System Services Inc. (TSYS) acquired 60 percent of U.S. ISO and processor Central Payment Co. LLC. TSYS, a publicly traded company, said through its spokesman Cyle Mims, it is "unable to disclose the terms of the agreement."
Central Payment focuses on restaurant, personal services and retail market segments. It serves more than 40,000 merchants and processes more than $3.5 billion in credit card sales annually. TSYS is an international company valued at approximately $3 billion; its broad platform supports financial institutions, businesses and governments in 80 countries.
TSYS Merchant Services President Mark Pyke said the addition of Central Payment with its 700 agents enhances his company's distribution model. "This move is another example of our focus on growing our merchant acquiring business and expanding beyond processing," Pyke said. "Central payment plans to aggressively pursue experienced sales agents as an affiliate of TSYS."
Pyke said TSYS' reputation and scalable technology platform model will help Central Payment expand its independent sales agent model. "TSYS has made public statements about having an aggressive appetite for additional merchant acquiring investments to help grow our merchant presence and achieve our goal to become a top 10 global acquirer," he noted. "This joint venture further reinforces our commitment to diversification of our revenue concentration within TSYS."
Pyke said the two companies worked together for some time before the joint venture. The agreement allows Central Payment to continue to work independently as a sales agent-based merchant acquirer. TSYS will continue as Central Payment's payment processor.
"Central Payment has a strong brand reputation and solid sales distribution model which will not be disrupted as a result of the joint venture," Pyke said. "The JV will be governed by a board of directors with representatives from both companies."
Central Payment Co-Managing Director Matthew Hyman said Central Payment plans to take full advantage of the systems, support and management team TSYS has in place today and that the joint venture positions both companies for significant growth. "Our partnership expands TSYS' merchant perspective, and our company culture aligns with their focus on people-centered payments," he said.
For additional news stories, please visit www.greensheet.com and click on "Read the Entire Story" in the center column below the latest news story excerpt. This will take you to the full text of that story, followed by all other news stories posted online.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.Prev Next