Concord EFS, Inc., has completed the acquisition of Electronic Payment Services, Inc. (EPS). In issue 98:06:01, The Green Sheet announced that the companies planned to merge.
The acquisition adds 2,500 merchant and financial institution customers to Concord's business and is significant because each of the merging businesses provides a different part of the processing equation; Concord provides a back-end merchant service while EPS contributes a front-end acquiring product.
EPS is the holding company for BUYPASS Corporation and MONEY ACCESS SERVICE, INC., an electronic funds transfer processor and ATM terminal driver. EPS also operates the MAC® automated teller machine network. Concord provides electronic transaction authorization, processing, and settlement and funds transfer services. Concord's primary activity is card services, but the company also provides electronic payment, banking products, and payroll services.
