iPayment Acquires Portfolio from First Data
iPayment has announced that it has completed the acquisition of a portfolio of agent bank agreements and merchant accounts from First Data Corp.'s Merchant Services subsidiary for $55 million in cash.
The portfolio has approximately 18,000 small merchant accounts representing approximately $4 billion in annual bankcard volume.
The transaction also strengthens an existing strategic relationship between iPayment and First Data's Merchant Services unit to expand future growth by adding new merchant accounts generated by approximately 170 small agent banks.
iPayment will continue to utilize processing services from First Data for the acquired portfolio as well as new merchant accounts generated by the banks. iPayment is currently a customer of First Data for merchant processing services.
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