Intuit to Acquire Electronic Clearing House (ECHO)

ECHO, based in Camarillo, Calif., is a leading provider of end-to-end payment processing solutions, including check and bank card processing as well as check verification, collection, and guarantee services and automatic clearing house capabilities, or ACH.

“The acquisition of ECHO will expand Intuit’s reach and capabilities in the fast-growing payments market,” said Steve Bennett, Intuit president and chief executive officer. “It will enhance our leadership position with small and medium-size businesses and help us accelerate growth.”

With ECHO’s ACH capabilities, Intuit will be able to round out its payment offering with check services. The company will be able to offer solutions to merchants through a single portal, that address the most commonly used payment methods, including credit card, debit card, gift card, check verification/guarantee and check conversion. The combined offerings will be designed to save merchants time and money.

In addition, the acquisition of ECHO will expand Intuit’s sales and distribution channels and provide relationships with thousands of customers, including larger enterprise customers, such as retail and hotel chains.

“ECHO’s comprehensive payment processing services, technology platform, and established relationships with customers and partners along with Intuit’ strong brand, innovative products and strong distribution are a winning combination,” said Chuck Harris, ECHO president and chief operating officer. “We also expect that our leading technology solution and our team of payment industry professionals will help the combined company continue to deliver new and innovative products.”