TD Merchant Services Becomes Full Service Acquirer in Canada
TD Merchant Services has announced that it has signed a definitive agreement to acquire certain MasterCard merchant acquiring accounts from First Data in Canada. Concurrently, First Data will acquire a small number of VISA accounts from TD. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in December. The transaction is not expected to be material to TDBFG’s financial results.
The acquired accounts will become part of TD Merchant Services, which already provides Visa and Interac payment processing services and Point of Sale terminal solutions to all of these customers today. “Acquisition of these MasterCard merchant accounts will ensure our clients have a single source for their payment processing needs,” says Jeff van Duynhoven, President, TD Merchant Services.
In conjunction with this acquisition, TD Merchant Services and First Data will end their reciprocal referral arrangement. Following closing, TD Merchant Services will offer its customers a complete credit and debit card payment solution including Visa, Interac and MasterCard acceptance. “This is an exciting new direction for TD Merchant Services which we feel positively impacts the sales and service experience for our customers,“ adds van Duynhoven.
“First Data has been a great partner for many years. We think this is the right move for our business as it allows us to grow and better compete with other acquirers while expanding our range of product offerings in response to an increasing need for financial solutions for today’s business clients,” says van Duynhoven.
Add your comment... (note that all comments are reviewed before they're published)