Fintech Firm Paystone Acquires Canadian Payment Services

Paystone has announced the acquisition of Canadian Payment Services (CPS), which is reportedly one of the fastest-growing providers of Canadian merchant services.

As mentioned in the update, this acquisition is the sixth addition to Paystone’s portfolio of acquisitions, having acquired five other companies in the past two years including Montreal’s DataCandy and Vancouver’s NiceJob.

Tarique Al-Ansari, CEO at Paystone, stated:

“This is the largest acquisition we’ve made to date in relation to both new revenue and clients. Additionally, we’re also excited to provide additional value to CPS merchants through Paystone’s proprietary product and service offerings.”

In addition to offering payment processing services, Paystone provides an extensive range of software-as-a-service or SaaS products including gift and loyalty, reputation marketing, and marketing automation.

Simon Lobanov, MD at CPS, remarked:

“Over the years, Paystone has shown their great commitment to serve Canadian small and medium sized businesses. We are happy to turn our customer base to Paystone so they can continue to receive the highest level of customer care as well as be able to grow their business via new value added products proprietary to Paystone.”

With the acquisition of CPS, Paystone now services more than 35,000 locations across Canada and the US which collectively process more than 10 billion dollars a year in bankcard volume.

As Paystone continues to grow in service, offering, and revenue, the business is planning to add more than 100 new workers by the end of this year.

As noted in a release, Paystone is a North American payment and software firm “redefining the way merchants engage their customers and grow their businesses.”

The firm’s integrated suite of automated payment processing, customer loyalty, gift card solutions, and now reputation marketing, is “used by brands such as Irving Oil, The Source, Global Pet Foods, Kernels Popcorn, and many of the MTY Food Group’s restaurant brands.”

Paystone’s solutions are used at more than 35,000 locations across Canada and the US. The fintech company “employs over 150 employees and serves as the technology partner of choice for hundreds of partners across North America.”

As mentioned in the update, Canadian Payment Services (CPS) is one of the fastest-growing providers of Canadian merchant services, which includes Credit Card and Interac Processing, Gift Card and Loyalty Programs, and Business Cash Advance. With more than 55 years of experience in the merchant services industry, CPS has served more than 10,000 merchants.

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