Payment Processor Increases Volume by 40% with Its First Acquisition
Today Clearent announced that it has entered into a definitive agreement to acquire Payment Alliance International’s (PAI) Merchant Services Division. The acquisition will add a complementary telesales channel, strategic association partnerships, and $4.2 billion in processing volume to Clearent’s portfolio.
PAI’s Merchant Services Division is a leading provider of payment processing solutions for businesses, Independent Sales Organizations (ISOs), agents and associations, and has been recognized as the “Independent Sales Organization (ISO) of the Year” by the Electronic Transactions Association (ETA). The company serves more than 17,000 merchants in the U.S.
“In addition to acquiring a tremendous amount of talent to help us expand our support and operations team, we are also acquiring a telesales organization and valuable association partnerships to further propel our Integrated Software Vendor (ISV) channel,” said Dan Geraty, CEO of Clearent. “With our combined team and relationships, we look forward to making greater strides than ever before towards our vision — to be the payment processor that our customers consistently recommend to their colleagues.”
“The growth and success of our industry leading ATM processing business demands our clear focus and full attention,” said John Leehy, CEO of Payment Alliance. “The divestiture of our merchant acquiring business brings further clarity to our strategy and strengthens our capacity for future growth. Clearent will be an outstanding home for those customers and employees associated with the bankcard business. We look forward to working with them to achieve a smooth and timely transition.”
Clearent is a full-service, fully integrated payment processor and merchant services provider. Clearent’s proprietary processing system gives it more flexibility to deliver products that truly help its sales teams and partners stand out from the competition and sign more deals. It also helps the company deliver flexible pricing options, accurate, on-time residuals, and a suite of graphical portfolio management tools that are updated daily. Clearent’s Next Day Funding service is also unique because of its 11:00 p.m. Eastern cut-off time, which is one of the latest in the industry. From traditional point-of-sale terminals, mobile solutions, and tablet-based systems to a custom-built virtual terminal, eCommerce plug-ins, and hosted payments, Clearent can help small business owners securely accept payments just about anywhere.
With this acquisition, Clearent will have offices in West Palm Beach, Florida and Louisville, Kentucky in addition to its headquarter office in St. Louis, Missouri. The combined entity will have more than 45,000 merchants and $14 billion in processing volume. Upon closing of the transaction, Clearent will begin servicing PAI’s merchants and other business relationships.
Clearent is a complete payment processor that leverages its proprietary payments platform to make doing business easier and more profitable for its sales partners. Clearent’s commitment to honesty and transparency has made it one of the most trusted companies in the payments industry. Clearent is one of the fastest growing credit card processing companies, processing $10 billion in annual transaction volume for 28,000 businesses nationwide. Clearent has consistently been named to several prestigious lists year after year, such as The Nilson Report’s list of top U.S. acquirers, The St. Louis Post-Dispatch Top Workplaces award, the St. Louis Business Journal’s list of fastest growing private companies, and most recently, the Inc. 5000 list of fastest growing companies. To learn more, visit www.clearent.com or call 866.205.4721.
About Payment Alliance International (PAI)
Payment Alliance International (PAI) is the nation’s largest, privately-held provider of ATMs, offering processing and maintenance services, ATM equipment sales and support, and ATM branding programs. Payment Alliance International is based in Louisville, Kentucky. Golding & Company served as financial advisor to PAI on the transaction. For more information on Payment Alliance International, please visit GoPAI.com.