Paystone Becomes Canada’s Largest Payments Provider With Canadian Payment Services Acquisition


Payment and software platform Paystone on Wednesday (Jan. 26) announced it has acquired Canada-based merchant services company Canadian Payment Services, the sixth acquisition for Paystone in the past two years, according to the announcement.

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

In addition to providing payment processing services, Paystone offers gift and loyalty, reputation marketing, marketing automation and other Software-as-a-Service (SaaS) offerings.

“Over the years, Paystone has shown their great commitment to serve Canadian small and medium-sized businesses,” said Simon Lobanov, Managing Director at CPS, in the announcement. “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.”

Paystone now works in more than 35,000 locations across Canada and the U.S., which collectively process more than $10 billion a year in bank card volume. The company is looking to add more than 100 new employees by the end of the year.

Related: Canada’s PayFacto Acquires Software Firm iShopFood

Earlier this month, Canadian payments company PayFacto acquired Quebec-based restaurant-focused online ordering software platform iShopFood Inc.

PayFacto says adding iShopFood helps it to “complement its current product and service offering with innovative all-in-one solutions for in-restaurant and online ordering, interactive ordering kiosks and QR-code-based payment capture” and broadens its reach across Canada and the U.S.

PayFacto had previously acquired the Maitre’D and Veloce restaurant point-of-sale software systems, and says this latest move lets restaurants and food service players access a single-provider solution that connects online, mobile and in-restaurant ordering, kitchen display system and pay-at-table solutions.

In December, PYMNTS reported that many restaurants have begun turning to different providers to meet each of their needs, including point of sale, digital ordering, order management, marketing and more, creating a setup of digital systems that can’t communicate.