Success as a payments processing company can depend not only on how much experience firms have in specific verticals but how diverse their portfolio of clients really is. For Heartland Payment Systems, its payments footprint just spread a little bit wider.
Heartland announced Friday (Oct. 30) that it had acquired Digital Dining, a restaurant point-of-sale and management systems provider. Heartland already boasts about 130,000 restaurants and suppliers among its client partners, and CEO Robert Carr explained that the addition of Digital Dining’s POS name recognition and widespread adoption should allow Heartland to grow its 18 percent market share.
“Digital Dining strengthens Heartland’s obligation to providing our customers with one of the industry’s largest set of commerce solutions that are effective, transparent and open to partners in all business segments who shun deceptive pricing tactics,” Carr said in a statement. “Integrating Digital Dining into the Heartland organization allows us to gain operational synergies, substantially grow our commerce footprint and continue our leadership in exceeding our customers’ requirement of superior services and products, including Heartland Secure, Heartland Secure Out-of-Scope solution and our comprehensive breach warranty.”
The announcement caps off a momentous October for Hearland Payment Systems, which also outlined its Q3 earnings in a Friday call, The Motley Fool reported. Net revenue climbed to an all-time high of $214.6 million, five full percentage points above investors’ wildest expectations. Adjusted earnings rose to $0.79 per share.
“Our new business growth was outstanding this quarter, with new margin installed up nearly 30 percent, one of the fastest rates of new business growth in many years, and this growth was accomplished from a much higher base,” Carr said on the call, as quoted by PaymentsSource.
Bringing Digital Dining into the fold makes sense for Heartland, but restaurant owners may see their own fortunes climb when the full power of an all-in-one POS system also has a robust mobile payments processing platform running behind it.
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