Givex Gifts Itself Chase Paymentech Card Biz

Givex has agreed to acquire Chase Paymentech’s gift card business.

The acquisition of Paymentech’s gift card client base will necessitate Givex, a global provider of cloud-based data processing services, to open an office in Dallas later this year for support purposes. Existing Chase Paymentech gift card clients will be transitioned to Givex servers and transactions will continue to be processed using existing integrations and protocols. According to Givex, there will be no disruption to existing merchants or their customers during the transition.

“Givex is honored to have Chase Paymentech select us as the purchaser of their Gift card client base,” Givex CEO Don Gray said in a statement yesterday (Jan. 26), “It was clear from the beginning of the negotiations that Paymentech was focused on finding a buyer that would not only look after their clients, but also have the ability to enhance the services being offered in a secure and innovative manner."

Givex enhanced features will include Loyalty, campaign management, Fulfillment services, Analytics, Uptix (value added venue tickets), mobile wallet, e-gifting and on-line ordering.  Additionally, Chase Paymentech merchants will have preferred client access to the Vexilor cloud based POS system built specifically to take advantage of Givex advanced customer relations programs.

"We regularly evaluate the products and services we offer our customers and made the business decision to divest our gift card business,” said Jasper Malcolmson, head of solutions and innovation for Chase Merchant Services. “We are confident that Givex will continue to provide our merchants with exceptional service when supporting their gift card needs."


Latest Insights: 

The Payments 2022 Study: Building A High-Performance Payments Team For Fraud Detection, a PYMNTS collaboration with Stripe, examines how digital platforms of all sectors and sizes plan to develop their anti-fraud teams as part of their their broader growth and development strategies. Drawing from an extensive survey from approximately 250 payments heads at digital platforms in the U.S. and abroad, our study analyzes how poor anti-fraud capabilities can harm platforms’ long-term growth strategies, and how they can build high-performing teams to tackle these challenges.

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