Card processing firm JetPay is about to see a major bump in the value of transactions processed for payroll cards. The company announced Wednesday (Feb. 24) that it reached a deal to acquire CollectorSolutions, Inc., also known as CSI.
CSI similarly processes card payments and is expected to bring an additional $700 million worth of processing volume under JetPay’s belt.
In addition to processing debit and credit cards, JetPay also specializes in payroll management, an area that JetPay Chairman and CEO Bipin C. Shah said would see growth with the acquisition.
According to Shah, CSI focuses its card processing services on the government and the utilities industry. These areas, he said in a statement, can provide JetPay with a new client base for its payroll services.
“CSI will not only provide us with enhanced technology, they will also help us expand in these and similar segments and will provide an excellent customer base and channel to offer our payroll and prepaid card services,” Shah said.
On a broader scale, their merger will target bill payment and processing within the consumer-to-government arena, reports said.
JetPay has been enhancing its business-facing services as of late, however. Late last year, the company struck a partnership with Credibly in a move that helps link JetPay’s corporate users to working capital via the Credibly lending platform.