Realtime Electronic Payments, also known as REPAY, has completed its takeover of accounts receivable management firm PaidSuite, the company said on Tuesday (Oct. 3).
In an announcement, REPAY, a payments technology and processing firm, said the acquisition of PaidSuite, which provides payment solutions for the accounts receivable management industry, was a “strategic” one.
“The deal expands our product capabilities and enhances our integrations in the accounts receivable management industry, enabling us to better serve our existing and prospective customers,” said REPAY Chief Executive Officer and Co-Founder John Morris in a statement. “Our partnership with PaidSuite positions REPAY for continued growth as we remain focused on strategic opportunities in the space. We are impressed with the quality of PaidSuite’s people and look forward to welcoming them to the REPAY team.”
REPAY also highlighted PaidSuite’s capabilities for card and ACH transactions, as well as its ability to tailor solutions to specific customers, as features of the company that support REPAY’s existing growth.
Financial details of the takeover were not disclosed by the companies. REPAY said it would target add-on acquisitions as it looks for continued growth.
The traditional and alternative financial services spaces alike have similarly targeted the accounts receivable space. Earlier this year, KeyBank partnered with and invested in Billtrust to integrate accounts receivable solutions for the bank’s business customers. It was a move, said KeyBank Co-Head of Product & Innovation, Enterprise Commercial Payments, Matt Miller, to address more sophisticated accounts receivable needs and will involve financial services companies collaborating with FinTechs.
It’s also a reflection, Miller told PYMNTS, of banks’ efforts to begin looking beyond payments themselves and toward processes that occur before and after payments, like many processes in accounts receivable.