Payroc, a merchant services and payment processing organization, announced on Monday (Oct. 10) that it has acquired the assets of payment gateway and merchant account provider The iTransact Group. The transaction results in a notable expansion of Payroc’s payments business, adding 300 trusted advisor referral partners and 6,000 merchants with more than $1.3 billion in annual processing volume. Payroc additionally gains mobile point-of-sale (mPOS) technology, a proprietary eCommerce gateway and a proprietary integrated payment facilitator (PayFac) platform that will enhance the delivery of customized vertical market payment solutions for micro, small and medium-sized merchants.
“We are excited about the opportunities and enhanced value we can deliver to referral partners, merchants and employees with our increased scale,” said James Oberman, chief executive officer of Payroc, in a press release announcing the deal. “The acquisition aligns with Payroc’s deep commitment to exceptional service and payment solutions.”
Terms of the transaction were not disclosed.
“We are pleased to welcome iTransact employees, leadership team, referral partners and merchants to the Payroc family,” Nicholas Oberman, president of Payroc, added in the same press release. “With iTransact, Payroc is uniquely positioned to capitalize on opportunities for significant growth.”
Joining the Payroc leadership team from iTransact are David Hall, executive vice president of referral partners; Jared Poulson, chief product and technology officer; and Colby Poulson, senior vice president of business development and training. Additionally, Porter Hall and Stephen Hall will serve as advisor consultants. Stephen Hall has been appointed to the Payroc board of managers. Payroc will preserve and maintain the iTransact brand with its strong and longstanding trusted referral partner and merchant relationships, emphasizing continuity and consistency across all business functions, including sales, service, support and operations.
“The iTransact team is excited to join forces with Payroc,” said Stephen Hall in the same press release. “This winning combination will enable us to enhance the value we provide to our trusted advisor referral partners and their merchant clients through more robust solutions and expanded service offerings.”