Pivotal Payments Acquires Key Assets from Capital Processing Network LLC
10 Mar, 2014, 07:00 ET
PLANO, TX, March 10, 2014 /PRNewswire/ - Pivotal Payments, a leading provider of merchant services and global payment processing solutions, announced today the acquisition of substantially all the assets of Phoenix-based Capital Processing Network (CPN). CPN provides complete merchant services and credit card processing to point-of-sale businesses across the U.S. The agreement expands Pivotal Payments' direct sales channels in strategic markets and adds significant processing volume and cross-selling capabilities.
CPN services all of the United States with a sales network that spans from Arizona to Wyoming. The importance of the acquisition will be realized immediately as Pivotal Payments accelerates growth of its direct sales force in 15 key markets while adding over $2 billion in annual processing sales volume. The deal also delivers a stronger, combined suite of payment technologies, providing additional value to a larger base of merchants.
Newly acquired merchants will have access to leading edge payment solutions proprietary to Pivotal Payments, including the GlobalOne payment gateway and acquiring platform, FlexPoint™ EMV integrated processing solutions, and the Pivotal360 merchant management and reporting portal. While CPN's staff will be assimilated into Pivotal Payments' corporate structure, CPN will maintain its own brand and current headquarters.
"Pivotal Payments welcomes the over 100 employees of CPN, an organization known for delivering the finest technology and payment solutions," said Philip Fayer, president and CEO of Pivotal Payments. "We remain acquisitive and are actively exploring new opportunities that will provide significant and meaningful growth in the US, Canada and International markets."
"We're excited about this transaction and how well Pivotal Payments and CPN align in terms of innovation and sales excellence," said Jeff Stephan, CEO of Capital Processing Network. "I am confident the expanded services and combined expertise will greatly benefit all employees and clients involved."
About Pivotal Payments
Pivotal Payments is a leading provider of merchant services and global payment processing solutions. The company provides to point of sale, online and mobile merchants a variety of services such as debit and credit card processing, electronic check conversion, merchant cash advance programs, business discounts, loyalty/gift card programs and terminal management solutions. Pivotal Payments offers these services to small and mid-sized retail businesses, e-commerce, m-commerce and other card not present merchants, chain stores, franchises, restaurants and dealerships. Processing over US $10 billion in annual bankcard sales volume, Pivotal Payments serves more than 60,000 customers. To learn more, visit http://www.pivotalpayments.com
Capital Processing Network is a merchant service provider with US based service and support. The company offers a full range of services including merchant credit card processing, credit card terminal leasing and rental, TransArmor fraud prevention, and solutions such as gift cards and virtual terminals. Capital Processing Network also offers services such as check conversion, transaction reporting and management, and long term account maintenance. For more information, visit http://www.capitalprocessingnetwork.com.
SOURCE Pivotal Payments
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