Payments technology provider NMI is acquiring USAePay to boost its multichannel service offerings for its independent sales organization network, as well as bank and fintech innovation partners.
In addressing the needs of merchants during the COVID-19 pandemic and post-pandemic,
The acquisition strengthens NMI's coverage in card-present, point of sale retail, mostly in restaurant settings. Terms of the acquisition were not disclosed.
“NMI has a history of continuously innovating to provide payment solutions that reflect changing market conditions,” Vijay Sondhi, NMI's chief executive, said in a Tuesday press release. “We’re committed to providing our ISO, ISV, bank and fintech innovator partners with the choice and flexibility they need to meet shifting consumer preferences across channels through our white-labeled platform."
NMI says the combined company would have accounted for more than $100 billion in payment volume and more than 1.5 billion transactions in 2020.
“This is an exciting move by NMI and USAePay. If there’s anything 2020 taught us, it’s the importance of omnichannel,” Mike Strawhecker, president of the Strawhecker Group consulting firm, said in the release. “The restaurant and retail industries are prominent examples of this, but it’s true across the board. With nearly a half-century between the two companies of transacting payments, they should be able to reliably innovate at a rapid pace.”
USAePay will maintain its Glendale, Calif., office. The payment gateway company has more than 20 years of experience and serves nearly 90,000 merchants, while supporting most major platforms in the credit card industry and working with various check platforms. It works with many of the larger merchant service banks in the U.S. and Canada.
“The combination of USAePay with NMI will benefit the broader payment enablement market including USAePay customers,” Ben Goretsky, CEO of USAePay, said in the release. “We’re thrilled to become part of NMI’s growth story and join their global footprint."
NMI also has offices in the U.K. for its global operations, which enable payments for 1,450 partners and more than 150,000 merchants worldwide.
