Elavon acquires Virginia-based fintech company

Merchant processing provider and U.S. Bancorp subsidiary Elavon has acquired Electronic Transaction Systems, a Virginia-based fintech.

According to a press release, the acquisition will allow Elavon to integrate payment processing into ETS software, for a safe and easy access to Elavon services.

"The acquisition of ETS is part of our investment aimed at enhancing Elavon's e-commerce offering and integrating Elavon's payments capabilities into software its customers already use."

Increasingly, business owners expect that the software packages they use to run their businesses will come with payments acceptance and processing embedded in the software offering. Elavon is paving a way to future growth by integrating with these software packages, the release said.

"ETS has an innovative approach to merchant payments that fits well within Elavon's strategy to provide businesses the ability to safely and quickly integrate into our system," Elavon CEO Jamie Walker said in the release.

"The acquisition of ETS is part of our investment aimed at enhancing Elavon's e-commerce offering and integrating Elavon's payments capabilities into software its customers already use," said Terrance Dolan, vice chairman and CFO of U.S. Bank.

Financial terms of the deal were not disclosed.


Topics: Transaction Processing, Trends / Statistics


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