North American Bancard acquires PayTrace
The focus over commercial payments has prompted many businesses to diversify in B2B payments either by partnerships or acquisitions.
This week, US based card processing company, North American Bancard (NAB) has announced the acquisition of B2B payments firm, PayTrace.
Under this acquisition, PayTrace will become the “preferred gateway solution for all merchant types”, NAB said. It also mentioned that the first step after the acquisition of the company would be to add the Electronic Payment Exchange (EPX) network to PayTrace.
Electronic Payment Exchange (EPX) is a wholly owned payment processor which provides simplified shopping with data security.
In the press note, the company notes that it processes more than $45 billion in transactions annually for merchants. NAB is a payment technology provider which provides end-to-end infrastructure to enable globally-preferred payment types.
The details of acquisition and cost were not disclosed in the press note.