TSYS Forms Acquiring JV with Central Payment
Aug. 10, 2012
Payments processor TSYS yesterday announced it has formed a joint venture with Central Payment Co., a direct merchant acquirer in San Rafael, Calif. Columbus, Ga.-based TSYS will own 60 percent of the JV, which will operate under the current name as a TSYS affiliate. Central Payment’s portfolio of 40,000 clients focuses on small and midsize merchants in the restaurant, personal services and retail sectors. The company’s network of independent sales agents was instrumental in attracting TSYS’s interest, according to Mark Pyke, president of merchant services for TSYS.
“This joint venture with Central Payment enhances our distribution model, with its strong sales agent channel made up of more than 700 active, independent agents,” said Pyke. “This move is another example of our focus on growing our merchant acquiring business, and expanding beyond processing.”
TSYS notes that Central Payment is a long-time client of the processor. Terms of the agreement were not disclosed, but a TSYS spokesperson told reporters the company does have the option at a future date to acquire 100 percent of the joint venture.