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NCR, a large point-of-sale terminal maker, said it will acquire payment processor JetPay in a move that highlights competition from the likes of Stripe and Square as well as PayPal and its Venmo as credit card processors for businesses.
JetPay also offers payroll and human capital management software.
NCR said it will pay $5.05 a share for JetPay, or $184 million.
CNET: Best credit card payment processors 2018
For NCR, the move is part of a broader strategy to develop recurring revenue and offering software and services. NCR said it plans to integrate JetPay’s cloud-based payments platform into its enterprise point-of-sale (POS) terminals for retail and hospitality.
JetPay reported second quarter revenue of $15.2 million with net income of $1.51 million excluding accretion of convertible preferred stock. For the six months ended June 30, revenue was $31.1 million. Payment services account for the bulk of JetPay’s revenue.
More on payments and retail:
Stripe extends its infrastructure to in-person shoppingStripe launches Partner ProgramHow to survive the retail apocalypsePayPal to acquire Hyperwallet for $400 millionSquare launches Terminal, a replacement for keypad credit card machinesSquare launches restaurant POS system with integrated delivery functionPayPal partners with Walmart to offer in-store balance withdraws, depositsPayPal investor day: Partnerships, Venmo monetization to fuel growthPayPal to acquire iZettle for $2.2 billionFree PDF download: Data, AI, IoT: The future of retailThe Future of Retail: 2018 and beyond
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