Payment Data Systems, an integrated electronic payment solutions provider, has agreed to acquire Singular Payments, a Fintech payments provider, for an undisclosed sum.
Singular Payments processes payments for merchants in healthcare and other niche verticals across the US. It also provides a simple, flat rate pricing model which saves merchants both time and money when accepting credit and debit payments.
The company is mainly engaged in custom software integrations of its flat rate payment processing offerings and its proprietary, simple-to-use electronic bill presentment and payment (EBPP) platform which allows merchants to streamline the costly and labour intensive process of invoicing and collection. In 2016, it processed over 2.5 million transactions worth over $440m in transaction dollars.
Payment Data Systems president and CEO Louis Hoch said: “I believe this important acquisition will quickly accelerate the growth potential of our company and broaden our revenue streams.
“We intend to leverage the proven sales channel and technology that Vaden and his team have built to better position us for the future. We believe this transaction is in alignment with our growth strategy and should provide enhanced value to our shareholders.”
Until the transaction is consummated or terminated, Singular Payments has agreed to work with Payment Data Systems on an exclusive basis.