Fortis Buys SmartPay And Expands Into Canada
Fortis – a payment and commerce technology leader for software providers, marketplaces, and scaling businesses – announced that the company now offers its solutions in Canada, its first expansion outside the United States. And Fortis also announced the acquisition of embedded payments provider SmartPay and rolled out enhanced funding and settlement capabilities to meet rising demands from marketplaces and software platforms.
Expanding Into Canada
Fortis’ expansion enables software platforms and businesses operating in the Canadian market to utilize the proprietary technology once available to only U.S. clients. The Canadian launch not only supports omnichannel credit card processing, but Interac Debit acceptance – with electronic funds transfer (EFT) coming soon – as a fast follower for B2B and recurring payment clients. Customers in Canada can access the full suite of Fortis’ solutions through APIs, which create a seamless integration to the customer’s existing payment software solution.
New Funding And Settlement Capabilities
Fortis has also introduced a Secondary Amount feature to allow integrated software partners to assess and collect platform fees when processing payments through its solutions. Secondary Amount is now available in the Fortis API suite. And software partners can designate a platform or other type of fee to be assessed as part of a single transaction and deposited separately. The single authorization and split settlement capability is critical for high-performing marketplace partners.
SmartPay Acquisition
Fortis also bought embedded payment solution provider SmartPay, which has strong partnerships in the enterprise software and ERP ecosystems. And SmartPay was founded to bring enhanced technology solutions to the small business community and brings its exceptional team, productive customer relationships, and rich capabilities to Fortis. The SmartPay founders and former managing partners Mike Sheffey and Nate Schloss will join the Fortis leadership team as part of the acquisition.
The SmartPay acquisition provides Fortis with access to a skilled team of integrated payments professionals and enables the company to utilize the strong relationships SmartPay built, strengthening Fortis’ ability to serve to scale client businesses in complex markets.
KEY QUOTES:
“We are extremely proud of the strides we’ve made in the past few months in Product. Our efforts will not only expand payment processing into new locations, but also improve the interaction of data between merchant and ISV, enhancing the user experience.”
– Kevin Shamoun, SVP Product & Innovation, Fortis
“We are thrilled to be a part of the Fortis team. Fortis’ continued growth over the past few years has made them an obvious choice for our next chapter.”
– Mike Sheffey
“Extending Fortis’ capabilities to all of our clients will be a great addition to our toolset and is going to do wonders for the future of embedded payments.”
– Nate Schloss
“I could not be more excited about the opportunities SmartPay brings to our organization. Mike and Nate will be invaluable additions to the Fortis team. We continue to prove that Fortis is the leader in embedded payments — and this is just the beginning.”
– Greg Cohen, CEO, Fortis
By Pulse 2.0 | https://pulse2.com/fortis-buys-smartpay-and-expands-into-canada/