Fortis Expands Into Canada, acquires SmartPay
Fortis Expands Into Canada, Enhances Capabilities for Marketplaces and Software Platforms, and Acquires SmartPay
Embedded payments leader now offers solutions outside the U.S., expands the platform’s capabilities, and brings a new embedded payments team into the Fortis family
NOVI, Mich., June 22, 2023 /PRNewswire/ — Fortis, a payment and commerce technology leader for software providers, marketplaces, and scaling businesses, today announced that the company now offers its solutions in Canada, its first expansion outside the United States. 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.
Fortis’ expansion allows software platforms and businesses operating in the Canadian market to leverage the proprietary technology once available to only U.S. clients. The Canadian roll-out not only supports omni-channel 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 award-winning APIs, which create a seamless integration to the customer’s existing payment software solution.
New Funding and Settlement Capabilities
Fortis has also launched a Secondary Amount feature to allow integrated software partners to assess and collect platform fees when processing payments through its solutions. Secondary Amount is available in the Fortis API suite. 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.
“We are extremely proud of the strides we’ve made in the past few months in Product,” said Kevin Shamoun, SVP Product & Innovation, Fortis. “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.”
Fortis also acquired embedded payment solution provider SmartPay, which has strong partnerships in the enterprise software and ERP ecosystems. 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. SmartPay founders and former managing partners Mike Sheffey and Nate Schloss will join the Fortis leadership team as part of the acquisition. MAPP Advisors (www.mappadvisors.com) acted as advisors to SmartPay for the transaction.
“We are thrilled to be a part of the Fortis team,” Sheffey said. “Fortis’ continued growth over the past few years has made them an obvious choice for our next chapter.” Schloss added, “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.”
The SmartPay acquisition gives Fortis access to a skilled team of integrated payments professionals and enables the company to leverage the strong relationships SmartPay built, strengthening Fortis’ ability to serve scaling client businesses in complex markets. “I could not be more excited about the opportunities SmartPay brings to our organization,” says Greg Cohen, CEO, Fortis. “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.”
Fortis is the leader in embedded payments for software providers, processing billions of dollars annually by delivering comprehensive payment solutions and commerce enablement to software partners and developers. The company’s mission is to forge a holistic commerce experience, guiding businesses to reach uncharted growth and scale. As the solution of choice for the future of payments, Fortis moves commerce closer to invisible with a proprietary platform that supports and strengthens the commerce and payments capabilities of software partners. For more information, visit fortispay.com.
By The Green Sheet | http://www.greensheet.com/newswire.php?newswire_id=57655