REPAY – Realtime Electronic Payments made two significant moves this week.
First, REPAY expanded its footprint in the automotive industry and deepened integration capabilities with the acquisition of PayMaxx Pro. Then, REPAY announced a new partnership with PassTime.
REPAY chief executive officer John Morris explained the methodology behind bringing PayMaxx Pro into REPAY’s portfolio of payment technology products and electronic transaction processing services
“This acquisition expands our footprint in the automotive industry and broadens our software integration capabilities, enabling us to better serve our existing and prospective customers,” Morris said.
“PayMaxx Pro’s people will bring a wealth of knowledge and expertise, and we look forward to welcoming Megan Bussie, Jon Leedom and their team to the REPAY family,” Morris added.
The company insisted PayMaxx Pro customers will soon experience the benefits of the acquisition.
“We are excited about the expanded product offerings and technology enhancements this partnership brings to our integrated partners and clients,” said Bussie, former director of PayMaxx Pro and now director of sales for REPAY.
Bussie indicicated customers will have access to an enhanced product suite, including a customer-facing mobile app, and they will continue to receive the PayMaxx Pro customer service.
Both companies will benefit from shared resources and cutting-edge technology, and REPAY will continue to invest in the consumer finance and automotive industries. REPAY will expand its relationships with software partners and will remain committed to providing a first-class customer experience where customers can automate and accept payments anywhere, anytime and through any method.
“REPAY was the obvious choice when selecting a group that had the resources, knowledge and commitment to continue the growth of PayMaxx Pro. They will build upon the products and services that will enhance our clients’ business operations,” said Chris Leedom, chief executive officer and president of PayMaxx Pro.
“It was our pleasure to advise Chris Leedom, CEO of PayMaxx Pro on the transaction. We believe there’s an exceptional fit between PayMaxx Pro and REPAY, and the combined entity will be a significant force in the automotive payments space,” said Lane Gordon, managing director of Preston Todd Advisors.
Meanwhile, an opportunity for partnership between REPAY and PassTime presented itself when shared customers faced a growing need to automate and shorten the duration of the payment process.
Through the use of payment reminders and vehicle disable features, PassTime solutions can help mitigate risk when financing consumers and also improve communication between consumers and creditors.
Specializing in the consumer finance and auto finance industries for more than a decade, REPAY offers integrated payment solutions that enable businesses to accept payments at any time through a variety of payment methods.
The two companies have finalized an integration that will provide their customers with a more efficient and consumer-friendly collection method.
After consumers submit an electronic payment to the dealer or finance company, REPAY immediately processes the payment and automatically sends a message to the merchant and PassTime. The PassTime device receives the wireless command to reflect the current status, and the merchant’s customer management system is updated with the most recent payment information.
“We are thrilled to partner with such a highly regarded company in the industry,” said Susan Perlmutter, chief revenue officer for REPAY. “The integration with PassTime is a big win for our customers and bridges the payment communication gap, resulting in a quicker, more automated collection process.”
PassTime executive vice president of product development Jerry Morgan shared his assessment of the partnership, as well.
“REPAY is a perfect fit for PassTime, and we are excited about this partnership. The integration will make it even easier for our customers to manage their payment processing services and PassTime solutions,” Morgan said.
Gordon isn’t surprised by the moves made by REPAY considering how the connection of technology and financial services is strengthening. Gordon mentioned 2017 was a record year for Preston Todd's payments and fintech mergers and acquisition practice.
“The market for fintech and payments properties is white hot,” Gordon said. “At this point in 2018, we are representing a variety of payments technology companies, including gateways and international payments platforms, large merchant acquirers, and SaaS. We’re actively engaged in a number of buy-side projects as well.”