MEMPHIS, Tenn.-- Concord EFS, Inc. has completed the acquisition of processor Electronic Payment Services, Inc. The acquisition and plan of merger was announced November 23, 1998, and approved by Concord's stockholders at a special Feb. 18 meeting. Requisite regulatory approvals were also satisfied.
The acquisition adds approximately 2,500 merchant and financial institution customers, and 2.8 billion in transaction processing volume to Concord's business. The merger is notable for its product line synergies, especially in the payment-processing arena where Concord provides a back-end merchant processing service and EPS contributes a front-end POS acquiring product. The operation of the two organizations will be fully integrated during 1999.
EPS is the holding company for BUYPASS Corporation, a front-end POS processor, and MONEY ACCESS SERVICE, INC., an EFT processor and the nation's leading ATM terminal driver. EPS also operates the MAC ATM network.
Concord provides electronic transaction authorization, processing, settlement and funds transfer services in selected markets. Concord's primary activity is card services, including credit, debit and electronic benefit transfer transactions to supermarket chains, grocery stores, convenience stores and other retailers. Concord also provides electronic payment, banking products and payroll services to trucking companies, truck stops and other niche markets.
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