The transaction processor Heartland Payment Systems Inc. of Princeton, N.J., has expanded into the Canadian credit and debit processing market by taking a majority interest in the merchant processor Collective Point of Sale Solutions Ltd.
Bob Carr, Heartland's chairman and chief executive, said in a press release Tuesday, "CollectivePOS shares our business philosophy and our focus on providing secure payments processing to small and mid-sized businesses."
Collective, of Woodbridge, Ontario, near Toronto, serves more than 5,000 businesses across Canada and has sales of $1 billion a year.
Michael Back, Collective's president and CEO, will continue to lead the company, and Heartland said the Canadian company's merchant customers will not need to install new processing equipment.
