As part of its portfolio acquisition strategy, PMT Services Inc., Nashville, has purchased about 5,600 merchant accounts from Consumer Payment Services Inc. of Clearwater, Fla.
The price was not revealed.
The deal is expected to bring PMT, an independent service organization that markets and services electronic credit card authorization and payment systems to U.S. retailers, an additional five million transactions and $350 million in credit card charge volume annually.
PMT, which currently manages about 55,000 accounts, will switch processing for the incoming portfolio to First National Bank of Omaha, its primary processing bank.
"We're in the business of making acquisitions when they become available," said Edward J. Burke, a PMT spokesman. "The industry is consolidating and we're a part of it."
Acquiring portfolios is a priority for PMT, since it believes the credit card processing industry will continue to pursue additional merchant portfolios. PMT said it has added about 20,000 accounts and 19 portfolios during the past three years.
On Monday, PMT acquired a merchant portfolio, comprising about 4,000 accounts and $500 million annual credit card charge volume, from TermNet Merchant Services Inc.
In April, PMT signed a letter of intent to acquire a 7,000-account merchant portfolio from BankCard America Inc., an independent service organization in Chicago, adding about $400 million in annual credit card volume.
With small retailers making up its customer base, PMT has grown through the internal development of customer accounts as well as through portfolio buys. The company calls itself one of the largest independent services organizations in the United States.