Towne Services Inc., an electronic payments processor that specializes in financing accounts receivables of retailers, has bought Banking Solutions Inc.
Banking Solutions, Atlanta, sells similar financing software to larger businesses with mostly commercial receivables. Banks sell this software to their merchant customers, who use it to finance in-store credit balances.
Terms of the deal, which was closed Dec. 1, were not revealed. The deal boosts Towne Service's customer base to 1,500 merchants and 200 banks. and increases its staff to 175 in 46 states.
"This acquisition significantly expands our sales force, particularly in the Southwest," said Drew Edwards, chairman and chief executive officer of Towne Services.