Assurance Investment Partners Inc. has added merchant-processing services to the list of offerings to its clients with its investment in Veritas Merchant Services LLC, a Louisville, Ky.-based independent sales organization, Assurance announced Dec. 8.
Veritas will market its merchant services, including credit and debit card and check processing, to customers of Assurance’s Arison Insurance Services Inc. unit, Assurance says.
“We saw a need among our clients for quality card-processing services, so we wanted to partner with an expert in the industry that could provide those services to our clients,” Dan Needham, Assurance managing director, tells PaymentsSource. “Veritas has a similar approach to serving clients, which made it the right fit for Arison.”
Assurance’s stake in Veritas is “significant,” but not a majority share, Needham says. Assurance did not disclose terms of the deal.
Veritas is a young ISO, started in February by Stephanie Clements, who remains as CEO. Needham would not say how many merchants use Veritas.
Veritas continues to sell merchant services on its own through direct mail, online sales and in-person sales efforts, Needham says.
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