TSYS Completes Its Acquisition of ProPay

Total System Services Inc. announced today that it has completed its purchase of ProPay.

The acquisition, which Columbus, Ga.-based TSYS announced last month, lets the processor offer ProPay's services as an independent sales organization. It also lets TSYS sell ProPay's Square-like mobile card reader, called ProPay Jak.

ProPay's ISO model is "a new selling method for TSYS, plus it gives us exposure to micro merchants, which is a hot space," said Mark Pyke, president of the TSYS' merchant services segment, in an interview last month. ProPay employees now report to Pyke.

ProPay will continue to operate out of its headquarters in Lehi, Utah. The companies did not disclose financial terms of the deal. Prior to the acquisition, ProPay was a TSYS customer for 12 years.