A spokesperson for Stax declined to comment on the timing of the acquisition, but at least one APPS executive, Chief Operating Officer Sarah Gerald, noted being a part of Stax as of this month on her LinkedIn profile. She is now COO of processing at Stax, according to her profile.
The acquisition occurs as more companies seek to be a one-stop shop in providing payments services to corporate customers, Maghaguian noted in the release.
APPS provides services to about 150,000 merchants, according to the company’s website. It lists card giant Visa and software company Intuit among its partners.
APPS’s payment processing platform has been rebranded as Stax Processing, seeking to offer services to independent software vendors, independent sales organizations, payment facilitators and small to medium-sized businesses, the release said. The new platform will offer improved data reporting and the ability for customization, according to the release.
Those offerings fit into the strategy set by Stax’s new CEO Paulette Rowe, who has set her sights on embedded payments, the practice of building payment functionality directly into business management software.
“If you’re a smaller company, you don’t necessarily have the time or want to take the time to really understand the complications of the payments world,” Rowe told Payments Dive in an interview last month.
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