Chase Commerce Solutions has sold its entire independent sales organization portfolio of accounts and associated contracts to First American Payment Systems.
Chase Commerce Solutions is the global payment processing and merchant acquiring business for JPMorgan Chase & Co.
Chase's focus on digital wallet development and serving e-commerce merchants through ChaseNet has correlated with the bank slowly decreasing the number of ISOs it uses to support merchant acquiring.
ChaseNet came about through Chase Merchant Services, a payments partnership the bank established with Visa in early 2013 to strengthen merchant acquiring from within its own network.
Fort Worth, Texas-based First American Payment Systems provides electronic transaction processing for more than 140,000 merchants throughout the U.S. and Canada.
“This is an exciting acquisition for us because we are passionate about helping ISOs understand today’s payments ecosystem and how they can navigate it to grow their revenue,” Neil Randel, CEO of First American Payment Systems, stated in a Jan. 7 press release.
Neither Chase nor First American Payment provided the number of ISO contracts involved nor financial terms of the deal, which closed last week.
Earlier this year, First American Payment entered the mobile point of sale arena through a partnership with London-based Nobly POS to support payment processing on an iPad-based system.