North American Bancard Holdings has completed its acquisition of Total Merchant Services, a merger that NAB says will make it the seventh largest processor in North America in terms of merchant locations.
The company says its total annual payment processing will now near $50 billion, with the addition of more than $12 billion in credit and debit transactions processed annually through Total Merchant Services.
NAB processed payments for more than 250,000 businesses last year, while Total Merchant Services says it helped more than 500,000 businesses with payment processing services.
“Today’s milestone signifies an important step in driving strategic priorities forward for NAB, while providing merchants industry-leading payment solutions,” Marc Gardner, president and CEO of NAB, said in a July 11 press release.
Financial services provider Credit Suisse Group advised Troy, Mich.-based NAB executives through the acquisition process.
Through the deal, Woodland Hills, Calif.-based Total Merchant Services gains access to NAB's processing capabilities, merchant and sales partner portals, its suite of onboarding tools, and other operational resources.
“This acquisition enables TMS to accelerate its development of fully integrated and secure payment solutions, continue its commitment to exemplary customer service for merchants and partners, and gain access to NAB’s broad platform of capabilities,” Ed Freedman, chairman and founder of TMS, said in the release.