Fortis buys NetSuite payments division of MerchantE
Fortis has sought to bolster its position in embedded payment solutions with the acquisition of MerchantE’s NetSuite payments division for an undisclosed sum.
Fortis buys MerchantE’s NetSuite payments division
The MerchantE division has provided payment processing solutions specifically integrated with the NetSuite system since 2004.
NetSuite operates as a cloud-based enterprise resource planning (ERP) system which facilitates key business functions, including order management, supply chain logistics, production planning, billing, accounting and expense tracking.
Acquired by Texas-based software provider Oracle in 2016 for approximately $9.3 billion, the system supports a wide range of business needs, streamlining operations and enhancing efficiency.
Fortis says the acquisition of MerchantE’s NetSuite payments division will enable customers to “enhance the efficiency of their payment operations and accelerate the deployment of new, embedded financial and commerce enabling services”.
With “zero programming or implementation costs”, the immediate benefits of the acquisition for end users include the immediate deployment of payment processing capabilities, and the automatic reconciliation and synchronisation of financial data within the NetSuite ledger.
Fortis adds that it is now seeking to expand its payment offering with next-day funding and routing preference capabilities, click-to-pay invoicing, advanced interchange optimisation and compliant surcharging, among other developments, but fails to define when these initiatives will be actioned.
“We look forward to expanding our investment in the NetSuite ecosystem with a robust pipeline of feature enhancements,” says Greg Cohen, CEO of Fortis.
The acquisition of the division comes just over a year after Fortis purchased fellow vendor SmartPay, which secured its entry into the Canadian embedded payments market.
More recently, the company’s digital solutions unit successfully raised $20 million through a Series A funding round to power its push into the MENA region.
