Payment collection software Ontario Systems has acquired e-payment vendor SwervePay to accelerate its consumer payment engagement strategy.
The companies did not divulge the financial and other terms of the acquisition.
The acquired firm fuses the complicated multivendor environment, streamlines the underwriting and onboarding process, and shortens the funding cycle.
SwervePay’s electronic payment platform makes payments easy and needs no app download or portal sign-in.
The platform facilitates text-to-pay, same-day settlement options for ACH and credit cards, and account balance automated messages.
Ontario Systems CEO Tim O’Brien said: “The market is ripe for innovation, and we have an ongoing focus on evolving into a SaaS platform to help our 1,200 clients accelerate revenue and decrease operating costs through frictionless payments, efficient processes, and increased business intelligence.
“The acquisition of SwervePay is our first step toward aggressively transforming legacy on-premise software solutions into an end-to-end SaaS solution to automate revenue recovery processes and drive consumer payments. Looking ahead, we’re positioned to develop new products with greater speed, gain network insights, and further connect to the evolving ecosystem around us.”
Ontario Systems said that with this acquisition it can unify payment processing for the nearly $35bn in payments managed by its software each year.
The company also hopes that SwervePay acquisition will offer its customers an easy-to-use consumer payment engagement platform that will lead to a surge in revenue, slash operational costs as well as enhance compliance.
Ontario Systems vice president of payments and former SwervePay CEO Jaeme Adams said: “Together, Ontario Systems and SwervePay will remove an unnecessary point of complexity in the receivables process by unifying the workflow, consumer communications, and revenue capturing tools into one streamlined platform.”