Integrated payment and commerce solution provider Paya has acquired VelocIT Business Solutions, which provides omnichannel accounting solutions, the company announced Wednesday (Jan. 19).
VelocIT works to “drive frictionless commerce experiences” for end users, while Paya provides solutions for helping people make and receive payments.
Per the release, the acquisition will help Paya accelerate its product road map and scale the company’s solution capabilities. It will also bolster Paya’s accounting and enterprise resource planning (ERP) integrations.
“We are excited to welcome the VelocIT team to Paya as we look to expand and accelerate Paya’s growth within the ERP channel,” Paya CEO Jeff Hack said in the announcement. “VelocIT brings a great roster of ERP partners, leading technological capabilities and key talent which will enrich the value of our offerings while providing for continued growth within B2B and across key verticals we serve.”
Additionally, Chief Commercial Officer Michele Shepard said Paya wanted to work on “delivering innovative, integrated payment solutions and driving exceptional commerce experiences.”
VelocIT CEO Jeremy Burt added that by joining forces with Paya, VelocIT will be able to scale its research and development efforts and distribution to “entirely new levels.”
PYMNTS wrote recently that the digital-first customers have been demanding more from merchants, and in turn, merchants want more out of their payment service providers.
Read more: As Consumers Demand More From Merchants, Merchants Demand More From Their PSPs
According to Carl Churchill, managing director of technologi, merchants want to get access to information and services to help them run their businesses better — along with access to more payment methods customers want to use.
They also don’t want the burden of being bogged down by new onboarding processes whenever they expand or add new features.
Churchill said this need was already building when the pandemic hit, with independent service vendors now taking up the mantle of responding to it. They’ve worked to become payment facilitators and have embedded payments into their methods of adding new opportunities.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More