ePayments Corp., a leading electronic payment processing and support services company, has recently purchased the assets and customer base of eCashflow Systems, a Denver-based company specializing in non-sufficient funds (NSF) electronic check collection services.
"With this acquisition, this enhances our position as the dominant national provider of electronic payment and recovery services," said Paul Lufkin, CEO of ePayments Corp. "In addition, we are able to take advantage of eCashflow's extensive expertise in other areas, such as electronic check conversion and credit card payment processing services."
With multimillions in gross sales, eCashflow is a strong national player in a market with nearly $11 billion in market potential. The acquisition brings more than 2,500 clients to ePayments, including established brands such as Arby's, IGA, Great Clips and non profits like the National Federation of the Blind Merchants. Under terms of the purchase, eCashflow's CEO Rod Hill has been retained along with 18 sales agents. Hill is one of the pioneers of the electronic NSF check collection industry and an accomplished electronic payments services innovator.
ePayments specializes in working with companies of all sizes who handle payments in the form of check and credit card transactions. Since U.S. banking system rules were changed to allow businesses to use the Automated Clearing House network (ACH) to electronically process checks from customers, a new industry of providers has emerged to support businesses with electronic check conversion and electronic NSF collection. ePayments has emerged as the leading provider of these services in an industry characterized by smaller, "mom-and-pop" operators.