SCS to acquire iDeposit gateway, expand API suite

Los Angeles, Calif.-based Signature Card Services, a technology-focused ISO, disclosed July 22, 2019, that it has entered into a definitive agreement to acquire iDeposit, a gateway company headquartered in Pasadena, Calif., that specializes in mobile POS and integrated commerce solutions.

In addition to its API library and integrated POS expertise, iDeposit offers traditional countertop terminals and integrated POS solutions. The company's proprietary mobile app with card reader peripheral supports EMV, Apple Pay and Android Pay, SCS representatives stated.

Frank Gibbs, vice president, technology at SCS, said acquiring iDeposit will further expand the company's solutions and product sets for its diverse clientele in retail, hospitality, mobile and ecommerce, including nontraditional and high-risk sectors. Reflecting on the two-year due diligence and discovery process leading up to the acquisition, Gibbs said the merger will enable SCS to embark on a new chapter and "take technology to the next level," by providing existing customers with additional resources and technical expertise.

Charles Hogan, SCS president, agreed the merger will strengthen the company's presence in mobile, ecommerce and independent software vendor markets, stating, "iDeposit's mobile, ecommerce, and API solutions will be a great asset for SCS."

Payment gateways poised for growth

BigCommerce blogger Kaleigh Moore reported that payment gateways are becoming more frictionless and seamless as online shopping grows year-over-year. In a June 2019 post titled, "Payment Gateways, Keeping Your Ecommerce Transactions Safe and Customers Happy," Moore observed that "payment gateways have never been so convenient."

Among their benefits, Moore said, payment gateways have secure architecture, which can help protect merchants and fend off hackers by "providing a buffer of encryption between buyer and seller." Gateways can also mitigate shopping cart abandonment by "reducing load time," she added.

Moore cited the following additional benefits of using ecommerce gateways:

• Encryption: Between the user's browser and the retailer's server, a payment gateway will encrypt (encode for private use) data for exclusive use between seller and buyer.

• Request: The authorization request occurs when a payment processor gets approval from a credit card company or financial institution to proceed with the transaction.

• Fulfillment: When the payment gateway has the authorization, it allows the website and interface to proceed to the next action.

Aaron Orendorff, global ecommerce specialist at Shopify Plus, predicted global retail ecommerce spend will reach $4.9 billion by 2021. In a February 2019 post titled "Global Ecommerce Statistics and Trends to Launch Your Business Beyond Borders," Orendorff noted that ecommerce projections are practically unfathomable to many business owners.

"Numbers of that scale are hard to wrap our heads around," he wrote. "They're at once invigorating and daunting. If your company is staring down that $4.5 trillion barrel and wondering, 'Where do we begin?' rest assured, you're not alone."

Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.

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