Merchant acquirer Universal Payment Processing in Milwaukee, Wisconsin completed the acquisition of the assets of the Payment Systems division (BPS) of Banctec USA, Inc., in St. Petersburg, Florida. This Payment Systems operates a front-end switch and terminal application and switch software.
Banctec and Universal are no strangers. Universal has not only been a customer of BPS but has also provided sponsorship to various networks since 1995. With this acquisition, Universal completes the vertical integration it began two years ago. This strategy enables Universal to act as a processor in addition to their current merchant direct business. According to Kenneth Biel, CEP of Universal, "This flexibility and additional capacity positions us to be very competitive with processors many times our size. It allows us to not only control costs, but also our products, our quality, and our future."
Universal recently developed two new value-added products for the marketplace: Total Check, which combines electronic check processing with a guarantee option on a check by check basis, and Universal check, a pre-paid long distance product which eliminates the "card" by issuing the credit card terminal to generate the "card" information.
Universal Payment Processing is a wholly-owned subsidiary of Universal Savings Bank FA and currently processes for almost 40,000 merchants with $2.5 billion in transaction volume. For more information about Universal and their products call (800) 254-7172 x4805.
