The combined company will process approximately USD 20 billion in payments for approximately 14,000 businesses throughout the US.
The acquisition will be funded by a combination of a credit facility from Metro Bank of Harrisburg, PA, the sale of Series A Preferred Stock to Flexpoint Ford under an existing commitment, and the issuance of shares of JetPay common stock.
JetPay is a provider of vertically integrated services for businesses including card acceptance, processing, payroll, payroll tax filing and other financial transactions. JetPay provides customers with payment services, including batch processing, authorisation, cheque guarantee and cheque conversion.
ACI Merchant Systems is a provider of transaction processing services and payment technologies to financial institutions, VARs and merchants. ACI provides payment processing services to an entire array of merchant types and sizes, ranging from the smallest of home-based businesses to mid-sized and high-volume merchants.
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