Fortis acquires MerchantE's NetSuite Payments

This acquisition represents an important development in the field of integrated payment solutions. The move aims to improve the efficiency of payment processes for customers and speed up the introduction of new embedded financial and commerce services. 

This acquisition positions Fortis as a significant player in embedded ERP payments and aims to underscore its focus on providing reliable and straightforward commerce solutions. MerchantE has been involved in facilitating payments within the NetSuite ERP system since 2004. According to the company press release, with this acquisition, Fortis continues this tradition. MAPP Advisors, a fintech advisory firm, assisted MerchantE in this transaction.

What does this mean for Fortis users?

Users of Fortis can anticipate a smooth transition with no additional programming or implementation costs. This will enable businesses to begin processing payments or integrate new features immediately, with transactions automatically updating the general ledger for easier accounting. The system also ensures automatic reconciliation of transactions, consolidating payment data for improved efficiency. 

Representatives from Fortis talked about the transition, noting that while existing customers can expect continued high service standards, they will also benefit from new features as the company moves forward with its platform. Looking ahead, Fortis plans to enhance user experience with several new features. These include expanded payment options and next-day funding, advanced interchange optimisation with Level 2 and 3 processing, click-to-pay invoicing, improved accounts receivable functionalities, compliant surcharging and routing preferences, and ecommerce and shopping cart integrations for unified support.  

The company is also focusing on enhanced security and reliability with full PCI and SOC compliance. Fortis officials expressed enthusiasm about continuing the work started by MerchantE and expanding investment in the NetSuite ecosystem with additional feature enhancements.