Acquirers are jumping into 2020 with major rebranding and PCI-compliance programs.
First up is National Payment Systems. The Portland, Ore.-based company has a new name—Boom Commerce—and has expanded its executive team, the payments provider announced.
Helping to propel this shift is a credit facility with Acrewood Holdings LLC, a Bryn Mawr, Pa.-based private financing investor. Terms of the line of credit were not disclosed, but Boom says it will help with expansion into new markets, aid in its acquisition objectives, and help pay for product and technology investments.
Boom’s executive team now includes Sabin Burrell, founder of independent sales organization BlueSquare Resolutions, as chief executive, joining Greg Forte, formerly with Fiserv Global Business Solutions, as senior vice president, and Kayla Jantz, also formerly with BlueSquare Resolutions, as vice president.
“Our new brand along with the additions of Sabin Burrell, Greg Forte, Kayla Jantz, and other hand-selected talent along with smart capital from Acrewood will accelerate the growth path we have been on for several years,” Boom founder Jon Beckman said in a statement. “Sabin has a proven track record of overseeing explosive growth and is uniquely positioned to lead this company through a time of rapid consolidation and other changes happening in the payments industry.”
Boom said it expects 2020 revenue growth to be similar to the 74% increase it posted from 2018 to 2019. Boom processes approximately $5.2 billion in payment volume for more than 20,000 U.S. merchants.
In related news, North American Bancard LLC launched PCI Plus, a PCI-compliance program. Among the benefits to qualified merchants is exemption from self-assessment questionnaires, scans, and annual check-ins, NAB said. Merchants can pay a one-time annual fee or monthly.
Other benefits include up to $100,000 in covered breach costs and simplified PCI fees.