Total System Services Inc. (NYSE: TSS), a provider of electronic payment processing services, has completed its purchase of ProPay.
Terms of the deal remain undisclosed.
ProPay, now a wholly owned TSS subsidiary, will operate under the Columbus, Ga.-based buyer’s merchant services segment. The Lehi, Utah-based target offers payment solutions for organizations of various sizes, from small, home-based entrepreneurs to multi-billion dollar enterprises.
FT Partners, made up of Financial Technology Partners LP and FTP Securities LLC , ran the sale process of ProPay.
Total System Services processes card applications and initiates services for the cardholder, including transaction processing and fraud management.
For more coverage on payment services, see "The Buyside: Global Payments Signs Deal in Midst of Growing Competition."