Paystone acquires Canadian Payment Services

By Edlyn Cardoza

Paystone announces the acquisition of Canadian Payment Services (CPS), one of the fastest-growing providers of Canadian merchant services. This acquisition is the sixth addition to Paystone’s burgeoning portfolio of acquisitions, having acquired five other businesses in the past two years, including Montreal-based DataCandy and Vancouver-based NiceJob.

“This is the largest acquisition we’ve made to date in relation to both new revenue and clients,” explains Tarique Al-Ansari, CEO at Paystone. “Additionally, we’re also excited to provide additional value to CPS merchants through Paystone’s proprietary product and service offerings.”

In addition to providing payment processing services, Paystone offers a wide range of SaaS products, including gift and loyalty, reputation marketing, and marketing automation.

“Over the years, Paystone has shown their great commitment to serve Canadian small and medium sized businesses,” remarks Simon Lobanov, Managing Director at CPS. “We are happy to turn our customer base to Paystone so they can continue to receive the highest level of customer care as well as be able to grow their business via new value added products proprietary to Paystone.”

With the acquisition of CPS, Paystone now services over 35,000 locations across Canada and the United States, which collectively process over 10 billion dollars a year in bankcard volume. As Paystone continues to aggressively grow in service, offering, and revenue, the business is looking to add over 100 new employees by the end of 2022.

Paystone is a leading North American payment and software company redefining how merchants engage their customers and grow their businesses. The company’s seamlessly integrated suite of automated payment processing, customer loyalty, gift card solutions, and reputation marketing is used by brands such as Irving Oil, The Source, Global Pet Foods, Kernels Popcorn, and many MTY Food Group’s restaurant brands. Paystone’s solutions are used at over 35,000 locations across Canada and the United States, collectively processing over 10 billion dollars a year in bankcard volume. The FinTech company employs more than 150 workers and serves as the technology partner of choice for hundreds of partners across North America.