Payroc to Complete End-to-End Processing Platform by Acquiring PayIQ

Payroc plans to acquire LedgerPay, which does business as PayIQ, saying the deal will complete Payroc’s end-to-end processing platform.

The acquisition will provide Payroc with direct connections to all major card brands, debit networks and clearing platforms, the company said in a Monday (July 21) press release.

The additional will complement the capabilities Payroc already has as a merchant acquirer, processor and payment integrations provider, according to the release.

The new dedicated, direct network back end will reduce authorization failures and ensure predictable interchange, the release said.

In addition, PayIQ will provide Payroc with value-added services like onboarding, risk assessment, chargeback management, agent residuals reconciliation and settlement reporting, per the release.

With Payroc owning the entire process, the company will be able to enable rapid deployment for independent software vendors (ISVs), agents, referral partners and merchants, according to the release.

The acquisition is expected to close in the third quarter, subject to customary closing conditions, and the PayIQ team will join Payroc’s global development hubs, per the release.

“Payroc becoming a full-stack acquirer is a game-changer for our merchants and partners,” Payroc CEO Jim Oberman said in the release. “With PayIQ, we now own and operate an enhanced, fully secure processing platform with direct network connections to all the major card brands.”

This news comes about 10 months after the company completed its acquisition of the merchant services business of i3 Verticals.

When announcing that news in September, Payroc said that it would provide payment solutions to a broader range of partners and merchants and that it was then serving about 190,000 merchant customers across the United States, Canada, the Caribbean, the United Kingdom and the European Union.

In February 2024, Payroc acquired Canadian firm SterlingCard Payment Solutions, saying that move enhanced its offerings in the Canadian market by adding Sterling’s card-present solution to its existing enterprise card-not-present and ACH/PAD capabilities.

In May 2023, a Payroc subsidiary acquired Atlantic Merchant Services in a deal that complemented the firm’s growth strategy and added to the capabilities of Atlantic Merchant Services, a provider of merchant processing solutions for businesses and organizations in the mid-Atlantic region.

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