Financial information technology (Financial technology) acquired Nexxus Group to expand its B2B payment capabilities.
The acquisition, completed in May, adds Nexxus Group’s consignment technology to Fintech business solutions for the hospitality and retail sectors, the companies announced in a statement released Wednesday (May 29). press release.
“By combining their industry-leading digital commerce and consignment payment technology with Fintech’s invoice payment automation software, we can now process and pay all types of invoices for retailers of any size” Tad PhelpsCEO of Fintech, said in the release.
Nexxus Group technology facilitates exchanges and consignment sales through digitalization between convenience stores, grocery stores and mass merchandisers and their supplier partners, according to the press release.
As part of the Fintech platform, the consignment payment software will allow retailers to reduce inventory and sellers to take control of inventory until it is purchased by consumers, the release said . When a consumer’s purchase is finalized at the point of sale, the seller submits an invoice to Fintech for the items sold and payment is initiated between the retailer and seller through the Fintech system.
This solution joined Fintech’s current product portfolio, used by more than 240,000 consumer service establishments and 5,000 providers nationwide and enables more than 1.1 million B2B connections, according to the release.
“We are excited to contribute to the growth and success of Fintech’s technology portfolio. » Marc LandgrenCEO of Nexxus Group, said in the release. “The resources available to us through this combination, in conjunction with Fintech’s recent acquisition of iControlwill accelerate our growth in digital commerce and consignment while supporting Fintech as a leader in B2B payments.
Fintech completed its acquisition of iControl, a provider of technology solutions for alcohol bill payment and digital commerce, in December 2023, according to a March report. press release.
The company said at the time that the iControl acquisition was part of its ongoing efforts to expand its technology offering to customers.
iControl’s electronic payment capabilities provide customers with a means to make payments for alcohol, access scan-based trading and gain more point-of-sale (POS) data from a syndicated on-premises liquor database.
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