Terms of the deal were not disclosed, but the deal effectively takes Jettis out of the IPSP business. Jettis of Westlake Village, Calif., also will be responsible for credit-card transactions made prior to the deal.
With the deal, both companies will continue to compete in the ACH check processing and credit card gateway markets.
“[The deal] brings to the marketplace the best services and systems available in online credit card transaction processing today and solidifies our role as an industry leader,” Paycom CEO Christopher Mallick told XBiz.
Mallick said that two Jettis IPSP executives, including president Kjell Petridis and CEO Ken Lawson, have agreed to join Marina Del Rey, Calif.-based Paycom with the deal.
“Kjell and Ken will assist Paycom and Jettis’ former clients in migration to our platform and will ensure continuity in our operations,” he said.
Joel Hall, Paycom’s chief technical officer, said Jettis’ former clients won’t have any technical issues to deal with, nor will there be any interruption in processing of new sales or recurring transactions.
“Our system is robust and scalable and the technical integration process has been seamless – we are live now,” he said.
Jettis has seen rapid growth in its ACH funds-transfer division over the last year, Hall said.
“This transaction will allow us to focus 100 percent of our time and resources on our rapidly growing ACH and credit card gateway services,” he said.
