Business

TSYS to buy Utah-based mobile payment company ProPay

Credit-card processor TSYS has added another piece to its mobile payment arsenal.

The company, headquartered in downtown Columbus, said today it is acquiring Lehi, Utah-based ProPay, a company that offers payment services to businesses, including home-based entrepreneurs.

Financial terms of the deal were not released. However, TSYS said it is expected to close before the end of this year, pending any regulatory approvals. ProPay, already a TSYS customer, will then become a wholly owned subsidary of the Columbus company, keeping its offices in Utah.

ProPay, founded in 1997, has about 250,000 clients in the small and micro-merchant categories. Its services allow merchants to accept payments around the clock. A ProPay JAK device, known as a “dongle,” is attached to smartphones and tablets to ensure encrypted payment processing.

The popular online merchant site, eBay, lists ProPay as an “accepted payment provider” on its website, along with PayPal, Skrill and Paymate.

TSYS, traditionally a processor of credit cards such as Visa and Mastercard, has said it plans to move aggressively in the burgeoning realm of mobile payments.

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