Visa acquires Payworks to improve payment processing capabilities

Payworks, a POS solution developer, has been acquired by Visa which builds upon a strategic partnership and investment made by Visa last year.

Through the deal, Visa will adopt Payworks into its CyberSource digital payment management platform to establish an integrated payment acceptance solution for merchants and acquirers. This will give acquirers and payment service providers a white-labelled omnichannel payment management platform.

Visa’s merchant and acquirer clients will be able to leverage the Payworks’ automated solutions to run and configure their POS offerings and terminals. This will make it easier for merchants to set-up and start accepting payments across multiple POS terminal types, both in-person and online.

Payworks is a payment gateway technology developer for POS systems. Its APIs support quick integration with payment terminals, offering processing capabilities for EMV, contactless, mobile wallet transactions and access of analysis and management tools for transaction revenue.

Payworks CEO and co-founder Christian Deger said, “Integrated commerce is an accelerating opportunity for Payworks and its clients.

“By combining our POS technology with CyberSource’s digital commerce capabilities, we can bring our joint solution to merchants and acquirers across the globe at an accelerated pace. We are excited about joining the Visa family and integrating our capabilities to deliver innovative, differentiated integrated-commerce solutions.”

Last year, Payworks received a $14.5m Series B investment from CommerzVentures, Visa, Speedinvest, and Finparx. The capital was raised to support the growth of the company and boosting its R&D and product teams across Munich, London, and Barcelona.

The company recently partnered with Bambora to support the launch of a new integrated and international solution for POS providers and their merchants. The pan-European solution gives merchants the capability of processing payments via a range of card terminals.

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