Travel distributor and hotel payment processors Onyx Payments is in an acquisitive mood. The company has followed its purchase last month of Net Trans Services with an additional acquisition, buying Worldwide Payment Systems for an undisclosed sum.
The linkup brings together two payment processors in the hospitality data and payment processors which have been strategic partners serving joint customers, and have worked together as co-marketers on a travel agency commission collection product since 2012.
From the release, Pedro Fernandez Salvador, Founder and Chief Executive Officer, WPS:
We have always looked to create increasing value and uncover new possibilities through the services, technologies and efficiencies we provide travel agencies and hotels,” said “Our experience is that the market is looking for end-to-end processing on both the demand and supply side, which is why we are pleased to be an integral part of the Onyx team that is doing just that.
The drive behind the acquisition streak is to create a full end-to-end ecommerce suite that can address all needs for travel payments. Or, as the company writes, "the new company will eliminate payment processing and reconciliation barriers and improve efficiencies, while increasing commerce transparency between hotels and travel distributors."
Mark S. Dubrow, Onyx Payments CEO concludes in the release:
The new Onyx Payments now has the innovation, size and financial stability to be even more attractive to the multi-national companies that rely on us to process more than a billion dollars in commissions annually.
I am excited that we are able to bring together tremendous market talent and technology for the betterment of our industry. Our collective goal is to provide world-class services that enable uninhibited commerce to the travel industry.
By combining our business with other leading companies we are providing our customers with valued services, increased speed of payments and an improved value chain between travel distributors and hotels.
These acquisitions follow Onyx's own purchase by H.I.G. Capital in April 2013.
NB: The credit card image courtesy Shutterstock.