SOURCE: Merchant Warehouse

Merchant Warehouse

July 27, 2012 12:57 ET

Merchant Warehouse Announces Acquisition of AVATAS Payment Solutions

Company Acquires Vertically Based Independent Sales Organization (ISO)

BOSTON, MA--(Marketwire - Jul 27, 2012) - Merchant Warehouse®, a leader and innovator in payment acceptance solutions and merchant account services, announced the acquisition of AVATAS Payment Solutions for cash and equity, an independent sales organization specializing in delivering payment processing services for the heating fuels and healthcare industries.

Co-founded by Tracy and Larry Richmond and based in Newton, MA, AVATAS is the nationally recognized utility payment-processing expert. AVATAS boasts more than 600 customers nationwide and focuses on payment automation, technology and cash flow strategies. The company, a preferred payment processer for numerous industry associations, offers a full array of payment solutions including online, EFT, mobile and check by phone. AVATAS will continue to operate independently of Merchant Warehouse, with the AVATAS team seamlessly leading day-to-day operations under the existing brand.

"Merchant Warehouse is focused on continued growth and the extension of our payment solutions across numerous key verticals including heating fuels and healthcare," said Henry Helgeson, co-CEO and co-founder of Merchant Warehouse. "We are excited to welcome AVATAS to the Merchant Warehouse family."

"By combining with Merchant Warehouse, we will be able to access resources that will enhance our service offerings to our valued customers, and help us grow aggressively," said Larry Richmond, co-founder of AVATAS. "We are excited to begin this new chapter with them."

About Merchant Warehouse
Merchant Warehouse is a recognized leader in payment acceptance solutions and merchant services. The company enables merchants, agents, POS developers and VARs to achieve strategic business advantage through the delivery of current and emerging payment, offer and program solutions and merchant services that dramatically enhance the merchant-customer experience. With Genius, Merchant Warehouse is helping agents, POS developers and merchants by preparing them for the payments future with a single solution that accepts any NFC, EMV, QR codes as well as loyalty, gift, and rewards programs. Merchant Warehouse is one of the fastest growing and innovative payment solutions companies in North America. For more information about Merchant Warehouse, please visit merchantwarehouse.com.

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