Thursday, July 2, 2015

Payment firm moves to KofP, buys rival

FTS adds DPP, boosts sales to $268M/yr

Payment firm moves to KofP, buys rival


Financial Transaction Services (FTS), a six-year-old independent service organization that clears payment card transactions for retailers and banks, and which recently relocated from Cleveland to King of Prussia, says it has acquired Mars, Pa.-based Dependable Payment Procesing and its affiliate Discount Payment Processing (known together as DPP), for an undisclosed sum.

DPP boss Thomas Shanley will remain as CEO for FTS''s new DPP division, FTS boss Brian P. Shahanan said in a statement.. 

FTS expects sales will total $234 million this year; DPP sales will total an additional $34 million. FTS employs 90, DPP adds 6. FTS clients include Adobe, American Standard, and Barnes & Noble, among others. DPP serves mostly small businesses.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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