North American BanCard acquires Point and Pay, hires 50

North American BanCard is growing by leaps and bounds and acquisitions in Oakland County these days.

The Troy-based firm has acquired Point and Pay from Vesta, opening up a new market for the electronic payment processing company. That's on top of 50 new hires so far this year, rounding out the firm's staff to 400 people. The company plans to continue to hire and acquire at this pace for the foreseeable future.

"We continue to expect to have very nice growth in our core business and from acquisitions," says Howard Morof, CFO of North American BanCard. "We continue to expect to be hiring to accommodate our growth."

Point and Pay allows public sector agencies and non-profits to process payments electronically, allowing people to pay everything from parking tickets to condo association dues online. It operates in 48 states, providing services for utilities, courts, schools, and tax collection.

"This acquisition gives us a platform in the electronic payment sector that we didn't have before," Morof says. "It fits quite well into our product expansion."

North American BanCard, founded in 1992, is a leader in the electronic payments industry. Its proprietary credit card e-commerce hardware and software technology processes $8 billion in transactions each year from more than 100,000 merchants. If you swipe your debit or credit card, then there is a good chance you're using North American Bancard products.

Source: Howard Morof, CFO of North American BanCard
Writer: Jon Zemke