Online payment provider Paysafe Group Plc (LON:PAYS) announced today that they have completed the acquisition of Delta Card Services Inc. Delta is the holding company for Merchants’ Choice Payment Solutions (MCPS) a processor based in the U.S. state of Texas.
While many casinos in the past formerly accepted Delta card deposits, the number has decreased dramatically over the years and very few online casinos for Canadians accept the card today unless a player uses the Verified by Visa utility found in some casino cashier sections. Paysafe, on the other hand, is accepted for deposits at most online casinos, including these top Paysafe casinos sites for Canadians.
In the company’s brief filing with the London Stock Exchange, Paysafe noted minor top management transitions with MCPS CEO, Todd Linden joining Paysafe as CEO of Payment Processing North America and the current MCPS CFO, Giovanni Diano being named as CFO of Payment Processing.
Paysafe announced the $470 million deal in July in which the cash asset acquisition would be executed using an incremental loan facility for the lion’s share at $380 million and the balance being funded with $90 million in existing cash.
MCPS services about 60,000 merchants in 50 U.S. states and processes over $14 billion in sales every year. Paysafe processed $48 billion in 2016 in over 40 currencies from 12 global locations.
The acquisition’s completion comes on the heels of news earlier this month that private-equity groups Blackstone and CVC Capital Partners had entered into an agreement to acquire Paysafe for US$3.89 billion.
According to an August 7 report on the Banking and Business Review website (BBR.com) Blackstone senior managing director Martin Brand said: “As a leading technology investor, Blackstone believes that Paysafe is an ideal platform for continued innovation in the payments space, and look forward to supporting Paysafe’s growth both organically and through acquisitions,” sketching a potential scenario for Paysafe to go on an M&A torrent in the coming years with more than enough funding to back up any acquisition.
Online casino players in Canada are not likely to see any change in services. The prepaid cards have become handy for many gamblers who use them as a means of establishing gambling and bankroll controls. To make an online purchase, players enter voucher numbers from their Paysafecard leaving no trace of their activities on credit card or bank statements. Many players use the mobile app, which lets them check balances, access promotions, and find sales outlets on the go. Paysafe cards can also be purchased online in Canada through the app or any web browser through the UseMyCard service.