Payment Data Systems jumps over 7% after announcing pact with Pineapple Payments
Earlier on Tuesday, Payment Data Systems announced that it had entered into a strategic partnership agreement with Pineapple Payments, a leader in omni-channel payment acceptance solutions, combining their leading technology to offer merchants best-in-class payments technology. The Agreement connects Pineapple Payments' Invoice Manager, an online invoice and bill presentment and payment solution, into the Payment Data Systems integration layer. This enables both organizations to offer increased convenience fee, payment plan and other invoice-centric functionality, enhancing each party's ability to differentiate and meet the bill delivery, payment acceptance, settlement and reconciliation needs of ISV's, merchants and consumers within the healthcare, education, and ambulatory market sectors. Furthermore, Pineapple's integration with Payment Data provides Pineapple access to automated and instant onboarding capabilities, both in mass as well as one customer at a time, through PayFac-in-a-Box, Payment Data Systems' proprietary payment facilitation platform. As a result, Pineapple plans to expand its value proposition for software vendors. Consequently, this agreement effectively broadens Payment Data Systems' distribution channels, having already added new software vendors initially representing $10 million of annual ACH and card processing volume. Vaden Landers, EVP and Chief Revenue Officer at Payment Data Systems, said, "We are thrilled to partner with Pineapple Payments to combine two best-in-class technologies that are highly complementary and synergistic to create virtually unmatched payment processing capabilities. Our payment facilitation platform will strategically serve Pineapple's current and prospective customer base by drastically simplifying the customer enrollment and onboarding experience while providing value-oriented, scalable technology that allows for payments to be collected in a variety of ways including on-line, via mobile phone, or in person. We are extremely enthusiastic to be moving forward with Brian Shanahan, Jon and the Pineapple team as we continue to focus on gaining traction within these bill-centric verticals and scale our PayFac technology." Shares of Payment Data Systems are up 7.08% or 15c to $2.27 per share in afternoon trading.