Financial Information Technologies (Fintech) has acquired Nexxus Group to support its B2B payment technology for the retail and hospitality sectors. The acquisition, finalized in May, adds Nexxus Group’s consignment-selling and scan-based trading technology to Fintech’s expanding suite of solutions, according to an official press release.
Streamlining Retail Payments
With the integration of Nexxus Group’s technology, Fintech will now offer an enhanced system for processing and paying invoices of all types for retailers, regardless of size. This merger enables vendors to maintain control over their inventory until consumers purchase the goods at the point of sale.
“We’re excited to expand our portfolio with this advanced technology,” said Tad Phelps, CEO of Fintech. “It allows us to provide a seamless experience for retailers and vendors alike.”
What This Means for Retailers
Nexxus Group’s consignment technology allows retailers to reduce their inventory costs. The technology facilitates a model where vendors are responsible for inventory until products are sold, after which Fintech processes the payment between the retailer and vendor.
Driving Industry Growth
Mark Landgren, CEO of Nexxus Group, highlighted the benefits of the acquisition, stating, “Our partnership with Fintech, along with their recent acquisition of iContro, will accelerate the growth of scan-based trading and consignment selling.”
Fintech’s strategic acquisitions underscore its goal of becoming a dominant player in the B2B payment space, furthering innovation and streamlining operations for over 240,000 establishments and 5,000 vendors nationwide.
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