The acquisition is going forward via an EVO joint venture with Banco de Crédito e Inversiones (BCI), according to the release, and will expand BCI’s in-market integrated payment solutions. That, in turn, will boost EVO’s services for acquiring.
EVO CEO James G. Kelly said in the release that Pago Facil “will enhance our position in the market by providing us additional gateway customers to target for acquiring services and integrations to eCommerce referral partners to augment the … bank referral channel.”
He added that the acquisition “will bring significant eCommerce expertise across product, technology, sales and support. eCommerce has experienced enormous growth globally during the pandemic, and we expect an enduring change in consumer spending habits,” per the release.
Pago Facil Founder Cristian Tala Sanchez said in the release the acquisition would “continue to grow our business and provide best-in-class eCommerce solutions in Chile and across Latin America. By joining forces with two leading organizations, we will greatly enhance our financial technology offering, which will benefit our existing relationships and enable us to attract new customers as well.”
In related news, EVO Payments General Manager and Senior Vice President Greg Castro told PYMNTS that the move away from paper payments would not be easy. Many firms often used tools like SAP to deal with those challenges. He said the use of add-ons to help support digital payments would be important in many companies’ digital transformations.
“Authorization is captured within the system,” he explained to PYMNTS. “Those settlements go through, and then that’s balanced back, and it reconciles those customer invoices in real time. There is no more batching, or all of those other scenarios that took place in the past.”