Priority Technology has formed an operating partnership with Yapstone to create a real estate payments venture within Priority Real Estate Technology (PRET).
Priority Technology offers merchant acquiring and commercial payment solutions, while Yapstone is an online and mobile payment solutions company.
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Under the arrangement, Yapstone will be responsible for credit and debit card processing for the new venture, which will leverage the company’s real estate payment processing technology.
The company will also contribute through its property management contracts and customer network in rent, storage and dues markets.
It will hold a minority interest in the new business and serve on PRET’s board.
Yapstone chairman and CEO Tom Villante said: “The partnership with Priority allows Yapstone to better serve the global rentals market and at the same time, allows us on a standalone basis to focus on providing superior end-to-end payment solutions to a broader set of marketplaces, software companies, platforms and merchants worldwide.”
Priority Technology would have the majority ownership. The company will carry out management and daily operation of the new real estate payments venture.
In addition, the company will provide operating infrastructure, marketing and sales support, and real estate technology assets, including the products and services from its prior acquisitions.
Priority Technology executive chairman and CEO Thomas Priore said: “This partnership aligns perfectly with our integrated payment solutions strategy in a key industry vertical, and we expect it to be highly accretive for shareholders.”
