Dive Brief:
- The payments processor North American Bancard has rebranded as “North,” in a bid to evolve its services and appeal to merchant customers of all sizes, the Troy, Michigan-based company said in an Aug. 5 press release.
- The 30-year-old company, which provides acquiring services, point-of-sale systems and mobile card readers, noted in the release that it now processes $100 billion in payments volume annually.
- ”Our rebranding represents more than just a name change; it signifies our dedication to improvement and evolution,” the company said in a post on LinkedIn.
Dive Insight:
The company’s new slogan, “Go North Together,” exemplifies its strategy to empower companies of all sizes with simplified services, including those that go beyond payments, the release said.
"North communicates our unique advantage and boundless effort in the next generation of payment solutions, support for our partners to emerge as winners, and understanding that the simplest solutions are often the best,” CEO Marc Gardner said in the release.
In a J.D. Power survey of payments processing customers last year, North American was among a group of payment processors that didn’t receive the highest marks, in terms of customer satisfaction. The survey showed that small business owners in particular had become frustrated with fees, as well as technology issues that arise when their customers try to pay with a card or mobile wallet.
Gardner has led the company since its founding in 1992. The company has become the sixth-largest independent acquirer, employing about 1,300 workers, according to the company’s website.
North American Bancard has grown organically and through acquisitions over the past three decades. It now includes the Point & Pay, CWA Merchant Services and Electronic Payment Exchange units, among other businesses.
Competitors, such as Paysafe and Stripe, have also grown extensively in what has become a competitive arena for offering retailers, restaurants and other merchants payments processing services.
