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Paypal rival 2Checkout acquired by Verifone

(Image credit: 2Checkout.com)

Digital monetization platform 2Checkout has announced its acquisition by global point-of-sale (POS) provider Verifone. 

While details of the acquisition at this point are limited, 2Checkout has said it will bring greater financial strength, scalability, resources, relationships, and market potential under Verifone’s well-established brand, with the two companies sharing commitment to a simplified, modern approach to payments.

The acquisition comes at a time when digital sales are enjoying increased prevalence following the Covid-19 global pandemic and subsequent lockdown. According to a sales report by 2Checkout last April, transactions increased by 15% between February and March. Whether this incentivized Verifone to acquire 2Checkout is speculative, although it has no doubt been seen as an encouraging turn. 

Increased efficiency

Verifone itself experienced a dramatic spike in share price last April when it was acquired by a private investment group for $3.4 billion. The sale brought stability after a somewhat volatile few years, something which bodes well for the company’s newest asset.

2Checkout has assured its more than 17,000 customers that short-term changes will be minimal. They should not impact the platform or result in any changes in billing or disruptions in service. In the long term, clients can look forward to a more powerful, innovative, and efficient experience, thanks to Verifone’s increased market share and experience in online payments. 

The company's President and Chief Operating Officer Erick Litch promised customers further details in the coming months, and confirmed that 2Checkout’s current roadmap would continue unchanged.