BNP Paribas Fortis acquires Paysquare portfolio in Belgium
BNP Paribas Fortis has reached agreement with Worldline to acquire the business activities of PaySquare in Belgium. With this acquisition, BNP Paribas Fortis is strengthening its competitive position in the card payment acquisition market, both as regards physical POS terminals and virtual terminals used in e-commerce.
BNP Paribas Fortis and Worldline have agreed the terms under which the Bank will take over the business activities of PaySquare in Belgium. This transaction follows a decision last year by the European Commission under the EU Merger Regulation in relation to Worldline’s takeover bid for Equens and its subsidiary PaySquare.
The agreement, which covers only the Belgian market, relates to the contracts with and data from some 7,000 merchants (clients of PaySquare in Belgium), plus the commercial partnerships in force for the purpose of contract sales and the sales staff concerned.
This takeover is in line with BNP Paribas Fortis’ aim of expanding its footprint in the domestic payment acquisition market and injecting a new dynamic into this segment by providing a highly competitive service to private and public sector companies, merchants and members of the liberal professions. “Innovating and constantly providing our customers with new opportunities is our daily ambition. This project also fits perfectly in this context. Bringing PaySquare’s Belgian portfolio into the BNP Paribas Fortis fold is part of our overall aim of helping our clients to expand their business by providing a comprehensive range of banking services designed for the merchant sector”, explained Peter Vandekerckhove, Head of Retail & Private Banking and executive board member at BNP Paribas Fortis.
Over the next few months, BNP Paribas Fortis will take over the management of PaySquare’s client portfolio in Belgium, in collaboration with its partner SIX Payment Services. “We cordially welcome the new BNP Paribas Fortis clients and we look forward to providing them with high-quality services, declared Roger Niederer, Head of Merchant Services at SIX Payment Services, underlining: Thanks to this move by BNP Paribas Fortis, SIX now becomes the second biggest acquirer on the Belgian market.”
The former PaySquare Belgium clients will enjoy the same tariff conditions as before and will be able to continue using their existing payment terminals. In addition, BNP Paribas Fortis is able to guarantee merchants that they will have the proceeds of a given day on their account by the following day, both for physical and online payments. Moreover, any disputes will be handled without incurring any extra charges.
Concerned clients will be contacted personally by BNP Paribas Fortis on this matter.