PORTLAND, Ore.--(BUSINESS WIRE)--Boom Commerce today announced that it has completed a strategic investment in G.O.A.T. Payments (“GP”) located in Westlake Village, CA. GP brings decades of experience acquiring, underwriting and supporting higher risk, higher margin and non-traditional merchant categories that require white glove attention and support, even more so now in light of the COVID-19 crisis. Reuven Cypers, Founder and CEO of GP, noted, “Many of our customers have international supply chains, future delivery models and operate in very public industries that have reputational and regulatory challenges. The entire G.O.A.T. team is impressed with the Boom Commerce family and we look forward to a long and meaningful relationship with Sabin Burrell and his team.” The team at GP is well skilled at managing these specialized types of merchant relationships, utilizing the company’s robust network of bank relationships that have been cultivated over the years. GP was designed to be a boutique operation focusing on the more difficult to onboard merchants that garner higher margin returns.
Boom’s strategic investment in GP furthers its strategy of building a diverse customer base that has already played a critical role in insulating it from the negative effects of macroeconomic downturns like the current COVID-19 crisis. Sabin Burrell, CEO of Boom Commerce said, “We couldn’t be happier with our partnership with G.O.A.T. Payments. The new banking relationships we have gained access to have already proven to be a game changer for Boom. We have expanded our ability to support large opportunities that have significant margin improvement over our traditional retail business. In the coming months, Boom will roll out our high risk and non-traditional merchant division that GP will quarterback. This gives our distribution partners access to several new banks and a greatly expanded credit matrix to further diversify our client base.”
About Boom Commerce
Boom Commerce is a leading provider of payment processing and technology solutions, helping more than 15,000 customers across the US. Through our multi-bank full service payment processing platform, we provide a comprehensive suite of payment solutions to support merchants and transaction types of all kinds, including small and medium sized businesses, large enterprises and e-commerce. We market our products and services through a large and diverse network of distributors who we support with technology, expertise and financing to ensure their growth and success. We are also a leading player in the payments industry acquisition space with a focus on strategic and synergistic acquisitions. Our mission is to simplify and streamline the payments experience for our merchants and create an environment in which our distribution and other trusted partners can thrive. Learn more at boomcommerce.com.
About G.O.A.T. Payments
Reuven Cypers, Founder and CEO of G.O.A.T. Payments has spent 17 years cultivating his relationships with the best players in the payments space. With one of the most balanced merchant portfolios in the payments industry, G.O.A.T. prides itself on maintaining a very healthy book of both low risk accounts and accounts that are more challenging to onboard. It has taken nearly two decades to assemble the G.O.A.T. team and we believe we have the best strategic partners for every type of merchant that needs to process electronic transactions. The team at G.O.A.T. is highly trained to determine the best processing platform and solution tailored to the individualized needs of its clients through its network of over 25 banks and processors. We are very selective about the clients we bring on and this is reflected in our industry low customer attrition rates in both the low risk and high-risk sectors.
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May 19, 2020 at 05:00PM
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Strategic Investment Advances Boom Commerce's Strategy to Broaden Its Sponsor Bank Relationships and Support a Much Broader Range of Higher Risk/Non-Traditional and Higher Margin Merchants - Business Wire
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