It is based in Overland Park, Kansas. TreviPay leveraged the money it received from the sale of its legacy fuel card business to Shell Oil in November to make a strategic acquisition that will allow the company to expand its new focus on business-to-business payments even further.
In a transaction that closed on February 23, TreviPay acquired Baton Financial Services Inc., a financial services firm situated in New Orleans, for an undisclosed value. TreviPay has been delivering turnkey solutions for business-to-business payment solutions since 2001, with the goal of assisting medium to large corporate organizations with business-to-business payment solutions. Following the acquisition of Baton, which provides a payment solution, TreviPay is now able to engage with small businesses on a more personal level.
The CEO of TreviPay, Brandon Spear, says that “our consumers have demanded that we expand our service to include smaller and smaller buyers.” In order to underwrite and extend lines of credit to smaller purchasers, you must adhere to a strict set of guidelines that are quite detailed. There are some very special protocols that must be followed when working with smaller purchasers, and I’ll go over them here.” Baton has developed a highly powerful platform that is capable of completing all of these goals and many more besides. The result will be positive for our current core clientele while also providing us with the opportunity to reach some of the smaller sellers in our market sector. Because of this, we are able to provide some of the smaller firms out there with the same types of services that we already provide to commercial vendors.”
As a result of the acquisition, TreviPay will add 14 new workers, including a group of software developers. Rissi Lovern, a former CEO of Baton, is now working as the chief risk officer at TreviPay, a payment processing company.
The reason for this is that she has a lot of experience in this industry, according to Spear. The fact that she is so passionate about making a significant impact in the lives of many of the buyers and sellers with whom we will be cooperating is in addition to her apparent experience and ability in this industry. It will also be really useful for us to be able to capitalize on her energy and vision.
Spear confirmed that Baton’s products and services will be merged into the TreviPay brand, but he stated that he is still considering what to call the new company. Those employed by Baton will continue to be based in the company’s New Orleans headquarters.
As a result of the merger, there are now 580 individuals working with TreviPay, and Spear is optimistic about the future of the newly merged organization.
To summarize, “the entire payment sector is badly underserved, particularly in the business-to-business space,” says Spear. As David points out, “we appreciate being able to represent the Kansas City area in our pursuit of being the first to deliver bold, compelling ideas for buyers and sellers.” Small businesses will benefit from the platform that Baton has developed since it will allow us to engage with banks more effectively and provide them with additional options in order for them to acquire working capital and expand their operations.”