TD Merchant Services, part of the TD Bank Financial Group, has signed a definitive agreement to acquire certain MasterCard merchant acquiring accounts from First Data in Canada.
Concurrently, First Data will acquire a small number of Visa accounts from TD. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in December.
The acquired accounts will become part of TD Merchant Services, which already provides Visa and Interac payment processing services and point-of-sale (POS) terminal solutions to all of these customers today. “Acquisition of these MasterCard merchant accounts will ensure our clients have a single source for their payment processing needs,” said Jeff van Duynhoven, president, TD Merchant Services.
In conjunction with this acquisition, TD Merchant Services and First Data will end their reciprocal referral arrangement. Following closing, TD Merchant Services will offer its customers a complete credit and debit card payment solution including Visa, Interac and MasterCard acceptance.