The companies provide integrated payment processing, gift card, loyalty and customer engagement software to small and medium-sized businesses. The group serves approximately 38,000 customers across Canada and the United States and has approximately 118 employees, all employed by Paystone Inc. Its customer base is concentrated in service-based businesses, including hospitality, automotive, healthcare and wellness, and other general service businesses. In the last 12 months, the company processed more than 50 million transactions representing more than $7 billion in gross merchant volume.
Paystone’s financial difficulty followed a period of rapid, largely debt-funded expansion. The company began in London, Ontario in 2009 through…