It can be lowered by acquiring VIP membership, but it will remain a significant. Weinstein had been managing the technology. CardWorks Acquiring supports merchants in all different industries, and specializes in both. Erick joined CardWorks Acquiring in 2008 as a Sales Executive and quickly moved up and became a Sales Manager. Some analysts had suggested the company was paying a steep price for CardWorks and might be better off building a credit card business organically. Our prepaid card works just like a credit card, with one big difference. We are based in Syosset, NY and have offices in FL, CA, CT, and NJ. On Wednesday, he said Ally’s “long-term strategic priorities remain intact” and its “industry-leading businesses and robust capital and liquidity positions will enable us to continue serving as a source of strength during these uncertain times for all of our customers.”Īlly’s shares fell 5.6% to $18.31 in Wednesday’s regular session before rallying by 9.2% to $20 in extended trading. Privately-held CardWorks is the parent company of Merrick Bank, which specializes in providing consumer loans to borrowers with subprime credit scores.Īs FinanceFeeds reports, “The acquisition of CardWorks was supposed to further diversify Ally’s product offerings, adding an established credit card platform, full-spectrum servicing and recovery operation and a nationwide merchant acquiring business.”īrown had called it “an important milestone in Ally’s evolution to be a full-service financial provider for our customer” and described CardWorks as “an ideal cultural fit for Ally.” Get insight into CardWorks Acquiring - Merchant Services Dive deep into company history, current jobs, hiring trends, demographics, and company reviews. The deal was the second-biggest bank acquisition announced in 2020. Neither company will incur any termination or break-up fees as a result of the decision to scrap the merger. “This was a difficult decision to make following a long process to bring two strong companies together,” he added. “Given the unprecedented economic and market conditions resulting from the COVID-19 global pandemic, Don Berman and I, along with our boards of directors, believe it is in the best interests of our customers and stakeholders to terminate the agreement,” Ally CEO Jeffrey Brown said in a news release. The two companies said Wednesday they had agreed to terminate the merger agreement they had announced in February, citing the impact of the COVID-19 pandemic. Ally Financial will not be completing its $2.7 billion acquisition of CardWorks, dealing a blow to its plans to diversify beyond auto loans.
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