Fintech adds consignment technology with Nexxus acquisition

Financial Information Technologies (Fintech) has acquired Nexxus Group to expand its B2B payments capabilities.

The acquisition, which closed in May, adds Nexxus Group’s mail order technology to its Fintech business solutions for the hospitality and retail industries, the companies said in a Wednesday (May 29) press release.

“By combining their leading payment technology for scan-based commerce and consignment with Fintech’s invoice payment automation software, we can now process and pay all types of invoices for retailers of all sizes,” Tad Phelps, CEO of Fintech, said in the release.

According to the release, Nexxus Group’s technology facilitates scan-based and mail-order commerce between convenience, grocery and big box stores and their reseller partners.

The announcement said mail order payment software, part of the fintech platform, will enable retailers to reduce inventory and enable sellers to take control of inventory until it is purchased by consumers. Once the consumer completes the purchase at the point of sale, the seller sends the Fintech an invoice for the products sold and payment is initiated between the seller and the seller via the Fintech system.

This solution joins the current portfolio of Fintech products used by over 240,000 customer service locations and 5,000 suppliers across the country and enables over 1.1 million B2B connections in each version.

“We are excited to contribute to the growth and success of the fintech portfolio,” said Mark Landgren, CEO of Nexxus Group, in the release. “The resources made available to us through this combination, combined with Fintech’s recent acquisition of iControl, will accelerate our growth in scan-based commerce and mail order while supporting Fintech as a leader in B2B payments.”

The fintech completed its acquisition of iControl, a provider of technology solutions for alcohol invoice payment and scan-based commerce, in December 2023, according to a March press release.

The company said at the time that the iControl acquisition was part of its ongoing efforts to expand its technology offerings to customers.

iControl’s electronic payment capabilities enable customers to access how they pay for alcohol, access scan-based transactions and obtain more point-of-sale (POS) data from a syndicated database of local alcoholic beverages.

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