PayCompass, Simpay and Exectras form new venture launching Oct. 1
PayCompass, Simpay and Exectras announced the formation of a new venture set to launch on Oct. 1. The venture will be led by Exectras CEO Joe Cherry, who has headed the company for 20 years.
The venture will offer merchants payment processing combined with Exectras’ 360 Health Membership, which provides healthcare and drug benefits to employees. Sales will be channeled through independent sales organizations, agents, independent software developers, financial institutions and other partners. The press release did not disclose any financial or ownership terms of the deal, and PayCompass CEO Justin Volrath said he would remain with the company in an unspecified Exectras executive role. Operating under the Exectras brand, the new entity is set to begin operations on Oct. 1 as noted in the September 14 press release.
“We'll be able to combine the power of these brands to further help change the payments industry,” Justin Volrath, CEO of PayCompass said.
Independent sales organizations that sell payments processing and point‑of‑sale hardware through agent networks have long been consolidating, with smaller players regularly absorbed by larger participants. Volrath noted in a July interview that he built PayCompass after leaving Heartland Payments Systems following its acquisition by Global Payments, and said AI is making it easier for software vendors to embed payments into their systems. Volrath also said in a recent Paycast Network interview that AI is making it simpler for vendors to build payment-enabled software.
What we know
The companies said last week that they were forming a new venture that will launch on Oct. 1 under the leadership of Exectras CEO Joe Cherry, according to a Sept. 14 press release.
For 20 years, Cherry has led Exectras, which provides payments processing as well as healthcare and drug benefits, according to his LinkedIn profile.
The release didn’t disclose financial or ownership terms of the deal.
PayCompass CEO Justin Volrath and Simpay Marketing Vice President Gary Breeds declined to comment on those terms, though Volrath said he would stay on in an Exectras executive role that he didn’t specify.
Exectras sells its 360 Health Membership benefit services, alongside the processing, to its merchant clients and their employees.