iPayment Closes Financing for Acquisition

iPayment Inc., a provider of credit card payment services, has closed on a corporate refinancing with the proceeds partially funding its acquisition of Leaders Merchant Services, the company announced Wednesday. Based in Westlake Village, iPayment is used by about 137,000 small business clients for processing credit and debit card transactions. Leaders Merchant Services is an independent sales organization specializing in merchant payment and point-of-sales solutions. Leaders Merchant Services is headquartered in Camarillo. “With this refinancing and subsequent acquisition of Leaders, iPayment will benefit from an immediate expansion of its portfolio and a new, valued based and highly-efficient direct sales operation,” Robert Purcell, iPayment’s chief financial officer, said in a statement. Leaders Merchant Services has been a registered seller of iPayment’s services since 2004.