Fintech, a notable supplier of business solutions to the retail and hotel industries, has announced that it has acquired Nexxus Group, a well-known developer of payment solutions with a focus on consignment selling and scan-based trading. Nexxus Group, which was founded in 2003, has played a key role in helping retailers and vendors cut expenses, improve sales visibility, and get quicker access to markets. With the purchase of iControl in December 2023, Fintech has now made two substantial investments in consignment-selling technology in as many months.
The integration of Nexxus Group's payment capabilities into Fintech's B2B payments platform expands the company's product portfolio, catering to over 240,000 consumer-serving establishments and more than 5,000 vendors nationwide. The Nexxus consignment-selling payment software gives suppliers more control up until consumer purchases are made, while also enabling merchants to maximize inventory management. This seamless payment process ensures prompt payments, minimizes discrepancies, and accelerates reconciliation, fostering benefits such as enhanced inventory tracking, optimized labor utilization, and reduced shrinkage for both retailers and vendor partners. With the closure of the Nexxus Group asset acquisition in May 2024, Fintech solidifies its position as a pioneer in accounts payable automation, poised to drive further growth and innovation in B2B payments.
