Ordinary people buy general credit services
Everyday People Financial acquires General Credit Services.
The Canada-based FinTech and consumer finance company said in a press release on Friday (December 9) that it has entered into a definitive purchase agreement with the shareholders of General Credit Services, which provides accounts receivable (AR) management services, and General Credit. .
Everyday People announced in September that the companies had entered into a letter of intent for the then proposed acquisition.
The firm said in a Sept. 17 press release that the acquisition of General Credit and its customer and consumer digital ecosystem would enhance Everyday People’s approach to consumer financial services.
“General Credit’s expertise and high performance standards will provide a best-in-class service to Everyday People serving the revenue cycle management needs of corporate clients,” Everyday People CEO Barret Reykdal said at the time. “Additionally, consumers served by General Credit represent many of the everyday people we help with our credit rebuilding and education programs combined with our specialty products and services.”
Everyday People provides alternative and specialty credit financing programs, while General Credit offers AR management, collection and presentation of invoices and payment management solutions to corporate customers.
“General Credit represents both sides of the credit equation; serving our customers with receivables management solutions and interacting with people who often face financial challenges,” General Credit President and CEO Peter Sorrentino said in the Sept. 17 release. “Combining our people-centric approach with Everyday People’s dedication to serving those who need better access to credit solutions is a logical fit.”
The completion of the acquisition is subject to customary conditions and is expected to close on or before December 30, according to Friday’s press release.
PYMNTS research has found that companies are exploring ways to adapt their approaches to accelerate payments. In fact, 49% of businesses report that AR technology improved collections, according to the “Next-Gen AP & AR Digitalization Report,” a PYMNTS and Transcard collaboration.
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