YapStone’s main product is RentPayment — as you can probably guess, it’s a service for property managers to collect credit card and electronic check payments from their tenants. However, when YapStone raised $50 million from Accel Partners last year, one of the stated goals was to expand into other e-payment markets.
That’s where ParishPay comes in. The service was founded in 2001, and then acquired in 2006 by Smart Tuition, which offers financial tools for private and faith-based schools. Now ParishPay will operate as a business division of YapStone, with its own office in New York. YapStone says there should be no disruption of service to existing ParishPay customers.
In the acquisition press release, YapStone chairman and co-founder Tom Villante describes the deal as “an important milestone” for the company.
“When [CEO] Matt [Golis] and I founded this company several years ago, we decided to focus on markets that were underpenetrated by electronic payments and could benefit from robust, web-based technology,” Villante says. “While the property market has been the primary focus up to this point, non-profit has always been at the top of our list for new markets.”
YapStone’s expansion into the nonprofit world isn’t stopping here — a spokesperson says we can expect to see more YapStone product launches or acquisitions.
The financial terms of the deal were not disclosed.