# Fortis Payment Systems

Fortis Payment Systems is an Embedded Payments Platform based in Novi, United States.

## Overview

- **Organization type:** Embedded Payments Platform
- **Headquarters:** Novi, United States
- **Region:** North America
- **Address:** Novi, MI, United States
- **Founded:** 2009
- **Assets under management:** Undisclosed
- **Website:** https://www.fortispay.com
- **LinkedIn:** https://www.linkedin.com/company/fortis-payment-systems

## Regulatory record

- **Reports private funds:** No

## About

Fortis Payment Systems operates as a payment facilitator and registered ISO, founded by a team with roots in the acquiring and merchant-processing industry. The firm’s base in Novi placed it in a region dense with automotive and industrial supply chains, a factor that shaped its early specialization in handling B2B and field-service payment flows alongside traditional retail card-present transactions. It built its reputation by white-labeling its acquiring infrastructure for software partners in niche verticals such as field services, automotive repair, and specialty retail. The firm’s strategy centered on embedded payments and integrated software vendor partnerships. Its core offering provided a unified API layer and boarding platform that allowed SaaS companies to monetize payments without becoming registered payment facilitators themselves. Asset classes were concentrated in merchant acquiring residuals, processing-spread revenue, and hardware-leasing programs tied to point-of-sale systems. Fortis targeted mid-market ISVs and acquired legacy books from regional processors, integrating them into its centralized risk and underwriting framework. This placed it operationally upstream of pure sales offices while remaining downstream from issuing banks and card networks. Fortis scaled in part through mergers with smaller independent sales organizations and by acquiring portfolios from exiting regional acquirers. The firm structured its growth around an in-house underwriting team that specialized in high-risk but manageable merchant categories, including automotive dealers and home-improvement contractors, where chargeback ratios required active monitoring. Its secondary office presence or remote fulfillment footprint supported national ISO agent distribution, though specific headcount and office data remain undisclosed in public filings. December 2023: Fortis executed a binding agreement to sell its merchant portfolio and ISO assets to Fullsteam, a payments and software holding company, signaling an exit for the founding team (per the firm's official announcement, 2023). The structural differentiator for Fortis was its dual identity as both an aggregator of third-party ISO residuals and a direct technology provider to ISVs. Unlike pure-play acquirers that compete with their own sales partners, Fortis positioned its platform as the underlying engine for competing ISOs, creating a franchise-like architecture where external sales teams built on Fortis-owned rails. This hybrid processor-ISO model layered a technology interface between the merchant and the sponsor bank, capturing margin at the point of boarding rather than at the point of sale, which modified the standard residual-split economics common among ISOs.

## Sectors

- FinTech
- Payment Processing

## Questions

### How did Fortis Payment Systems structure its merchant acquiring model?

Fortis operated as both a registered payment facilitator and an ISO aggregator. It provided a unified API and onboarding platform for vertical SaaS partners, while simultaneously purchasing residual streams from independent sales organizations. This two-sided model allowed it to capture spread income from software-integrated merchants and standard residual revenue from agent-sourced accounts, layering a technology solution on top of traditional distribution.

### Who acquired Fortis Payment Systems and why?

Fullsteam, a private equity-backed payments and software holding company, acquired Fortis's merchant portfolio and residual assets in a transaction announced in December 2023 (per the firm's announcement). The deal allowed Fullsteam to absorb Fortis's embedded-payments relationships and ISO portfolio into its broader vertical-software ecosystem, reflecting a consolidation trend in the acquiring space.

### How did Fortis handle risk and underwriting in its merchant portfolio?

Fortis maintained an in-house underwriting team that specialized in moderate-risk verticals such as automotive sales and home improvement, where chargeback monitoring and dynamic reserve-setting were critical. By centralizing risk decisions and providing a unified onboarding portal to its ISV and ISO partners, the firm aimed to standardize approval times while keeping loss rates below the thresholds required by its sponsor bank relationships.

## Related profiles

- [Astrion Group](https://altss.com/profile/astrion-group)

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Last updated: 2026-06-03T20:00:00.000Z

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