Lamar Advertising announced last week that it had acquired Alliance Airport Advertising. Lamar is an acceptor of B2B credit card payments but Alliance is not. Acquisitions, divestitures and name changes are constant in the media industry, which is why our TROVE database is so valuable to our customers.
TROVE is the industry’s only authoritative source of media supplier hierarchy and card acceptance data. Check back soon to learn more about TROVE, the story of how it was created, and the techniques used to keep its data current with industry changes in a future blog post.
If the acquisition is typical of others in the industry, it shouldn’t be long before agencies can start paying Alliance invoices directly to Lamar via virtual credit card. TROVE was updated as soon as the announcement was made so AnchorOps customers can be assured that they will not miss any opportunity to send ePay payments instead of paper checks.
Unlike postal mail, electronic payments aren’t rerouted if the address is wrong. Frequently, the payment provider and agency incorrectly assume that the media supplier ceased accepting card payments, when in reality it’s just a logistical problem. Often changes to the media supplier’s name or business structure will impact how payments are received.
Change is a constant in the media industry. Another card acceptor, AOL, is currently in talks to acquire Millennial Media. Media suppliers are constantly being acquired, changing names, and adding business units, so it’s imperative to have a partner that is tapped into the pulse of the industry and translates this knowledge into technology, data, and processes that increase the value of its payment solutions.