For the most part, the only thing I really haven't liked about the merchant acquirer/card processing space is that a lot of the leading independent players like Global Payments (NYSE:GPN), Heartland Payment (NYSE:HPY), and Vantiv (NYSE:VNTV) sported pretty eye-watering valuations and established rivals like JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), and Bank of America (NYSE:BAC) have all been quite keen on generating more growth from this lucrative non-banking operations.
Since last writing on Global Payments (and Heartland, for that matter), the company has delivered a few more solid quarters of constant currency growth and pretty respectable cash operating margins. Global Payments also reached a deal to acquire
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