Planet Payment has acquired New Castle, Del.-based e-commerce processing business, iPay, which specializes in facilitating credit and debit card payments for online merchants, or for any business that does not sell its goods or services face-to-face.

The $1 million acquisition includes iPay's Internet payment gateway and related technology, Web-based merchant transaction reporting module, credit card chargeback management systems, and associated hardware and equipment.

"The assets that we have acquired will enable Planet Payment to better meet the demands and e-commerce processing needs of customers worldwide with a more robust suite of products and services," Philip Beck, chairman and CEO of Planet Payment, said in a statement. "We are looking forward to working with the merchants and banks that are our new customers and can assure them that we are committed to achieving a seamless transition and continuity of payment services."