Local Tech Wire

ATLANTA, Ga. – , a provider of enterprise payment acceptance services, is preparing to shift its business model and has landed $8 million in new venture capital for the move.

New investor Palomar Ventures led the second round with $5 million.

Existing investor Austin Ventures added $3 million.

According to a filing with the Securities and Exchange Commission, Paymetric raised $14 million. However, the company announced $8 million on Friday.

A company spokesperson told Local Tech Wire it had in fact raised $8 million as announced.

“I am convinced Paymetric is uniquely positioned to lead the electronic payments industry in innovation and service,” said Jim Gauer, managing director of Palomar Ventures. “Our investment underscores their significant potential.”

Paymetric will use the new funding to help the company to launch a software as a service (SaaS) model.

“Even during these trying economic times, Paymetric secured additional funding from Austin Ventures and secured a new financial backer in Palomar Ventures,” said Larry Wine, Paymetric’s chief executive office. “We feel our ability to add investors in this very difficult financing environment bears strong testimony to the strength of our company and business strategy.”