Paramount Acquires Puerto Rico-Based EZ Payments, Inc
Paramount Management Group has acquired EZ Payments, Inc., one of the largest deployers in Puerto Rico. With this acquisition, Paramount will now be able to offer additional added value services to retailers, and branding and surcharge-free ATM options to financial institutions on the island.
By: Paramount Management Group
Founded over 18 years ago by Jose Vargas, EZ Payments was one of the pioneering IADs in Puerto Rico, having established relationships with some of the leading retailers throughout the island.
"We are very pleased to complete this acquisition,"
"This acquisition further solidifies our leadership position in Puerto Rico and brings us additional growth in a market where we already have an extensive presence," Fernandez notes. "By adding EZ Payments and their installed base of local and international retailers to our existing portfolio, Paramount is now uniquely positioned to provide additional services to our retail and financial institution customers."
He goes on to explain, "for example, our sizable retail footprint provides our financial institution customers with the ability to expand their ATM coverage through our branding offering as well as through our surcharge-free ATM network participation program."
"The ATM Industry has changed dramatically over the years. Today, only companies that fully understand the changing payment needs of their consumers and the evolving needs of financial institutions are going to grow," Vargas said. "Paramount has clearly demonstrated that it understands these new market forces and it continues to invest in creating new solutions to meet the needs of its customers."
"After successfully growing the business for close to 20 years, we felt it was time to hand over the keys of our operation to a larger and well financed organization that could further build on our success and help our customers maximize their income as well as implement newer technology,"
"This acquisition not only strengthens our ATM presence in this important consumer market, it also provides the platform to continue growing our digital media and valued added services at the ATM ‒ which Paramount pioneered and is aggressively growing in the mainland U.S. and Puerto Rico," concluded Fernandez.
ABOUT PARAMOUNT MANAGEMENT GROUP, LLC — A national leader in implementing solutions incorporating technology allowing consumers, retailers and financial institutions to interact with each other, Paramount's services include the placement and operation of ATMs, digital media solutions and meeting consumer needs by providing bill pay, money remittance, gift card dispensing and crypto-currency solutions among other services at the ATM. The company's Sharenet division specializes in providing ATM outsourcing solutions to financial institutions. Visit www.paramountmgp.com to learn more.
ABOUT EZ Payments Inc. — Since 2000, EZ Payments has been one of the leading ATM Deployers in Puerto Rico, with additional presence in Florida. The company offers a full suite of ATM processing and tun-key solutions to leading national and international retailers.
Paramount Chief Development & Marketing Officer