Paramount Management Group is pleased to announce it has acquired EZ Payments, Inc., one of the largest deployers (IADs) in Puerto Rico.
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,” Jorge Fernandez, Paramount Chief Development and Marketing Officer says. “EZ Payments identified the opportunities the local market provided for IADs and quickly capitalized on those opportunities over the years.”
“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,” Vargas continues.
“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.