International-pawn shop and payday-loan operator EZCORP Inc. has signed an agreement for Cardtronics Inc. to deploy ATMs in EZMONEY stores in three states as part of a multi-year managed-services contract with the company.
Cardtronics, the nation's largest independent ATM deployer (IAD), will install approximately 120 ATMs in EZMONEY stores in Colorado, Texas and Wisconsin, with the opportunity for additional future placements.
EZMONEY, which provides short-term loans usually no longer than two weeks, operates 444 stores in the United States and 51 stores in Canada, according to EZCORP's United States Securities and Exchange Commission filing. EZCORP is EZMONEY's parent company.
In addition, Houston-based Cardtronics will manage the ATMs, including providing transaction processing, monitoring, maintenance and cash management.
The deal represents EZCORP's first major foray into providing ATMs in its short-term consumer loan stores.
"Providing ATM services in many of our stores is yet another installment in our overall strategic initiative to broaden the suite of financial products and services we offer to customers," said Mark Kuchenrither, senior vice president of strategic development at EZCORP, which is based in Austin, Texas. "And partnering with a world leader such as Cardtronics demonstrates our commitment to that initiative."
EZCORP was formed with 16 pawn stores in 1989. The company operates more than 1,000 storefronts in 13 states and Mexico under the EZPAWN, EZMONEY Loan Services and EZMONEY Payday Loans. EZCORP, which is traded on the NASDAQ, reported record earnings for the fiscal year ended Sept. 30, 2010.
