United Merchant Services Inc., a vendor of payment processing and point of sale systems, has received funding from The Goldman Sachs Group Inc. to expand globally and to enhance its technology platform, client service and sales effort.
These funds will provide us with the financial flexibility to convert our payment gateway to a processing platform, which will allow us to tap into new markets and diversify our merchant portfolio, Jay Yoon, CEO and president of Hackensack, N.J.-based UMS, said in a Sept. 19 press release.
UMS intends to grow by acquiring competing processors and sharing technology with them to create synergy that will help achieve economies of scale, Yoon said.
UMS has achieved remarkable growth for the past three years, and these funds will help UMS steer to the group of top processors in the nation, he said.
The Companys unique technology and senior managements vision should help drive growth, Clayton Main, vice president at The Goldman Sachs Specialty Lending Group, said in the release.
UMS and United POS Solutions Inc., the companys wholly owned POS company, continue to develop products, the release said. UMS most recent service, UP Cloud, backs up data, enabling merchants to restore a POS system and settings in minutes after system failure. Thw service is available for all UP Solution software.