NEW YORK ( TheStreet -- EVERTEC ( EVTC) shares were gaining 3.8% to $20.75 on the San Juan, Puerto Rico-based company's first day of trading on the New York Stock Exchange.

Debra Borchardt:

Evertec is a transaction processing company. It just went public today on the New York Stock Exchange ( NYX) . I'm here with the CEO, Peter Harrington. So your company is based mostly in the Caribbean area and this is an area that really has not gone as full force into electronic payments as say America so it seems like it's really got a high growth area for you.

Peter Harrington:

Today we're in all of the Caribbean and we're in all of the Central American countries as well as Columbia and Mexico and all of those markets are growing in the high teens, 20 percent in electronic payments and so think of it as cash being converted to an electronic payment.

Debra Borchardt:

You know, some people call you guys "The Square" of the Caribbean." Do you like that comparison or do you think you're different?

Peter Harrington:

We have such a breadth of products. That's one product and we have that but we have lots of payment products. We have the payment products across the entire chain as well as technology service products, so we're a lot more than just a square.

Debra Borchardt:

Puerto Rico gives you a nice tax preferential. Does that help you with your competition because you've got a little bit of a gift there?

Peter Harrington:

Certainly it helps. It helps because we can be very, very price effective. So we don't have the same cost structure obviously from a tax perspective and that allows us to be very, very cost aggressive if we need to win business.

Debra Borchardt:

Sixty nine percent of your shareholders are selling their stock on the IPO. Why is that, because usually the shareholders would want to retain their stock, correct?

Peter Harrington:

I just think that the time we have been carved out for two years. We've done all of the things we had to do to create a true stand-alone company today and I think we're just ready for the future and obviously the markets are very good.

Debra Borchardt:

What is the area that your company is spending the most capital on right now?

Peter Harrington:

We're just expanding into the Latin American regions... so we expanded in 2012 into Columbia and we'll continue to do that to expand in the new markets like say Chile or Peru next.

Debra Borchardt:

Is that IT spending, is that what you're doing?

Peter Harrington:

It's more communication. We run the infrastructure in one place in San Juan, and so it's more communication expense to get up and running in these countries.

Debra Borchardt:

What is going to be your biggest challenge this year?

Peter Harrington:

Execution, we signed a number of new customers last year that we have to implement this year and it's a good problem to have at the end of the day.

Debra Borchardt:

Well, their stock has gotten off to a good start this morning, already trending up.

--Written by Debra Borchardt in New York.

>To contact the writer of this article, click here: Debra Borchardt.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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