September 24, 2015
"This PayNearMe Bill Pay app is just the beginning," said Danny Shader, PayNearMe's founder and CEO. "Cash users are largely neglected in today's bank-based digital economy. By building a suite of easy-to-use financial services that are also easy for retailers to provide to their customers, we will make it possible for everyone to benefit from the convenience of digital transactions."
Cash users are just as busy as the rest of us, so waiting in long lines, filling out money order forms, and making trips to a payment office can be a thing of the past, with bill pay solutions like the PayNearMe app. From a neighborhood gentrifying perspective, making a cash payment at your local utility service provider, the post office or financial money service provider, which oftentimes is covered in intimidating bulletproof glass, can make for a cumbersome and dreary user experience. It's rare that bill payers are greeted with a warm welcome by clerks because there is little incentive for them to make a personal connection. On the other hand, by fusing the bill pay experience with a familiar and reputable establishment, the user experience changes all together. PayNearMe has partnered up with some of the most recognized convenience stores in America, brands that are familiar to just about every socioeconomic class by name. When patrons enter a store, merchants see a potential customer first. Whether that patron makes a purchase or not, merchants have an incentive to provide good customer serving experiences for that patron. There is an opportunity for retailers to capitalize on the bill pay feature, by increasing new traffic to their stores and by providing an additional service to their current clientele.
The 48 states that require money transmitter licenses have already granted them to PayNearMe, which means PayNearMe can be used at over 17,000 US 7-Eleven, Family Dollar and ACE Cash Express stores nationwide. The app serves as a full-service bill payment center for a variety of industries like auto lending, healthcare, property management, utilities, bank treasury service, insurance, social services, eCommerce, direct selling, tolling and transportation, gaming and other industries.
Cash users can begin paying bills in three easy steps:
A convenience fee applies, depending upon the biller and the size of the payment, but most of the time, it is approximately $1.99 per payment. Most payments are posted to the account within 4 business days, though many billers post payments the next business day.
Its cloud-based software enables cash users to easily engage in an ever-changing digital ecosystem, while at the same time gain an appreciation for the simplicity and ease of the process. Also, Merchants can rest assured that there are minimal changes to their existing systems. Additional retail stores are expected to be announced in the coming months along with other financial services.
A study by the FDIC found that low income consumers use cash because they view most mainstream banking and financial products as too expensive or too difficult to obtain. One major consideration when introducing modern financial technology, is to be mindful of the end user. When solution providers understand why there is a segment in the market missing from their audience adoptions, then and only then can providers re-engage those users with better solutions to meet their needs, rather than losing out on their potential business completely. Accepting cash bill payments is a step in the right direction, in an effort to service cash users and the underbanked.
PayNearMe is the first technology company to offer consumers an electronic way to pay with cash using their mobile device. The PayNearMe Bill Pay app, available in the Google Play store and iTunes App Store, enables consumers to pay for cable and phone bills, insurance, utilities, rent, loans, and much more with cash. PayNearMe has been helping government agencies and businesses accept cash payments remotely since 2009. The company's merchants now include Greyhound bus, California Department of Child Support Services and the city of Philadelphia's bike share program Indego, among others. Consumers can pay bills on their own schedule, in their own neighborhood, in less than one minute at nearly 17,000 retail locations in PayNearMe's nationwide network, which includes 7-Eleven and Family Dollar stores. For more information, visit www.PayNearMe.com.
About 7-Eleven, Inc.
7‑Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Based in Dallas, Texas, 7‑Eleven operates, franchises or licenses some 10,500 7‑Eleven® stores in North America. 7‑Eleven is franchising its stores in the U.S. and expanding through organic growth, acquisitions and its Business Conversion Program. Find out more online at www.7-Eleven.co