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    8,000 more reasons why PayNearMe wins over any walk-up bill payment and money orders

     

    At PayNearMe, we are committed to bringing cash consumers into the digital age by making remote cash payments as convenient and easy as electronic transactions via ACH and credit cards. As companies like Apple have demonstrated, it often takes deep technology to deliver a great and simple user experience. PayNearMe’s sophisticated and flexible technology platform enables merchants, government agencies and other payees to deliver the best possible user-experience so consumers can complete their payments quickly and easily and get on with their more important (or fun) activities.  

    Keys to success for accepting rent payments in cash

     

    Property managers will inevitably come across ideal prospective tenants who want to, or need to, pay rent with cash. While the non-bouncing nature of cash seems like a great way to collect the rent, in reality, traditional cash payments  can be a risky business, not to mention inconvenient and time consuming. The property manager needs to be on hand to accept the cash payments, then safely store the cash, record it an accounting system, and securely make bank deposits. 

    Thoughts on PayNearMe Express, walk-up bill payment, money orders, and fees

     

    Today we launched PayNearMe Express, the first payment system designed to let any legitimate business collect cash from consumers who cannot hand them cash in person. The informal reactions have been positive, as has been the press coverage. However, in some of the comment streams, folks have questioned the merits of our $3.99/payment fee for PayNearMe Express payments, so I’m writing to put that price in perspective.

    New way for small and medium businesses to accept cash payments

     

    One challenge we've heard from small and medium businesses like property management companies, independent car dealerships, and small private educational institutions, is that they need a more convenient way to accept payments from their customers who prefer to pay with cash. Accepting cash and cash alternatives such as money orders and cashiers’ checks on business premises can be difficult and costly. Cash and cash alternatives must be counted and reconciled manually, safely stored and transferred, and require businesses to make frequent in-person deposits at the bank. Plus it can be inconvenient for customers to have to pay in-person if they don't live nearby or if they can't come in during regular office hours. Additionally, many small and medium businesses can't accept cash because they don't have a local presence in the area they want to serve – for example, online businesses. 

    Cash: Rumors of its death are greatly exaggerated

     

    Lee Ault, CEO of the first check guarantee service, TeleCredit (which subsequently morphed into FiS Global), once described the moment his business exploded in the early 1970’s. In this era before ATMs, and when BankAmericard –-not yet renamed “Visa” -– was approaching critical mass, retailers avoided accepting personal checks because they were considered too risky. Ault broke his pick trying to sell TeleCredit as a loss reduction service to the few retailers that accepted them.

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