3 Ways to Boost On-Time Payments
Congratulations to United Auto Credit on processing their first PayNearMe payment!
It’s been three years since we first announced that Shaw Systems Associates would integrate PayNearMe as a way for financial institutions on the Shaw platform to accept cash payments! To celebrate, we’d like to share the top 3 tips that help Shaw lenders like Gateway, Persian, Premier Furniture and now, United Auto Credit, increase on-time payments and boost payment-processing efficiency:
- Help them help you – In other words, make it easy for customers to pay you! With PayNearMe as a cash payment option, consumers can make loan repayments with cash at more than 8,600 participating 7-Eleven and ACE Cash Express stores in their own neighborhood.
- Work on their time – Most consumers work 40 hours a week. Between their families and jobs, going to the store to pick up a money order and remembering to mail it in time is just another chore they don’t have the time for. That’s why having 24/7 payment locations like 7-Eleven is fantastic – and having the ability to complete that payment in less than 60 seconds is even better.
- Make it goofproof – PayNearMe ‘electronifies’ cash payments. Unlike with MoneyGram or Western Union, there are no forms to fill out when consumers pay with PayNearMe, which means no chance of misspellings or erroneous account numbers that often result in misapplied payments and additional headaches. This digitized cash acceptance process also means real-time payment posting to the customer’s account, which results in decreased operational costs for collections and customer service staff. On top of that, all funds are 100% guaranteed good funds, so there are no risks of chargebacks or disputes like with credit cards.
Integrating PayNearMe to Shaw Systems adds value because it automatically posts to a customer’s account. Check out Shaw Systems’ blog post to see why they think PayNearMe is an easy-to-integrate, simple alternative payment solution for lenders.