For Lenders It’s Time to Accept Cash Payments. Here’s Why.

According to a study conducted by the Center for Financial Services Innovation, over 138 million adults in the U.S. are financially underserved. These people rely on cash for all of their daily transactions. The last payment method statistics survey results show that:

  • 31% of the value of all transactions is cash (based on a study done by the Federal Reserve Bank of San Francisco.)
  • Cash usage by the underserved went from $1.6 trillion up to $1.94 trillion over the last three years, according to the Center for Financial Services Innovation.
  • 28% of Americans are un-banked or under-banked, relying on cash and alternative payments.
  • 90% of the un-banked have access to a mobile phone, and
  • 73% use smart phones, according to a 2015 Federal Reserve Mobile Financial Services report.
  • 80% of this group are U.S.-born citizens,
  • 45% have some college education,
  • 27% are earning over $50,000 per year, and
  • 43% are homeowners.

All of these statistics point to the fact that mobile friendly cash payment platforms are more in demand than ever. Even better, people are seeking out the accredited, compliant, trusted and secure ones with anti-money laundering controls. The un-banked and under-banked consumer is looking for convenience and peace of mind when making payments and merchants are more than happy to accept cash.

So, if you are a lender, wouldn’t you like a piece of this market? What if you could provide underserved consumers with a mobile or printed payment cash payment option at thousands of locations nationwide?

Well the good news for lenders is that now you can. With the PayNearMe network, businesses can easily adopt a new mobile-friendly, cash payment solution for consumers. The solution empowers consumers to pay off their loans with cash on their own schedule and at convenient, trusted locations like 7-Eleven, CVS, or Family Dollar stores. Payments are guaranteed, with expedited, same-day posting, eliminating the need to fill out forms and there is also no need to stand in special lines.

Money can be handled properly by a neighborhood retailer, where a receipt confirms guaranteed payment; and is less expensive than most alternative payment options. Customers can now pay bills anytime, including evenings, holidays, and weekends. Payment is finally an always on option – 24 hours a day and 7 days a week.

There is no better time in history for lenders to offer great payment flexibility for customers.

Offer your customers the option of turning their phones into a cash-payment tool and elevate their overall loan payment experiences with ease and convenience.