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.
PayNearMe lets businesses accept cash payments through our network of retail payment locations (such as 7-Eleven and Family Dollar.) However, until now, PayNearMe had only been accessible to businesses that had I.T. resources to integrate our payment platform into their billing and accounting systems.
Now with PayNearMe Express, smaller companies can take advantage of our cash payment network. PayNearMe Express is completely self-service — for both the business and for the consumer. Here’s how it works:
- The business signs-up at paynearme.com. Sign-up takes just a few minutes.
- Once business and banking information is verified, the business enters their customers’ payment information and uses PayNearMe Express to communicate the new cash payment option to customers via email or text.
- Customers go to www.paynearme.com/pay where they select the business name and print a PayNearMe PaySlip or send it to their mobile phone.
- Customers then visit their nearest PayNearMe payment location to make a cash payment. The customer receives a detailed receipt and the business is immediately notified of the payment.
Our beta testers for PayNearMe Express see this new service as a great way to offer convenient cash bill-payment to their customers. One beta tester, Alarca Realty, a property management company in Charlotte, North Carolina, has seen over 50% of its new tenants making deposits and rent payments using PayNearMe.
We think there are thousands of small and medium businesses in the U.S. that can benefit from offering a convenient cash payment option for their customers. There have recently been some great innovations in the payment space with companies like Square offering a way for businesses of any size and location to accept credit cards. Now with PayNearMe Express, businesses of any size and location can easily accept cash.
We look forward to helping businesses who want to expand to “cash-preferred” audiences. And for businesses already accepting cash — the old way — PayNearMe Express can help save businesses time and money and make paying with cash more convenient for their customers.