GAITHERSBURG, MD, November 8, 2010 – PaymentVision and PayNearMe have teamed to make paying for remote transactions with cash as convenient as stopping by a local 7-Eleven® store. Millions of consumers who depend on or prefer to pay with cash for goods and services like their utilities, loans, or groceries have a new option to go online and pay off-line, locally. The PaymentVision and PayNearMe solution provides consumers with a method of payment that is simpler to use and often far less expensive than current payment alternatives, such as pre-paid debit cards, walk-up bill pay or money orders sent by mail.
“With one quarter of U.S. households (over 30 million) — representing $1.3 trillion dollars in annual spending and roughly the same percentage without a credit or debit card* PaymentVision and PayNearMe both recognize the market demand and potential for bringing cash-preferring consumers fully into the payments fold,” says Robert Pollin, CEO of PaymentVision and pioneer of the “Check-By-Phone” industry. “Cash-based alternative payment opportunities are astonishingly large over the long term. Those who build their brand awareness and customer loyalty in cash payment options will benefit tremendously in competing for a share of the unbanked and underbanked market segment.”
In the past, online cash payment initiatives have largely faltered due to the challenge of collecting on a promise to pay. With PaymentVision’s universal ACH (electronic checks) and credit card gateway incorporating PayNearMe’s cash-payment technology and the ubiquity of 7-Eleven’s nationwide, billers, financial institutions, commercial customers and municipalities can now better accommodate cash consumers. Clients are notified in real-time as their respective customers pay at 7-Eleven, and all cash payments are guaranteed good funds, eliminating any risk of fraud or charge-backs.
“Our relationship with PaymentVision enables their clients to provide consumers with a simpler, faster and often far less expensive way to make payments with cash,” said Danny Shader, PayNearMe’s CEO. “Offering PayNearMe through all PaymentVision online payment channels will improve the customer experience for those who prefer to pay with cash, and businesses who serve them can grow their top line more quickly.”
PaymentVision will hold a press announcement on Nov. 8th at 4 p.m. in Booth #1415 at the annual Association for Financial Professionals (AFP) conference held Nov. 7 –9 in San Antonio, Texas.
* Based on information from FDIC, the Bureau of Labor Statistics and the US Census Bureau
PaymentVision® leads the way in developing and delivering comprehensive payment solutions tailored to meet the needs of consumers. PaymentVision® is a biller direct electronic payment service provider and payment gateway that offers clients the ability to accept ACH and credit or debit card payments by phone or online. PaymentVision® also partners with key software providers in targeted vertical markets to provide payment processing via the PayAPI™, a SOAP-based XML web service.
PayNearMe enables consumers to pay conveniently with cash for a wide variety of goods and services from leading companies in e-commerce, direct response and catalog marketing, consumer finance and beyond at a local store, starting with more than 6,000 7-Eleven stores across the United States. For more information, visit www.paynearme.com.