By Stephen Brannon, Director of Business Development
The Pains of Accepting Cash
For subprime consumers to make a cash payment, the process is cumbersome and costly. Current solutions like MoneyGram and Western Union offer an outdated and friction-filled experience for customers to pay. As a lender, working with alternative payment channels has traditionally meant accepting an inherently non-electronic payment, often without real-time reporting that ACH, debit, or credit would provide.
We launched the Alliance Partner program to find best-in-class solutions to some of these common pain points — in collections and beyond. The goal was not only to bring leading vendors to your attention, but also to remove any of the technical burdens you used to bear when working with these third parties. For addressing the pains of accepting cash payments, we’re glad to be working with PayNearMe.
The Secret Sauce of PayNearMe: Ease & Convenience
PayNearMe’s network of over 17,000 authorized retail locations, including 7-Eleven®, Family Dollar® and ACE Cash Express® stores, allows your customers to make cash payments in their own neighborhood, in less than 60 seconds. Upon payment, you are notified as soon as the payment is received and the funds are guaranteed – no fraud, no paperwork, and no hassle. Many of the retail payment locations are open 24/7, which also helps to encourage timely payments. PayNearMe’s cash payment option is now integrated directly into Shaw’s COLLECTIONS and RETAIL systems, making accepting cash payments through PayNearMe as easy as flipping on a light switch.
Cash-alternative payment methods such as MoneyGram and Western Union often pose challenges to both you and your customers. Simple spelling errors, for example, result in unreconciled or rejected payments. This creates additional operational costs and headaches for your operations, collections, and customer service staff. Many subprime customers paying with credit cards result in disputes or chargebacks that you may have no defense against.
PayNearMe makes paying in cash simple and convenient for the customer, while offering guaranteed funds to you.
The Value of the Alliance Partner Integration
The power of the PayNearMe/Shaw Systems integration is two-fold. First, by integrating PayNearMe into our RETAIL system, payments are posted to a customer’s account in realtime. As soon as the cash is received at the retail payment location, the payment is also instantly updated in the COLLECTIONS system for your agents to monitor. This gives your collectors the ability to track cash payments efficiently, without any separate files or processes to manage.
Second, the partnership allows your collectors to offer consumers the added convenience of making cash payments at 7-Eleven, Family Dollar, or ACE Cash Express locations by sending a PayNearMe PaySlip through email or text with one simple click. The consumer can then get a barcode right on the screen of their smartphone and use it to make their payment. The process is simple for the consumer, and the integration makes using PayNearMe simple for your collections staff as well.
We chose to partner with PayNearMe for their sophisticated technology. Your agents and customers will appreciate how easy it is to accept cash payments. Contact me to learn more about the integration: firstname.lastname@example.org or 713.782.7730, ext. 114.