Paynearme continues forward with its partnership with 7-Elevin to allow people without credit cards or even regular bank accounts the ability to pay for purchase or bills like utilities. 7-Elevin is the location of payment but Paynearme has signed up a number of participating partners that will accept the back end payments.
From 7-Elevin’s perspective:
7-Eleven views PayNearMe as an opportunity to provide even more convenience for shoppers because consumers can now easily purchase online products without the need of a debit or credit card. We want 7-Eleven to be the neighborhood destination for people who prefer or need to pay in cash and to provide all consumers with the same shopping choices no matter how they wish to pay for goods and services.
Jesus Delgado-Jenkins, Senior vice president for merchandising and logistics, 7-Eleven
“Here’s how PayNearMe works. With participating partners, e-commerce or merchant sites, consumers can use the PayNearMe option to pay for purchases or debts owed. You simply place your order with PayNearMe and print out the given receipt. You then take that receipt into a 7-Eleven and they scan it and you pay in cash. Once you pay, your order with the retailer or merchant will be fulfilled.”
“If you think about it, you’d never own a business without a cash drawer so why open a business online without a cash drawer,” said Danny Shader, CEO of PayNearMe, “We’re the cash drawer for cyberspace.”
A little more on the barcode system from a recent press release:
“PayNearMe, the cash payment network, today announced a new technology – PayNearMe Embedded Barcode Remittance (EBR) – that billers can use to embed PayNearMe Barcodes directly into their customers’ statements. EBR allows customers to take their bills to a local store, starting with any of nearly 6,200 7-Eleven® stores nationwide, and pay the amount owed with cash at the register. The entire process requires less than 60 seconds to complete, and customers are provided with a detailed customized receipt.
Sixty million adults are unbanked or underbanked, meaning they do not use bank accounts and often have to rely upon inconvenient and potentially expensive walk-up payment systems. Representing a better alternative, the new PayNearMe EBR technology delivers an easy, inexpensive and convenient payment option to this unbanked and underbanked community, as well as other consumers who prefer to pay with cash.
By using EBR, billers reduce their cash-processing expenses by accepting cash payments at 7-Eleven stores instead of money orders, or cash at their own facilities. In addition, billers or billing aggregators can optionally participate in the fee structure.
Danny Shader, CEO of PayNearMe, added, “PayNearMe’s ability to integrate Barcodes directly into mail-house billing operations, such as those offered by InfoSend, demonstrates yet another innovative way our cash-payment network can be used by various industries for remote collection of cash payments. Embedding PayNearMe EBR also creates new business opportunities for billers and billing aggregators.”