MONETT, Mo. (3/23/15)--ProfitStars, a division of Jack Henry and Associates, has partnered with the electronic cash provider PayNearMe.
Integrated with ProfitStars' EPS product suite, PayNearMe frees businesses from the encumbrances of accepting cash as payment while enabling consumers to visit local retailers to pay for online purchases, rent, utilities and other transactions using cash.
PayNearMe enables businesses to print a barcode on any customer's invoice or bill. A small business such as a landlord can send a bar code directly to a consumer's mobile phone. The code can then be printed or accessed for the consumer to take into one of 17,000 retail locations nationwide. The cashier at the selected store scans the payment code and accepts cash from the consumer, who receives a receipt as proof of payment.
PayNearMe immediately notifies the merchant of payment and transfers 100% good funds to its account via ACH. Merchants can then track the life of their transactions within the ProfitStars EPS system.
"This partnership enables financial institutions to offer these businesses a one-stop-shop payment platform that includes cash," said Danny Shader, PayNearMe founder/CEO. "Cash-preferring consumers need a convenient way to pay for rent, utilities, loans and more using cash. Businesses who serve these consumers are able to tap into a massive market that their cash-rejecting competitors cannot."
PayNearMe's solution virtually eliminates the risk of fraud or chargebacks. The fee is typically less costly than traditional money transfer services, and the merchant can choose whether to absorb the fee or pass the cost on to the consumer, who benefits from the convenience of paying at local retail locations. Adding PayNearMe gives financial institutions another way to add value to their business offerings, creating customer loyalty and generating new revenue streams.