By combining a modified cash load network with an application technology platform, the company’s service is set to enable consumers without credit or debit cards or those who prefer to pay with cash to conduct various remote transactions. Consumers can use PayNearMe for e-commerce purchases, telephone orders, loan repayments or to load funds into their e-wallets at retail locations throughout the US, starting with more than 6,000 7-Eleven stores.
Moreover, the company has already signed distribution agreements with Amazon.com, Facebook, Progreso Financiero, MOL AccessPortal (MOL), m-Via, Lexicon Marketing, LLC, Adknowledges Super Rewards, Money to Go and SteelSeries. The latter will be among the first merchants to use PayNearMe to provide their customers with the option to pay with cash at 7-Eleven stores.
Merchants can use PayNearMe with no integration. Alternatively, they can use PayNearMes development platform to enable customized application Because the point of sale terminals at 7-Eleven stores are connected directly to PayNearMes systems, payees are notified when their consumer has paid. They may also instruct PayNearMe to print custom messages on consumers register receipts. These messages can be used to print gift codes, tickets, proof of insurance, loan statements as well as legal disclosures.
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