Mountain View, CA (PRWEB) May 10, 2011
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.
To get started, billers or their aggregators simply integrate with the PayNearMe platform to import unique barcodes and print them onto customers’ bills. When customers present their actual physical bills and pay with cash at a 7-Eleven register, billers are notified in real-time that guaranteed good funds have been received, assuring them there is no risk of fraud, chargebacks or nonsufficient funds.
InfoSend, a provider of bill presentment and e-billing solutions to 200 organizations that represent millions of consumers, is the first billing aggregator to integrate PayNearMe EBR.
“Using PayNearMe EBR to embed barcodes on consumers’ bills so they can pay at their local 7-Eleven store dramatically simplifies the payment experience for those who prefer to pay with cash,” said InfoSend CEO Mahmood Rezai. “PayNearMe EBR not only makes life easier for consumers, but because we’ve integrated with PayNearMe directly, all of our billing clients can take advantage of this customer-friendly option without doing any work themselves.”
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.”
In addition to the launch of PayNearMe EBR for billing, the company made three other announcements today. Transportation companies can now accept cash payments through PayNearMe, providers of value remittance can accept cash for international mobile top-up, bill pay and gift-card delivery, and consumers can send money and pay bills using Ria and PayNearMe (see PayNearMe website for more details).
PayNearMe is the cash payment network that enables consumers to pay conveniently with cash for a wide variety of goods and services from leading companies in e-commerce, consumer finance, transportation and beyond. Consumers pay easily at a local store, starting at 6,200 7-Eleven stores across the United States. PayNearMe was selected as Best in Show at FinovateFall 2010. For more information, visit http://www.paynearme.com.
About InfoSend, Inc.
Since 1996, InfoSend has been a billing service provider that manages the processing and handling of critical documents for industries throughout the United States. Utilizing the most current technology, InfoSend offers an innovative approach with flexible and secure solutions for organizations seeking outsourced data processing, printing, mailing, and electronic presentment and or payment services. Choosing InfoSend as your outsourcing partner will also significantly reduce total overhead costs. Together, we can reach your customers more effectively. For more information, visit http://www.infosend.com.