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October 06, 2015 1:03 AM ET

Consumer Finance

Company Overview of PayNearMe Inc.

Company Overview

PayNearMe Inc. operates an electronic cash payment system that enables businesses and government agencies to accept cash payments from consumers at local stores in the United States. Its electronic cash transaction network allows consumers to pay rent and utility bills, repay loans, buy tickets, make online purchases, and more with cash; and updates transaction details in real time on the PayNearMe payment management portal. The company’s solution services clients in auto lending, healthcare, property management, utilities/municipalities, bank treasury, insurance, social services, eCommerce, direct selling, tolling and transportation, gaming, and other industries. PayNearMe Inc. was formerly...

292 Gibraltar Drive

Suite 104

Sunnyvale, CA 94089

United States

Founded in 2009





Key Executives for PayNearMe Inc.

Founder, Chief Executive Officer and Director
Senior Vice President of Government Affairs
Chief Innovator
Chief Technology Officer
Compensation as of Fiscal Year 2015.

PayNearMe Inc. Key Developments

ProfitStars Partners with PayNearMe to Simplify Cash Payment Acceptance

Jack Henry & Associates Inc. announced a partnership with PayNearMe through its Enterprise Payment Solutions (EPS) group. Fully integrated with ProfitStars' EPS product suite, PayNearMe frees businesses and nonprofits from the encumbrances of accepting cash as payment while enabling consumers to visit local retailers to pay for online purchases, rent, utilities, and more using cash. During the merchant's checkout flow, PayNearMe generates a payment code for each transaction; the payment code can be obtained through the merchant's website, email, text, or paper billing statements. The code can then be printed or accessed on a mobile device for the consumer to take into 17,000 trusted retail locations, including 7-Eleven® and Family Dollar® stores across the United States. The cashier (at that 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. 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 this 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.

Bill2Pay Partners with PayNearMe to Digitize Cash Collections

Bill2Pay announced that it is partnering with PayNearMe to digitize cash collections. The integration frees up in-office resources and streamlines payment reconciliation for Bill2Pay's utilities and government customers, while increasing the likelihood of on-time payments by offering consumers another convenient way to pay. Consumers who wish to pay their bills with cash will be able to do so at their convenience, in their own neighborhoods, at 17,000 participating 7-Eleven, Family Dollar and ACE Cash Express stores in PayNearMe's nationwide network. Many of the stores are open 24 hours a day, seven days a week. The funds are guaranteed to the business or government agency as soon as they are collected by the cashier. Features such as payment receipts issued to the consumer, automatic real-time payment notifications and unique barcodes assigned to each transaction offer added peace of mind that the transaction has been processed flawlessly.

PayNearMe Appoints Jotaka Eaddy as Senior Vice President of Government Affairs

PayNearMe announced the hire of Jotaka Eaddy, former senior advisor to the president and CEO of the National Association for the Advancement of Colored People (NAACP), to lead the company's public policy and consumer advocacy initiatives as its senior vice president of government affairs. Eaddy will help the company build partnerships with consumer groups, community leaders, and federal and state government organizations to ensure that the needs of the approximately 68 million un- and under-banked Americans are being considered in legislative decisions.

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