May 27 2011|08.00 AM UTC

Samantha Eckles

PayNearMe Helps Consumers Pay With Cash

Category: SR, UncategorizedTags: , , , , ,

If you’re one of the 24% of Americans who don’t possess a debit or credit card, it can be a challenge to pay your bills. However, a recent startup called PayNearMe is trying to make your life easier. This new company has partnered with 7-Eleven and Ria Financial Services to help consumers pay their bills and wire funds using cash and the PayNearMe cash payment network.

Many Opt for the Green Life

A significant number of Americans have decided not to rely on plastic to line their pockets, especially during this hard economic time. In fact, according to Aite Group, U.S. consumers spent $1.2 trillion in cash on purchases last year! By using only cash, many find it easier to keep their spending in check and only buy what they can afford at that moment. Numerous studies support this thought and have found consumers are willing to spend significantly more if they pay with plastic rather than cash.

However, surviving in this day and age without a credit card is not easy. Debit and credit cards are a convenience that many of us could not live without. Not only do they eliminate the need to carry cash but they also allow you to make certain purchases quickly and easily. Having no plastic might not be a problem at the grocery store or the movies, but it can make it difficult to pay monthly utility bills or to purchase a hotel room or concert tickets.

Innovative Technology

PayNearMe’s sophisticated technology platform and cash payment network hopes to change all that. It has teamed up with 7-Eleven to offer millions of Americans a payment alternative if they don’t have a credit or debit card. When consumers purchase from participating e-commerce sites, they can pay for the purchase by taking their printed receipt or PayNearMe card to their local 7-Eleven and pay for the amount owed in cash at the register, The PayNearMe card is swiped to confirm the purchase was paid in full and the online purchase is complete.

PayNearMe has partnered with a wide range of merchants, including some big names such as Amazon and Greyhound. In addition to these merchants, PayNearMe has partnered with InfoSend to help people pay their utilities bills and Ria Financial Services so consumers can initiate money transfers at the 7-Eleven. These services are less expensive than if consumers were to use money orders or Western Union Transfers.

With 24% of Americans looking for ways to make cash more convenient, it seems like there is a huge market opportunity. Do you think PayNearMe is on the right path to making cash king again?

(Content provided by Credit-land)

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