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PayNearMe Brings Online Cash Payments to ProfitStars’ EPS Smart Pay Express

PayNearMe Brings Online Cash Payments to ProfitStars’ EPS Smart Pay Express

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Two forces in the payments industry, ProfitStars and PayNearMe announced a partnership today. Through the agreement, merchants using ProfitStars’ Enterprise Payment Solutions (EPS) Smart Pay Express will have access to PayNearMe’s cash payment technology.

Financial institutions using the system will be able to offer their business banking customers an all-in-one payment platform to help businesses accept cash for online purchases from underbanked and cash-preferred customers.

When a customer makes a purchase online using PayNearMe, they receive a code, which they bring to one of 17,000 physical retail locations (such as 7- Eleven). Once the cashier at the store scans the code, the customer pays in cash. After payment, PayNearMe transfers the funds to the merchant, who is notified to ship the item the customer ordered online.

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PayNearMe presented at FinDEVr San Francisco in 2014. ProfitStars last demonstrated its Budget Manager at FinovateSpring 2012.