August Capital led the $10 million Series D round, bringing the company’s total funding to $30 million. Existing investors Khosla Ventures, Maveron, and True Ventures also participated.
The new Express option for merchants is offered alongside Pro and Custom accounts that each provide different levels of service, including API access and receipt customization, as seen in the chart below.
Along with a lower price tag, the Express option also benefits merchants by requiring less backend integration, so they can begin using the service in less than an hour without the help of IT staff. Setup requires banking information and unique data about each customer, such as customer number and address.
The new Express option opens the possibility for PayNearMe to serve a large number of small merchant accounts, as opposed to just a handful of large accounts, such as existing clients Greyhound and H&R Block.
From 2011 to 2012, the San Francisco-based company tripled its volume. BetaKit adds that, for 2013, PayNearMe plans to expand beyond its 7,000 7-Eleven stores and 1,600 ACE Cash Express stores to add more partner retailers, likely more convenience stores. Also, it aims to support more small, ecommerce retailers.
To learn more about PayNearMe, watch its FinovateFall 2011 demo.