"[image-nocss] With one quarter of U.S. households [more than 30 million] representing $1.3 trillion dollars in annual spending and roughly the same percentage without a credit or debit card PaymentVision and PayNearMe both recognize the market demand and potential for bringing cash-preferring consumers fully into the payments fold," said Robert Pollin, CEO of PaymentVision. "Cash-based alternative payment opportunities are astonishingly large over the long term. Those who build their brand awareness and customer loyalty in cash payment options will benefit tremendously in competing for a share of the unbanked and underbanked market segment."
In the past, online cash payment initiatives have largely faltered due to the challenge of collecting on a promise to pay, according to the companies. With PaymentVision's universal ACH (electronic checks) and credit-card gateway incorporating PayNearMe's cash-payment technology and the penetration of 7-Eleven stores nationwide, billers, financial institutions, commercial customers and municipalities can now better accommodate cash consumers. Clients are notified in real-time as their respective customers pay at 7-Eleven, and all cash payments are guaranteed good funds, eliminating any risk of fraud or chargebacks.Gaithersburg, Md.-based PaymentVision develops and delivers payment solutions. It is a biller-direct electronic payment service provider and payment gateway that offers clients the ability to accept ACH and credit-card or debit-card payments by phone or online. PaymentVision also partners with software providers in vertical markets to provide payment processing via the PayAPI, a SOAP-based XML web service.
Mountain, View, Calif.-based PayNearMe enables consumers to pay conveniently with cash for a variety of goods and services from companies in e-commerce, direct-response and catalog marketing, consumer finance and beyond at a local store, starting with more than 6,000 7-Eleven stores across the United States.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.