Jack Henry & Associates, Inc. (JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry.
Its ProfitStars® division today 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 percent good funds to its account via ACH. Merchants can then track the life of their transactions within the ProfitStars EPS system.
Danny Shader, founder and CEO of PayNearMe, said, "This partnership enables financial institutions to offer these businesses a one-stop-shop payment platform that includes cash. This is appealing to businesses because it expedites transactions and improves customer service and convenience while requiring minimal technical setup. Cash-preferring consumers need a convenient way to pay for rent, utilities, loans, and more using cash. Businesses who serve these consumers are able to tap into a massive market that their cash-rejecting competitors cannot."
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 benefiis 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.
Greg Adelson, general manager of Jack Henry & Associates' Payment Solutions group, explained, "PayNearMe provides businesses on our EPS platform a convenient way to transact with those individuals and/or companies that prefer to pay in cash. This cost effective and virtually risk free option is an ideal solution for municipalities, utilities, property management, and e-commerce companies looking to provide a convenient payment option for all of their customers, including the unbanked."
PayNearMe fulfills an important cash payments component of ProfitStars® EPS SmartPay Express™, a custom online payment and donation service for business customers that also supports single or recurring payments from:
- Checking or savings accounts (processed as an ACH transaction);
- Credit or debit cards; and
- PayPal® accounts.