MOUNTAIN VIEW and ORANGE, Calif. — September 18, 2013 – PayNearMe, the electronic cash transaction network, and Megasys, the leading provider of complete loan servicing systems for the consumer finance industry, today announced the integration of PayNearMe’s network with Megasys’ software. The partnership makes it remarkably simple for the financial institutions that use Megasys’ loan servicing software to accept cash payments from more than 600,000 borrowers. Consumers can now easily make loan repayments with cash at nearly 10,000 participating 7-Eleven and ACE Cash Express stores nationwide, most of which are open 24/7.
“Accepting error-free cash payments at scale in a manner that is convenient for borrowers has been next to impossible for our lending customers, so we actively searched for a technology partner that could ease this pain,” said Debra Conklin, Vice President of Sales and Marketing at Megasys. “PayNearMe takes a unique approach and offers a comprehensive solution that helps lenders and borrowers in a meaningful way. All of our customers will benefit.”
With one simple click, Megasys customers can now email or text PaySlips to their borrowers. PaySlips are pieces of paper or images rendered on the screen of a smartphone that include a unique barcode and cash payment instructions. Soon, Megasys customers will also have an option to use PayNearMe’s Embedded Barcode Remittance Technology (EBRT) to print those unique payment barcodes directly onto borrowers’ monthly statements.
To make a payment, borrowers bring their mobile PaySlip or printed statement to a local 7-Eleven or ACE Cash Express store where they can pay with cash at the register in less than a minute. The lenders receive instant notifications of the payments and the borrowers’ accounts are automatically updated.
“Our customers need easy access to payment locations and PayNearMe makes it possible,” said Bruce Newmark, President of MarkOne Financial. “It is a huge relief for our customers to be able to walk into a nearby 7-Eleven the same day that their bills are due and make payments that post to their loan accounts immediately. And to be able to make those payments 24/7 is especially valuable to customers working multiple jobs or late shifts.”
At the point of sale terminal of local stores, PayNearMe converts cash into electronic payments that are posted in real-time with funds deposited directly into lenders’ accounts. By integrating with PayNearMe’s electronic cash transaction network, Megasys helps financial institutions receive payments faster and more reliably while eliminating the costs and risks associated with accepting cash or cash equivalents on-site. Plus, all the funds are 100% guaranteed.
“We love the electronic cash payment option from PayNearMe and Megasys,” said Andrea Murphy, COO of Sierra Credit Corp. “With the ability to email and text PaySlips, we expect to significantly shrink the number of late payments, as well as reduce our overhead.”
“Cash consumers shouldn’t be penalized when they wish to repay a loan,” said Danny Shader, CEO of PayNearMe. “Paying with cash should be as easy as using plastic, both for the consumer who makes the payment and the lender who processes it. We are proud to support Megasys because, like us, they value simplicity and convenience for borrowers and lenders, alike.”
PayNearMe is the electronic cash transaction network that enables consumers to pay rent, transfer money, repay loans, buy tickets, make online purchases and much more with cash. Consumers can conveniently make payments 24/7 in their own neighborhood in less than 60 seconds at one of nearly 10,000 participating 7-Eleven and ACE Cash Express stores across the United States.
Founded in 1981, Megasys is a closely held California Corporation that specializes in computer software systems for the consumer finance industry. Megasys is headquartered in Orange, California, and is backed by an impressive team of finance and technology specialists. To date, Megasys has served over 400 finance companies across the nation and internationally, helping them improve their bottom line and stay competitive in this challenging economic climate. For more information, please visit www.megasys.net