Apr 11, 2013

PayNearMe and Shaw Systems Partner to Enable Convenient Cash Acceptance Technology

SUNNYVALE, Calif. and HOUSTON, Texas (April 11, 2013) -PayNearMe Inc., the cash transaction network, and Shaw Systems Associates, the software solutions provider serving North America’s top financial services companies, today announced that Shaw Systems has integrated PayNearMe to make it easy for financial institutions on the Shaw platform to accept cash payments. Now consumers can make loan repayments with cash in less than 60 seconds at more than 8,600 local, participating 7-Eleven and ACE Cash Express stores nationwide.

“Our integration with PayNearMe allows us to offer an innovative and convenient cash payment solution to our clients,” said Cyndy Stone, Chief Operating Officer of Shaw Systems. ” PayNearMe eliminates any inefficiencies in serving cash consumers.”

The PayNearMe integration with Shaw Systems allows financial institutions both to increase payment rates and reduce the operational costs associated with accepting cash or cash equivalents. Collections agents can now enable consumers to make payments at 7-Eleven or ACE Cash Express locations by sending consumers a PayNearMe PaySlip through email or text with one simple click. PayNearMe also offers its Embedded Barcode Remittance Technology (EBRT) so that lenders can print a unique barcode directly onto consumers’ monthly statements.

When consumers wish to make a payment, they bring cash along with their PaySlip or bill to a nearby 7-Eleven or ACE Cash Express store where an associate completes the transaction at the register in real-time. The lender is notified immediately, and payments post automatically to customers’ accounts. All funds are 100% guaranteed good funds. Consumers enjoy the convenience of paying with cash any time of day or night at 7-Eleven and ACE Cash Express locations. Shaw Systems’ clients can also take advantage of PayNearMe without any headaches or IT burden because PayNearMe is a turnkey application within Shaw.

“Shaw Systems’ clients collectively serve millions of consumers,” said PayNearMe CEO Danny Shader. “We want to make sure that those consumers have the easiest and most convenient cash payment option available.”

About Shaw Systems
AssociatesShaw Systems has been a pioneer in automating the lending industry since 1967. The privately held company provides complete solutions for loan and lease servicing and collections and recovery. North America’s top financial institutions, including a vast number of auto finance leaders, use Shaw products and services. Visit www.shawsystems.com to learn more.