Welcome!

News Feed Item

PayNearMe(R) Triples Its Payment Volume in 2013

Company Raises $20M to Accelerate Growth; Expansion Into Key Categories and Pursuit of New Markets Strengthens PayNearMe's Leadership Position

SUNNYVALE, CA -- (Marketwired) -- 02/06/14 -- PayNearMe, the electronic cash transaction network, today announced that it has closed a $20 million round of financing led by GSV Capital. August Capital, Khosla Ventures, Maveron and True Ventures also participated in the round. PayNearMe will use the funds to continue expansion into existing categories while launching into new vertical markets.

PayNearMe is the simplest, quickest, and most convenient way for consumers to pay bills and rent, repay loans, buy tickets and make online purchases with cash. PayNearMe caters to the 60M to 100M Americans who need or prefer to pay with cash. To make a PayNearMe payment, consumers simply bring their payment code to one of over 17,000 participating retail locations, including 7-Eleven® stores nationwide, and pay with cash at the register. In contrast to outdated, alternative payment methods, consumers don't have to fill-out any forms or wait in long customer-service lines. They can make cash payments 24/7 in less than 60 seconds and have their payments posted immediately to their biller's account. Additionally, PayNearMe offers the only mobile cash-payment option for consumers.

"At PayNearMe, we have made it a priority to level the playing field by making it easy for every consumer to participate in the digital economy, even if they prefer to pay for goods and services with cash," said Danny Shader, CEO of PayNearMe. "Our powerful transaction platform adapts to suit the specific needs of a variety of businesses and organizations that want to accept cash payments remotely."

PayNearMe Expands its Presence

Over the past year, PayNearMe has tripled its payment volume by growing in the following categories:

  • Rent - Property management companies that use software like AppFolio and RentPaidOnline can now use PayNearMe to make it remarkably simple for property managers to accept rent deposits and monthly rent payments from their cash-preferring tenants. With PayNearMe, property managers never have to manually count, process or reconcile cash or money orders. This efficient solution also eliminates the security risks associated with operating a dropbox, holding cash on-site or carrying it to the bank.

  • Utility agencies - Nine California agencies including Glendale Water and Power, Padre Dam Municipal Water District, City of Tracy, Park Water Company, City of Fairfield, City of Santa Rosa, City of Oxnard, Mission Springs Water District and Helix Water District offer their customers the convenient option of making water bill payments in cash. These customers can now pay their bills 24/7 in a matter of seconds instead of taking the time to travel to the water district's office on a weekday to make their payments in person.

  • Auto-lending - Hundreds of financial institutions that use loan-servicing software from Shaw Systems, Megasys and Nortridge Software Company can now accept cash payments from millions of borrowers. The integration of PayNearMe into loan servicing software enables cash payments to be processed in the same automated manner as other electronic payments methods.

In addition to strengthening its presence in these markets, PayNearMe is gaining significant traction in new categories such as self-storage, direct selling, auto insurance and banking. PayNearMe is also negotiating with leading companies in healthcare, airlines, tolling, child support and online entertainment.

"PayNearMe's success can be attributed to its unique ability to respond to the latest trends and adapt its solution, giving businesses the options they need to efficiently service a broad economic range of consumers -- not just those who can swipe a credit or debit card," said Michael Moe, Chairman and CEO of GSV Capital. "This additional funding will help accelerate PayNearMe's growth and open the door to even more consumers who need the invaluable option of cash payment."

To learn more about PNM please visit www.paynearme.com

About PayNearMe

PayNearMe is the electronic cash-transaction network that enables consumers to pay rent and utility bills, repay loans, buy tickets, make online purchases and do much more with cash. Consumers can conveniently make payments on their own schedule and in their own neighborhood in less than a minute at one of over 17,000 trusted locations including 7-Eleven®, Family Dollar® and ACE Cash Express® stores across the United States. For more information, please visit: www.PayNearMe.com

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2513342

Add to Digg Bookmark with del.icio.us Add to Newsvine

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
"C2M is our digital transformation and IoT platform. We've had C2M on the market for almost three years now and it has a comprehensive set of functionalities that it brings to the market," explained Mahesh Ramu, Vice President, IoT Strategy and Operations at Plasma, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Traditional IT, great for stable systems of record, is struggling to cope with newer, agile systems of engagement requirements coming straight from the business. In his session at 18th Cloud Expo, William Morrish, General Manager of Product Sales at Interoute, outlined ways of exploiting new architectures to enable both systems and building them to support your existing platforms, with an eye for the future. Technologies such as Docker and the hyper-convergence of computing, networking and sto...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Much of IT terminology is often misused and misapplied. Modernization and transformation are two such terms. They are often used interchangeably even though they mean different things and have very different connotations. Indeed, it is somewhat safe to assume that in IT any transformative effort is likely to also have a modernizing effect, and thus, we can see these as levels of improvement efforts. However, many businesses are being led to believe if they don’t transform now they risk becoming ...