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 In contrast to outdated, alternative payment methods, consumers don't have to fill-out any forms or wait in long customer-service lines.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
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Jared Parker, Director of Financial Services at Kinetica, will discuss how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich inf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).