Cash

PayNearMe Enables Invoice Payment With Cash

Cloud invoicing company Invoice Cloud announced Thursday (Jan. 25) that it will be accommodating customers who want to pay with cash through a new partnership with payments company PayNearMe. In a press release, Invoice Cloud said thePayNearMe collaboration will mean customers can pay their bills with cash at CVS Pharmacy, 7-Eleven, Family Dollar, Casey’s General Stores and ACE Cash Express stores.

“When we started Invoice Cloud, we thought we were the ‘everything but cash’ solution,” said Bob Bennett, CEO of Invoice Cloud. “Turns out, we were wrong. Cash is still king for many customers and we are pleased to be able to provide the same high-quality solutions to all our clients’ customers using PayNearMe’s advanced solution.”

Completed payments show up in the Invoice Cloud Biller Portal. Customers will have the choice to pay with cash at the start of the checkout process when PayNearMe is enabled, then find a nearby participating retailer, print out a payment slip or have it sent to a mobile device. The customer presents the payment slip to the cashier, pays the cash and obtains a receipt. Invoice Cloud customers will see the payment populate in their eInvoice reports and can reconcile cash payments in the same manner as an electronic check or credit card payment.

“PayNearMe looks forward to working with the Invoice Cloud to offer a new option for their customers to pay with cash,” said Mike Kaplan, senior vice president of merchant processing. “With a significant number of payment locations, people can pay anytime, day or night.”

While digital payments are growing in popularity in the U.S., cash still reigns supreme. According to PYMNTS research, it continues to be the most popular method of payment for small-value, everyday purchases in the U.S. What’s more, an estimated 24 percent of U.S. citizens make all their purchases using cash, and the U.S. also boasts a greater ATM availability score of 60, according to the PYMNTS ATM Availability Index. That’s almost twice as high as the Americas ATM availability score of 32.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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