How InComm Is Creating A Cash Network

By Pete Rizzo (@pete_rizzo_)

There’s no shortage of evidence: Americans continue to trust cash above all other payment methods. But cash, as a payment method, is viewed by many in this age of mobile innovations as a quaint relic – like the lace dollies at grandma’s house, it’s nice but somewhat dated.

Yet, there is a large segment of consumers who prefer cash, even if they have other payments options available to them. Cash is ubiquitous, tangible and is the easiest way for people to manage their spending – when it’s gone, it’s gone. And, the cases are now extending well beyond just paying for cash at the point of sale (POS), but shopping online and settling that transaction at the POS, and paying bills, many times on the day they are due, that way as well. In fact, some analysts estimate that more than 700 million monthly bills – totaling nearly $175 billion – will be paid in cash, by all age groups, including Millennials, whose fascination with mobile technology is well documented.

That was the inspiration for Cashtie, InComm’s cash network designed specifically to support cash use at merchants that want a cash option and new ways to drive foot traffic to their storefronts.

“We don’t believe cash is dead,” said Thomas Cornelius, senior vice president at InComm. “But, unfortunately, the ability to pay with cash has been made more and more difficult for the consumer since there aren’t many convenient ways for them to use a favorite and ubiquitous payment method. And, billers, merchants and others have just thought that introducing cash as a payment method was more of a hassle than a benefit.”

Cornelius and InComm have unveiled a new product designed specifically to enable billers, billing aggregators, eCommerce businesses, payment gateways and others to create their own cash payment network via the InComm POS rails so that consumers can pay with cash at an InComm retailer for any type of service or bill.

Released on June 3, Cashtie is an API that links cash payments to software applications. With Cashtie, InComm is enabling partners to allow their consumers to take care of those cash transactions right at the point of sale, in lane, just as they pay for other products at InComm retailers. It’s fast, easy and hassle free for merchants and consumers.

For more on the new opportunities Cashtie is providing the market, PYMNTS.com spoke to Cornelius in an exclusive interview.

How Cashtie Is Innovating Walk-In Bill Pay

Before Cashtie, consumers who wanted to pay in cash for essential services didn’t exactly have an easy time of it. Cornelius characterized the old walk-in bill pay landscape as a bit archaic, time consuming or both. Sometimes consumers had to stand in a line five or so people deep, only to interact with a retail clerk at a standalone kiosk. Shopping online and paying in cash was simply not an option.

With Cashtie, the process looks a bit different. “We’re changing that experience to pay your bills right at any cash register while paying and buying other things at that retailer,” Cornelius told PYMNTS.com. “I can now, with one scan, just pay the cashier for everything – just like that.” With Cashtie, he noted, there’s no need to go to a separate kiosk in store and wait in line.

“We are always looking to help our retailers to drive additional new foot traffic and increase sales…,” Cornelius told PYMNTS.com. “With Cashtie, we truly were able to do both.”

How Cashtie Works With Partners

While consumers will experience a more streamlined walk-in bill pay service, biller and biller aggregator partners will find the Cashtie experience more familiar. After requesting a cash payment account from Cashtie via the API and providing associated cash payment rules, Cashtie then issues details for transaction that include a barcode, payment retailer and transaction ID.

From there, billers simply send the payment barcode to the customer, who presents the barcode to the cashier at their retailer and pays. Cashtie then approves the transaction based on biller rules.

Cornelius explains Cashtie then “validates the rules,” and either “accepts or declines the transaction for the cash payment, before notifying, in real time, the biller or bill pay partner with all transaction details.”

Cashtie’s Partner Benefits

Of course, the question remains, what advantage does Cashtie provide for billers direct, payment aggregators and eCommerce companies that make it the go-to way to accept cash payments?

Cornelius noted that these partners can now implement a cash bill payment option instantly, broaden their retail cash payment network and provide customers with a way to pay with a popular method and integrate in just weeks. But, its benefits don’t stop there.

Cashtie is also a way for retail outlets to successful attract new clientele while they make their cash payments, who may then convert on other purchases while in store. Further, he noted that Cashtie may be an attractive solution for payment gateways, like Stripe and Braintree, as they can diversify their processing offerings, offer true cash payment and resell it as their own cash payment gateway.

To learn more about InComm’s innovative Cashtie product, read Cashtie’s full press release here.