PayNear Me Launches Embedded Barcode Remittance for Easy Cash Payments
PayNearMe, an online cash payment network, recently announced its latest offering—Embedded Barcode Remittance (EBR). With EBR, billers are able to embed barcodes directly onto customers’ statements. Customers can take their bill to a store, such as 711, and pay with cash at the register, instantly receiving a detailed receipt. Once the barcode is scanned, the billing company’s database is updated in real-time.
Why would I do that when I could just pay online, you may ask yourself. But, did you know that approximately 60 million adults do not use bank accounts and often have to rely on expensive money orders. With EBR from PayNearMe, billing companies reduce their cash-processing expenses by accepting cash at 7-Eleven stores.
“PayNearMe’s ability to integrate Barcodes directly into mail-house billing operations…demonstrates yet another innovative way our cash-payment network can be used by various industries for remote collection of cash payments. Embedding PayNearMe EBR also creates new business opportunities for billers and billing aggregators,” said Danny Shader, CEO of PayNearMe.
While it may be hard for those of us who practically live our lives online to understand, PayNearMe’s EBR will offer great convenience to those without bank accounts.