Financial transactions are getting more fluid and convenient with companies like Square, but digital money and cash not interchangeable in all situations – that’s where PayNearMe excels. The concept is simple: any business can accept cash payments from its customers at participating 7-Eleven and ACE Cash Express locations.
The practice of paper money may seem outdated, but there is value in having folded bills. Just last year, Wal-Mart introduced a “pay with cash” option for online purchases. The payment is made in the store after the product is reserved on-line. Why is this important? It appears that the “pay with cash” users tend to be in households with income over 100K. Consumers reported that the cash option allows them to manage their budget better. PayNearMe also allows consumers to do the same: make a Greyhound bus ticket purchase online, hold the ticket for up to 48 hours, and pay for it in cash at a location nearby using your mobile device or printed barcode.
PayNearMe rates are competitive. A quick estimate at Western Union revealed that I would have to pay nearly 20% for an immediate cash transfer, a terribly high rate. Currently, PayNearMe’s business partnerships with Amazon and H&R Block allow customers to pay for goods and services at both companies with cash.