ProfitStars, a division of technology solutions and payment processing services provider Jack Henry & Associates, has partnered with US cash network PayNearMe through its Enterprise Payment Solutions (EPS) group to simplify cash payment acceptance.
Under the alliance, PayNearMe will fully integrate with ProfitStars’ EPS product suite to protect businesses and nonprofits from the encumbrance of accepting cash as payment while allowing consumers to visit local retailers to pay for online purchases using cash.
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With ProfitStars EPS system, merchants can track the life of their transactions. It will also virtually reduce the risk of fraud or chargebacks.
The addition of PayNearMe will add value to financial institutions business offerings by creating customer loyalty and generating new revenue streams.
PayNearMe also supports single or recurring payments from checking or savings accounts (processed as an ACH transaction), Credit or debit cards as well as PayPal accounts.
PayNearMe founder and CEO Danny Shader said, "This partnership enables financial institutions to offer these businesses a one-stop-shop payment platform that includes cash. This is appealing to businesses because it expedites transactions and improves customer service and convenience while requiring minimal technical setup. "
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By GlobalDataJack Henry & Associates general manager of Payment Solutions group Greg Adelson said, "PayNearMe provides businesses on our EPS platform a convenient way to transact with those individuals and/or companies that prefer to pay in cash.
"This cost effective and virtually risk free option is an ideal solution for municipalities, utilities, property management, and e-commerce companies looking to provide a convenient payment option for all of their customers, including the unbanked."
