PayNearMe Introduces PayNearMe Auto to Help Buy Here Pay Here Auto Dealerships Improve Cash Collection Rates

MOUNTAIN VIEW, Calif.—PayNearMe, the cash transaction network, today announced the release of PayNearMe Auto, a simple Web-based application that allows Buy Here Pay Here (BHPH) auto dealers to accept cash payments in an entirely new way. With PayNearMe Auto, dealers can offer customers an option to make their car payments with cash in less than 60 seconds at any one of the 6,400 participating 7-Eleven® stores nationwide. PayNearMe Auto enables dealers to dramatically simplify and improve their collection processes by providing an affordable and convenient option for customers to make cash payments, 24 hours per day, seven days per week, at locations near where they live or work.

PayNearMe Auto leverages PayNearMe’s partnership with 7-Eleven, immediately giving dealers a broader network of locations where payments can be accepted. It also reduces dealers’ operational costs by eliminating additional trips to the bank, manual entry of cash payments into accounting systems and the need for added security to guard against theft. With PayNearMe Auto, funds are 100 percent guaranteed and the dealer is updated the moment a customer makes a payment at the 7-Eleven register.

“A high percentage of our customers would like to make their car payments with cash, but we haven’t offered this option until now because accepting cash payments onsite comes with risks,” said Ave Horowitz, Manager of Auto Warehouse. “PayNearMe Auto makes cash transactions simple for both my dealership and our customers. Because PayNearMe provides our customers with more locations to pay, and because they can do so at a time that is convenient to them, we’re collecting more payments and increasing our efficiency. It is a win, win situation!"

PayNearMe Auto is a secure, hosted Web application that dealers can have up and running in less than 15 minutes. Dealers simply enter the buyer’s information and assign the individual a PayNearMe card.  To make a payment, the customer hands the card and cash to a store associate at any of the 6,400 participating 7-Eleven stores throughout the United States. Dealers are notified when the payments are made and the customer can use their PayNearMe card repeatedly.

“We developed PayNearMe Auto specifically for BHPH dealerships, which need a simple way to accept cash payments,” said Danny Shader, CEO of PayNearMe. “Because it is so easy for dealers and customers to use, we believe PayNearMe Auto helps customers and increases the operational efficiency of dealers across the country.”

For more information about PayNearMe Auto, please visit www.paynearme.com.

About PayNearMe
PayNearMe is the cash transaction network that enables consumers to transfer money, repay loans, buy tickets, make online purchases and much more with cash. Consumers can conveniently make payments 24/7 in their own neighborhood in less than 60 seconds at any one of the 6,400 participating 7-Eleven® stores across the United States. For more information, please visit www.paynearme.com.

12/08/11