Mountain View, Calif.—Accepting cash rent is never the greatest idea. Paper money is a liability for property managers and renters. But some renters want to pay in cash. Now both groups can win with PayNearMe Express, a new self-service system from the cash transaction network.
The system makes it possible for any business to accept cash remotely for goods or services (like rent) from customers via more than 8,600 7-Eleven and ACE Cash Express stores. Renters simply print out or display a PaySlip on their phone at a 7-Eleven. The slip is scanned and they hand over the required cash, which goes directly into your account, safe, sound and fast.
PayNearMe allows businesses to accept cash from customer 24 hours a day. This is especially valuable for apartment companies with a limited physical presence in local markets. It eliminates the need for additional resources often required to accept and handle cash or cash equivalents, yet it allows businesses to serve the 25 percent of households that are un- or under-banked, those among the remaining 75 percent who are reluctant to use credit or debit cards, and teens, 95 percent of whom prefer to pay with cash.