Servicing Solutions is partnering with PayNearMe to provide a wide array of convenient payment options to borrowers. PayNearMe, based in Sunnyvale, CA, offers the industry’s only single platform electronic billing and payments solution enabling businesses to accept cash, debit, credit and ACH payments.
This partnership is yet another move in Servicing Solution’s commitment to protect the brand and value of its clients’ portfolios through the use of powerful technology that is relevant in today’s rapidly evolving financial services landscape. By offering convenient payment options, Servicing Solutions is able to more efficiently and effectively service portfolios with all consumer types and across the credit spectrum.
“PayNearMe fits the model built by Servicing Solutions to provide ease of payment to all customers represented in our client base,” said Sean Bennett, director of business technology, Servicing Solutions. “This ranges from the underbanked and those who prefer to make their payments in cash via PayNearMe’s 27,000+ retail locations, to the self-servicing customer that prefers to pay with ACH, debit, or credit via PayNearMe’s top of the line electronic payment platform.”
The Federal Deposit Insurance Corporation (FDIC) estimates that 6.5 percent of households (representing 8.4 million) in the United States are unbanked, and that an additional 18.7 percent (24.2 million) are underbanked. Furthermore, millennials—poised to be the largest US adult population group by 2019—have largely driven the explosion in the FinTech industry due to their desire for convenient financial products that fit within their lifestyles. Both of these trends speak to the need for servicers to understand consumer preference and offer appropriate payment options to increase portfolio performance.
“Servicing Solutions strives to be the industry’s most innovative loan servicing partner,” said Louis Ochoa, CEO, Servicing Solutions. “We’ve just returned from Money 20/20, the world’s largest and most respected payment conference. Interacting with the most successful and respected companies in the financial services world has provided more proof that our commitment to technological innovation is the right path forward for our valued clients.”
“We are delighted Servicing Solutions chose PayNearMe’s mobile-first payment platform, leveraging our secure technology and the best service in the industry,” said Michael Kaplan, head of Merchant Processing at PayNearMe. “We provide Servicing Solutions a simpler way to collect payments, with all payment types available from a central view on the customer’s smartphone. Consumers get an intuitive, consistent experience, along with wallet integration and notifications.”
PayNearMe, a service of PayNearMe MT, Inc., has enabled government agencies and businesses to accept cash payments remotely since 2009. In 2018, PayNearMe expanded to include debit, credit and ACH payments, in addition to cash.
To make a cash payment in their own neighborhood, consumers visit any of our 27,000 trusted locations in the U.S., which include 7-Eleven®, Family Dollar®, Casey’s General Stores® and ACE Cash Express stores. PayNearMe processes cash payments for the IRS, Comcast, Greyhound, Oportun and the California Department of Child Support Services, among others.
PayNearMe is a service of PayNearMe MT, Inc., which is a wholly owned subsidiary of Handle Financial, Inc.