SUNNYVALE, Calif. and FORT LAUDERDALE, Fla. – June 13, 2014 – PayNearMe, the electronic cash transaction network, and Southern Auto Finance Company (SAFCo), a non-prime automotive lending company, have partnered to offer SAFCo’s borrowers a convenient new way to repay their loans using cash at more than 17,000 participating 7-Eleven, Family Dollar and ACE Cash Express stores nation-wide. Payments completed by 5 p.m. Eastern Time will be posted to the customer’s SAFCo account the same business day.
The partnership between SAFCo and PayNearMe makes it simple and affordable for SAFCo’s cash-preferring borrowers to repay their auto loans at neighborhood retail locations, many of which are open 24 hours a day, seven days a week. The small fee of $3.99 per payment is significantly less than the cost of alternative cash payment options.
To make a payment, SAFCo customers simply bring their printed or mobile payment code to a nearby participating location and pay at the register as if they were making a purchase at the store. SAFCo instantly receives notification of the payment and customers receive a paper receipt and/or confirmation on their mobile device. The whole process takes less than 60 seconds to complete.
“Cash should be just as easy to use and accept as other payment options, and we are excited to help customer-centric companies like SAFCo seamlessly accept cash payments,” said Kunal Kumar, vice president and general manager of PayNearMe’s lending business unit. “SAFCo is giving their borrowers the flexibility to pay on their own time, in their own neighborhoods: a win-win for everyone involved.”
“PayNearMe provides an affordable cash payment option that is a real plus for our customers,” said George Fussell, SAFCo’s chief executive officer and founder. “At SAFCo, we are the CreditBuilders, and we want to provide our borrowers all the tools available to rebuild their credit for the future. This new partnership makes it easy for them to stay on top of their payments, and with that, rehabilitate their financial health.”
SAFCo borrowers who want to learn more about using PayNearMe to repay their loans can call SAFCo Customer Service at (866) 826-5243 or visit www.GoSAFCo.com.
PayNearMe is the electronic cash-transaction network that enables consumers to pay rent and utility bills, repay loans, buy tickets, make online purchases and do much more with cash. Consumers can conveniently make payments on their own schedule and in their own neighborhood in less than a minute at one of over 17,000 trusted locations including 7-Eleven®, Family Dollar® and ACE Cash Express® stores across the United States. For more information, please visit: www.PayNearMe.com.
About Southern Auto Finance Company (SAFCo)
Southern Auto Finance Company (SAFCo) is a non-prime automotive finance company headquartered in Fort Lauderdale, Florida. As a lender for more than 20 years, SAFCo has provided innovative finance products, experienced credit buyers and fast, flexible funding to approximately 2,000 qualified dealerships, including several of the country’s largest dealer groups. As “The CreditBuilders,” SAFCo’s mission is to help credit-challenged consumers establish better credit. SAFCo is proud to offer a powerful combination of people and technology that helps grow dealers’ businesses and supports the transportation needs of American families. For more information, please call 800-277-9198 or visit www.GoSAFCo.com.