SANTA CLARA, Calif., March 26, 2020 – PayNearMe, the modern and reliable payments platform known for making payments easy for both businesses and customers, has been named “2020 Innovation Series Winner” in the Payments category by CreditUnions.com. The judging panel, which is composed of credit union executives, recognized PayNearMe for its excellence in delivering the industry’s best electronic bill payment experience for the 120.4 million credit union members across the nation.
“Each year, our series features innovations that help credit unions better serve members. We evaluate companies across different areas like payments, mobile/digital services, member experience, and business services,” shared Alix Patterson, chief experience officer at Callahan & Associates. “Our goal is to educate credit unions on these new offerings and give new and leading suppliers a platform to showcase their innovations.”
According to the judges, PayNearMe differentiates the digital payment experience for credit unions by offering members more ways to pay on a single platform. The judges selected PayNearMe as the winner in the payments category because the company’s technology innovations can have the most positive impact on credit union members.
“Members, like all consumers, expect payments to be as easy as checking out on Amazon or scanning Apple Pay at a store. We’re taking this same approach to transform bill payments,” said Danny Shader, Founder & CEO, PayNearMe. “With PayNearMe, members can easily make payments using any device and with any form of tender. Our mobile-first payment platform enables credit unions to send members payment reminders via email or text message that include a link they can click to make secure payments — no login or account numbers required — it’s that simple.”
By partnering with PayNearMe, credit unions can outsource payment innovation and deliver all the services their members expect such as a great mobile experience, new payment types including Apple Pay, and the digitization of cash.
The judging panel recognized the following innovations as particularly beneficial to credit unions and their members:
- One Platform, All Payment Types: With PayNearMe, credit unions can accept all forms of tender; debit, ACH, cash and mobile-first payment options including Apple Pay, all with a single platform. Members can make payments any way they want — text message, email, web, IVR or in-person with cash at participating neighborhood retail locations. PayNearMe has a participating retailer within five minutes of 95 percent of the U.S. population.
- Push-to-Text: When call center agents are speaking with members about loan payments, they can send a text message that includes a link to click to make a payment from their smartphone. With one click of the tokenized URL, members can see their account numbers, the amount and date due, and can make payments using their favorite way to pay — all while speaking with the agent. Credit unions can also use push-to-text to gain authorization for future scheduled or recurring payments.
- Digitization of Cash: PayNearMe addresses the challenge of location-dependent or shared branch services such as cash payments and deposits. With PayNearMe’s retail network, members can make payments with cash by showing a barcode on their smartphone at more than 27,000 participating retail locations. The PayNearMe platform eliminates the need for money orders or certified checks, reducing costs and increasing speed of payment for both the member and credit union.
- Save-to-Wallet: Wallet integration is natively built into the PayNearMe platform. As a result, credit unions can add their brand to their members’ mobile wallets, complete with a barcode that enables members to pay with cash in store or make one-click payments electronically. Push notifications can be used for payment reminders, receipts and confirmation of automated payments.
- Storing Cards in Mobile Wallets: When members save a debit card to their mobile wallet with PayNearMe, Apple Pay automatically appears as an additional payment option. This innovation allows members to make payments using fingerprint or face biometrics to authorize payment—no need to enter card numbers. Payments are posted in real time and automatically saved to the member’s smartphone, with all receipts aggregated in one place.
PayNearMe delivers modern and reliable payment technology that creates new payment options for credit unions and their members. “It’s an honor to receive this award, which acknowledges our payment platform for the benefits it provides to both credit unions and members,” said Shader. “Award recognitions like this highlight how our platform transforms the way members can make payments and gives credit unions access to the innovation they deserve.”
The CreditUnions.com Innovation Series is a one-of-a kind award that showcases the ways inventive suppliers can transform the credit union industry. Winners are selected by credit union executives after viewing webinars in which each of 15 finalists have 10 minutes to present their solutions. Credit union executives vote on the innovation that delivers the most positive impact to credit unions.
View PayNearMe’s presentation here.
CreditUnions.com is the leading source of data-rich, actionable content for the credit union industry. The publication offers a host of content created by the writers and analysts at Callahan & Associates, a credit union research and consulting firm located in Washington, DC. In its mission to ensure Americans have unrestricted access to a vibrant cooperative financial system, Callahan maintains CreditUnions.com as well as publishes a suite of print publications, including Credit Union Strategy & Performance, Callahan Credit Union Directory, Callahan Collections, and Supplier Market Share Guides.