PayNearMe Expands Cutting-Edge Payment Features and Partner Integrations to Empower Auto and Personal Lenders
Company’s platform expansion has led to significant growth over the last 18 months
SANTA CLARA, Calif., September 17, 2024 – PayNearMe, the fintech company bringing progress to payments, today announced record growth in its lending sector, evidenced by significant increases in transaction volume and new client acquisitions among first- and third-party auto, BHPH dealers and personal lenders.
“Our significant growth is driven by our commitment to understanding and meeting the changing needs of lenders and borrowers alike, and it underscores the industry’s demand for highly configurable and personalized payments capabilities,” said Michael Kaplan, EVP and Chief Revenue Officer, PayNearMe. “We’re not just solving today’s payment challenges, we’re anticipating tomorrow’s needs and building a payments ecosystem that will continue to progress payments innovation for years to come.”
The company has experienced tremendous growth during the last 18 months (January 1, 2023 — June 30, 2024).
Growth in Lending
PayNearMe is successfully executing its growth strategy in the lending industry. During this timeframe, the company:
- Increased lending transaction volume by 174%
- Added 54 new lending clients
Fifty-four new lending clients in 18 months—the market is speaking and it’s choosing PayNearMe,” Kaplan said. “This growth trajectory demonstrates that our approach of combining modern technology with deep industry understanding is resonating strongly with lenders.
New Platform Capabilities
PayNearMe continues to bring new features to market enabling its lenders to deliver value across the full payment experience. The company:
- Expanded its payment options to include Cash App Pay, becoming the only platform enabling this capability in the lending space, alongside Apple Pay, Google Pay, PayPal and Venmo, cards, ACH and cash at more than 62,000 retail locations.
- Launched Smart SwitchTM, a new, first-to-market technology that provides full card processing redundancy with a single integration and single contract. By onboarding clients to multiple merchant processors, the company can easily activate Smart Switch to reroute card transactions in the event of processor downtime or issues.
- Introduced a “bring your own texting provider” feature utilizing Smart Link™ technology to provide greater flexibility and effortlessly integrate with lenders’ existing two-way messaging systems.*
Ecosystem Expansion
- New partnerships with GOLDPoint Systems, AutoMatrix , Lendisoft and Emotive dealer management systems, expanded our robust ecosystem of integration partners.
- Enhanced integration with Auto Master Systems, introducing capabilities that enable effortless allocation of partial payments, fees and principal-only payments. This feature streamlines access through single sign-on, provides real-time balance updates, enhances communication with payment reminders, and increases efficiency by processing multiple payments with a single fee, significantly improving lenders’ operational efficiency.
- Integrated with Ituran GPS for smart ignition alerts, allowing lenders to send payment reminders via SMS when customers with a past due balance attempt to start their vehicles. This system, compatible with Deal Pack, Auto Master Systems and IDMS by DealerSocket, promptly sends the “Starter Enable” command to the GPS device upon receiving qualifying payments.
Client Success
Another client, You Drive Auto, saw a substantial reduction in in-person payments and call volume after implementing PayNearMe. “PayNearMe’s automated SMS payment reminders and its Smart LinkTM one-click payment technology rapidly replaced a large portion of payments taken in-person and over the phone, significantly improving our operational efficiency,” said Jose A. Gonzalez, Head of Customer Experience at You Drive Auto. “Additionally, by adopting PayNearMe’s cash at retail payment solution, we’ve been able to offer our customers more convenient payment options, especially those who previously had to travel long distances to make in-person payments.”
For Indiana Finance, finding a supportive and reliable partner was crucial. “PayNearMe’s responsive support team and robust platform have significantly progressed our payments strategy and dramatically reduced our total cost of payments,” Carl Stamper, COO of Indiana Finance, said.
“They’ve proven to be the partner we’ve been searching for.”
About PayNearMe
PayNearMe develops technology that drives better payment experiences for businesses and their customers. Our modern, flexible and reliable platform helps businesses increase customer engagement, improve operational efficiency and drive down the total cost of accepting payments. PayNearMe enables more ways to pay by offering major payment types and channels in a single platform.
PayNearMe processes all major forms of payment including Cash App Pay, PayPal, Venmo, Apple Pay, Google Pay, cards and ACH, as well as cash through our proprietary electronic cash network of more than 62,000 retail locations in the U.S.
Thousands of businesses partner with PayNearMe to manage the end-to-end customer payment experience in industries such as Consumer Lending, iGaming and Online Sports Betting, Property Management, Tolling and Legal.
To learn more about PayNearMe, please visit www.paynearme.com. Follow PayNearMe on X, LinkedIn and Facebook. The PayNearMe service is operated by PayNearMe MT, Inc., a licensed money transmitter.
*The “bring your own texting provider” feature is available today with Auto Master Systems, IDMS by DealerSocket, Automatrix, Emotive and Megasys dealer management systems.
