SUNNYVALE, Calif. and FORT LAUDERDALE, Fla. — PayNearMe, the electronic cash transaction network, and Southern Auto Finance Company (SAFCo), a non-prime automotive finance company, have partnered to offer SAFCo 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 nationwide.
“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.”
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. Users will pay a fee of $3.99 per payment, according to officials.
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, officials said. They added that payments completed by 5 p.m. Eastern Time will be posted to the customer’s SAFCo account the same business day.
“PayNearMe provides an affordable cash payment option that is a real plus for our customers,” said George Fussell, SAFCo’s CEO 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 provides finance products, experienced credit buyers and fast, flexible funding to approximately 2,000 qualified dealerships, including several of the country’s largest dealer groups.