SAFCo and PayNearMe Partner to Offer New Payment Options for Borrowers

Sunnyvale, CA and Fort Lauderdale, FL – 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.”