ABS clients can now accept cash, card and ACH payments, as well as the most popular mobile payment types, all through a single platform
SANTA CLARA, Calif., March 21, 2023 – PayNearMe, a fast-growing fintech company radically improving the customer payment experience, and Allied Business Systems, LLC (ABS), a leading software solution for the consumer finance industry, announced a partnership that will make it possible for ABS clients to offer their customers a wide range of modern bill pay options with just one technology integration. The partnership will offer ABS clients a single platform to process traditional payments such as cash, card and ACH, as well as popular mobile payment options, including Apple Pay, Google Pay, Venmo and PayPal.
“Our clients range from small regional lenders with a few brick-and-mortar locations to large lenders with hundreds of branches across the country. PayNearMe can successfully service them by providing more ways to engage consumers via modern payment methods encouraging increased self service and more on-time payments,” said Miranda Price, Vice President of Business Development, ABS.
ABS clients have countless borrowers that still walk into branch locations and make cash payments, which are among the most expensive payments to process. “With PayNearMe, these lenders can eliminate in-branch cash payments by digitizing cash,” explained Michael Kaplan, Chief Revenue Officer, PayNearMe. “Our technology enables ABS clients to accept both cash and electronic payments, and gives borrowers the freedom to choose their preferred payment method through a user-friendly interface.”
The integration of PayNearMe into absVision consolidates payments made through any channel, such as agent, web, mobile, IVR or mobile wallet into a single ledger. This streamlines the reconciliation process for ABS clients that accept any or all of the payment types PayNearMe offers.
“We’re excited about PayNearMe’s Smart Link™ technology, which enables our clients to offer borrowers an easy and fast way to pay on a smartphone via a QR code, email, text or push notification,” Price said.
“This integration meets the needs of every ABS customer segment,” she continued. “It allows our clients to offer borrowers a broad choice and flexibility in repayment options, while reducing the need to maintain multiple loan payment processing platforms.”