SUNNYVALE and LAKE FOREST, Calif. -- December 5, 2013 – PayNearMe, the electronic cash-transaction network, and Nortridge, a leading software provider for loan-servicing companies nationwide, today announced the integration of PayNearMe’s network with the Nortridge Loan System. By using the Nortridge Loan System with PayNearMe, lenders can now easily accept cash payments from their borrowers. Borrowers can make loan repayments with cash at nearly 10,000 participating 7-Eleven® and ACE Cash Express® stores nationwide, most of which are open 24/7.
"PayNearMe provides a unique and valuable payment option for a wide range of Nortridge customers," said Greg Hindson, President of Nortridge Software. "Handling cash payments has always been an inherent risk for lenders. PayNearMe eliminates that risk and offers the convenience of thousands of payment locations without cost to the lenders. Nortridge customers were already using PayNearMe, so by streamlining the payment process, we will make life much simpler for those customers, and we expect to see broad adoption among our customers in a variety of different lending markets."
The partnership enables Nortridge customers to email or text PayNearMe PaySlips™, which contain PayNearMe barcodes and payment instructions, to their borrowers with just one click. To make cash payments, borrowers simply bring the printed or mobile PayNearMe PaySlip™ to a local 7-Eleven or ACE Cash Express store and pay right at the register. Lenders instantly receive notifications of the payments, and borrowers’ accounts are updated automatically. The highly efficient payment process takes less than a minute to complete.
“By integrating with Nortridge, we can deliver a valuable service to loan providers, increasing their receipt of on-time payments while reducing the risks and complexities associated with processing cash payments,” said Kunal Kumar, Vice President of Business Development at PayNearMe. “We can positively affect the lives of thousands of their customers who often have no other choice but to make loan payments in cash. Cash loan repayments have never been so simple.”
"We're in the business of second-chance financing, and the majority of our borrowers don't have credit cards or bank accounts," said David Foreman, President and CEO of Foreman Financial, Inc., a Nortridge customer. "PayNearMe is a perfect fit for all our borrowers because they can go to any local 7-Eleven or Ace Cash Express location and pay with cash, eliminating the need for them to travel all the way to our office. Also, with PayNearMe now integrated with Nortridge, we anticipate significant time-savings for our staff. All around, this new partnership is great news for us."
Nortridge's integration with PayNearMe is built on XML, the industry-standard approach for web-based technology integration. Using standards-based protocols will allow Nortridge and PayNearMe to add new features and functions quickly as the market and technology evolves without having to worry about being locked into a proprietary format for data exchange.
PayNearMe is the electronic cash-transaction network that enables consumers to pay rent, transfer money, repay loans, buy tickets, make online purchases and do much more with cash. Consumers can conveniently make payments 24/7 in their own neighborhood in less than 60 seconds at one of nearly 10,000 participating 7-Eleven and ACE Cash Express stores across the United States. For more information, please visit: PayNearMe.com.
Nortridge Software LLC, provides lenders and loan servicers with the automation needed to more profitably originate, service, collect and report on loan portfolios. Since 1981, Nortridge has leveraged its experience in banking, lending and software development to provide clients with quality software solutions and excellent support services. Today, the Nortridge Loan System is valued by loan servicing companies representing a wide range of industries and loan portfolio sizes. The company is headquartered in Lake Forest, Calif. For more information, visit: www.nortridge.com.
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