Pay Near Me Integration
Good afternoon. Welcome to another webinar Wednesday with Nortridge Software. Thanks for all of the sign ups and attendance. Today’s topic is PayNearMe. PayNearme is a partner of Nortridge, and we got a pretty exciting announcement. I have a co-presenter today Dan Desmond from PayNearMe will be doing part of this presentation today.
PayNearMe is a company that I’ve personally known for a long time. I worked with the company founders early on. They have an interesting market niche that they have exploited really nicely and it works really well for a large number of our customers. They allow you to take cash payments without handling cash. They do that by virtue of their network of 10,000 plus locations in the U.S. where your borrowers can pay. The integration with NLS is simple. It’s already been completed and its ready for you right now. It’s compatible with any recent NLS version and the startup of the whole process is very easy. All you need to do is sign up with PayNearMe and you’re ready to take cash payments.
Dan. - Thanks Mark for allowing us to present to you today. We think that PayNearMe will be a great solution for you, as you’ve seen it’s been very successful with other lenders. So without further a due I’m going to jump into my presentation, and thank you very much.
We are very excited about our partnership with Nortridge software. PayNearMe helps solve a lot of problems and challenges for lenders. We are excited about this partnership. Some of the challenges that we do help to solve if you’re handling cash, if you’re accepting cash payments is of course, the risk of theft. Both internal and external. Some of the operational challenges of accepting cash payments; it’s a manual process to receive and process cash or money orders. Again, the handling of cash. There are processing fees associated with banks and electronic payments if you’re having to deposit a large amount of cash at the bank there is usually fees associated with that.
Also you may or may not be having an armor car service take your cash to the bank.
On the customer side it could be difficult for customers to make a payment using alternative cash methods. If they don’t have a bank account, they are going to be using cash. It’s a time consuming process to go and purchase a money order. That option can be very expensive option. There are limited locations where they are able to go and make those cash based payments.
So what is PayNearMe?
PayNearMe is the electronic cash transaction network that allows your customer to make payments in cash in nearly 10,000 stores nationwide. Including 8,000 7-eleven stores. This allows you to accept payments 24/7 by 365 nationwide as a 7-eleven is open 24 by 7. Our system notifies you in real time when a customer is making their payment. You get the security of 100% guaranteed funds once that transaction has been processed. This allows you to move your cash and money order process off site. It also allows you to move your collections off site if you so choose. As I mentioned previously, this is usually a more cost effective option for customers. Our fee is a $3.99 transaction fee versus alternative options such as money gram or western union which can be as much as $10-$12 dollars. As Mark mentioned, this is a very simple integration implementation as we are already integrated with NLS system.
So, how does PayNearMe work?
Once you’ve signed up for PayNearMe. You are able to stage the transaction, meaning that you will provide your customer with what we call a token. Token has three different ways of providing that to your customer. It can be in the form of a card, which is a reusable card that a customer will take into 7-Eleven and that card is associated with their Nortridge loan number. You can also provide them with a pay slip which is actually printed. It can be sent via email or it can be sent via text to that customer’s mobile device. Once the customer has that token in hand, they take that to their local store, we are talking about 7-Elevent in this case. They pay their loan payment with cash. After that transaction is complete your customer receives a receipt that they did in fact make that loan payment, and on your side you see no fraud, no charge backs, and you get real time notification on when that payment is made.
So the pricing for Nortridge customers is just a one-time $499 dollars setup fee. This includes all of the implementation, this also includes 1000 PayNearMe cards. Again, these are reusable cards you can get in the hands of customer that are cash payers for their monthly reusable payment. Additional cards are sold in lots of 100 for $0.15 cents each. The $3.99 convenience fee or processing fee is paid by the consumer at the time of payment so there is no additional cost to the merchant. There is a maximum payment amount of $1,000 dollars.
So just to wrap up before I go and do short demo. PayNearMe is a great solution for lenders. We’ve been working for several lenders and this is has been a great, great use case for them. This is a better more flexible option for customer than are prepaid debit cards, or money gram and western union. This will help reduce your operation costs if you’re accepting those cash payments and handling cash. The security and guaranteed funds once that payment has been made, and there is a low-cost simple implementation.
So I’m going to go ahead, and jump right into our demo.
So this is our PayNearMe lending application. We call it PayNearMe Pro, as you can see here there are several different features. We’ll go through each box, and you can see the different applications. So the first box here you can see is the ‘customer account’ where you can add customers. So if you and click in ‘add account’ you’ll go ahead and put in your customer account number. This is going to be their loan account number that is associated in NLS. What is their expected payment amount, and the frequency of that payment amount, whether that be monthly, bi-weekly, so on and so forth. In terms of the customer information, really your job is just putting the customers name, weather they prefer to speak English or Spanish, the customer’s email address if you have it. This is just optional, this so that if you want to send them an email that includes that pay slip that they can print out and take to 7-Eleven. The customer mobile phone number, this is so if you wanted to send an SMS text with the barcode and then finally if you wanted to assign a PayNearMe card with that customer to put a card into the customer’s hand.
You can also view all your accounts here. Click on ‘view accounts’, you can see their account number, the company name, of course that will be your company name. The customer name, their expected monthly payment amount, the date of their last payment and the payment amount. If you wanted to send that customer a pay slip which could be either via email or text, or get them a card this is where you’d do that. You can go ahead and click on ‘pay slip’ brings up your customer information. Then you can either email a PaySlip text the PaySlip or print the PaySlip out for your customer.
You can also review all your payments under payment history. Were you can see all of the various payments, customer accounts, customer name, the confirmation number, and the customer will also receive the confirmation number on their receipt at 7-Eleven. It will show you the payment location where they made their payment, the date and time, and then the net payment amount and then the settlement amount.
There is also a box you see here for ‘company information’, the main part you’ll use here is setting up users. Those users can be setup as admins or just regular users. So this is where you’ll setup and give your employees access to the application, this is where you can also reset passwords.
The reports here is where you’ll be able to view and download your reports. We want to download a report here. We are going to go into the ‘queue’ then you can see here the report format already has the Nortridge XML here. So you’ll go put the date, the start date and end date. Then queue the report. In the reports list you’ll see that you can go and download this. It will ask you if you want to download this file, then, Mark is going to go into how you can upload this into NLS here in a minute.
The other two boxes are billing information and PayNearMe cards. Billing information we don’t really use, the only thing you might see in here is your one-time, implementation fee of the $499 dollars after that we obviously don’t bill you for anything in the future. Then PayNearMe cards if you would like to order PayNearMe cards other than the 1000 you get initially you can do that in the application here as well.
So, it’s very user-friendly. Not too much information here. So I am going to go ahead and kick it over to Mark for the Nortridge side of the demo.
Mark. – Thanks Dan. For the Nortridge audience, what you see in the screen right now is the file that is downloaded from PayNearMe. You can see that it’s a simple XML file. I just wanted to show you that briefly what the file actually looks like then I’ll jump into NLS and I’ll show you how we import that.
Within NLS you’re going to use your processing screen. On your processing screen you’re going to use the file import function and select as file type XML. We got a couple of payment files in here, I took a large file and stripped it down for demo purposes here. You can see that it’s an XML file, I’m going to click ‘ok’ to import that. See that the payments are processing, the process completed, and I’ll now go and take a look at the loans with which it’s associated. Let’s finish that. Done, we are done. I don’t need to print it. I don’t need to print it.
Alright. So back to the loans I’ve just processed, I’m going to find the loans, for which one was 172 and I’ll show you were that payment ended up. We’ll look at the transaction history, payment history, and you can see the payment which I just made there is on the screen with the typical payment information. You can see that the payments landed in NLS, you can see the PayNearMe as the payment method on this and the effective dating for when the payment was received at PayNearMe. In this case, this was actually a month ago, because of the timing of this webinar, you can see that the time stamp on the payment is when the payment is delivered to the PayNearMe location be that 7-Eleven or ACE. That’s as simple as it can be. It’s a very simple process to load this up and import PayNearMe payments without any additional requirements technically. You’re ready to do this right now, today, with any resent version of NLS.
So that concludes today’s webinar. Next steps for anyone who’s interested is to contact Mr. Desmond who’s information is on the screen. You can contact us at Nortridge, my email address is m Gleason at nortridge.com. If you have questions or suggestions please use the Nortridge community. Log in there and post your questions and we will get a quick response and the rest of the community will have access to the information you requested as well.
Thank you very much. See you next time.