December 18, 2014 11:44 AM ET

Consumer Finance

Company Overview of PayNearMe Inc.

Company Overview

PayNearMe Inc. operates cash payment network platform for consumers to pay with cash. It enables consumers to pay for a range of goods and services from companies in e-commerce, direct response and catalog marketing, consumer finance, money transfer, and transportation at a local store in the United States. The company also enables businesses to accept cash payments from adults who are unbanked or underbanked; teens who prefer to pay with cash; and consumers who don’t use plastic for various reasons. PayNearMe Inc. was formerly known as Kwedit Inc. and changed its name to PayNearMe Inc. in September 2010. The company was founded in 2009 and is based in Sunnyvale, California.

292 Gibraltar Drive

Suite 104

Sunnyvale, CA 94089

United States

Founded in 2009

Phone:

650-930-1030

Fax:

650-396-7401

Key Executives for PayNearMe Inc.

Senior Vice President of Government Affairs
Compensation as of Fiscal Year 2014.

PayNearMe Inc. Key Developments

Bill2Pay Partners with PayNearMe to Digitize Cash Collections

Bill2Pay announced that it is partnering with PayNearMe to digitize cash collections. The integration frees up in-office resources and streamlines payment reconciliation for Bill2Pay's utilities and government customers, while increasing the likelihood of on-time payments by offering consumers another convenient way to pay. Consumers who wish to pay their bills with cash will be able to do so at their convenience, in their own neighborhoods, at 17,000 participating 7-Eleven, Family Dollar and ACE Cash Express stores in PayNearMe's nationwide network. Many of the stores are open 24 hours a day, seven days a week. The funds are guaranteed to the business or government agency as soon as they are collected by the cashier. Features such as payment receipts issued to the consumer, automatic real-time payment notifications and unique barcodes assigned to each transaction offer added peace of mind that the transaction has been processed flawlessly.

PayNearMe Appoints Jotaka Eaddy as Senior Vice President of Government Affairs

PayNearMe announced the hire of Jotaka Eaddy, former senior advisor to the president and CEO of the National Association for the Advancement of Colored People (NAACP), to lead the company's public policy and consumer advocacy initiatives as its senior vice president of government affairs. Eaddy will help the company build partnerships with consumer groups, community leaders, and federal and state government organizations to ensure that the needs of the approximately 68 million un- and under-banked Americans are being considered in legislative decisions.

PayNearMe and Systems & Methods Enter into Partnership

PayNearMe and Systems & Methods (SMI), have entered into a partnership. The alliance will see the companies offer an easier cash collection method for clients. The firms said that the new method would eliminate manual cash processing and give customers of government child-support agencies an easy and affordable way to pay for child support in cash.

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