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REPAY partners With Paysafe to enable US merchants to accept online cash payments
May 26, 2021
[This is a republished version of a press release issued by REPAY and originally issued: here]
Consumers will have access to 60,000 retail locations to make online cash payments to merchants on the REPAY platform using Paysafe’s Paysafecash solution, with transactions recorded in real time
Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY”), a leading provider of vertically-integrated payment solutions, today announced a partnership with Paysafe (NYSE: PSFE), a leading specialized payments platform, to enable REPAY merchants to accept cash payments at over 60,000 of Paysafe’s retail partner locations, including major convenience stores, dollar stores, and pharmacies across the United States.
Leveraging Paysafe’s Paysafecash online cash, or eCash, solution, these cash transactions are recorded as real-time payments, adding even greater convenience to payers and expanding the capabilities of lenders and B2C companies to meet customer payment preferences.
The strategic partnership will complement REPAY’s suite of electronic payment solutions by offering cash as an online payment option through Paysafecash, enabling businesses, particularly lenders, to accept cash in any U.S. retail location that accepts Paysafe’s eCash product. Effectively, offering opportunities for payers to use eCash helps to bridge the gap between cash and online payments, particularly for the large number of unbanked and under-banked Americans today.
Consumers initiate the online cash payment by selecting Paysafecash at checkout. They then receive a unique barcode, which gets scanned at the payment location and settled in cash. Once the cash transaction is complete, the payment is posted and REPAY delivers the transaction details back to the merchant, seamlessly updating the consumer’s account with the most recent payment information. The money is subsequently deposited into the merchant’s bank account via ACH – and is not subject to chargebacks as other electronic payments may be.
“As REPAY continues to innovate, we aim to reduce the friction of the repayment process by offering convenient payment solutions for lenders and their borrowers,” said Susan Perlmutter, Chief Revenue Officer, REPAY. “Through our partnership with Paysafe, lenders on the REPAY platform will be able to accept cash within the REPAY ecosystem through the Paysafecash eCash solution, benefiting from real-time posting and streamlined reconciliation processes. Consumers can now easily access any Paysafe retail partner location and quickly pay their bill.”
Udo Müller, CEO of paysafecard, Paysafe’s eCash division, commented: “Over 60 million Americans are still underbanked, according to the Federal Reserve, so offering consumers a way to pay loans and other bills via cash is essential in promoting financial inclusion. We understand how important it is to meet the payment preferences of the consumer, which are a critical aspect of the online transaction experience. We’re proud to partner with REPAY to enable lenders by equipping them with a cash payment option to meet the needs of their cash-reliant customers.”
Paysafe (NYSE: PSFE) is a leading specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualized transactional volume of US $92 billion in 2020, and approximately 3,400 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.
Paysafecash™, from leading specialized payments platform Paysafe, is an eCash payment method for customers who want to pay online easily and safely using cash. Available in nearly 30 countries, Paysafecash™ makes online transactions possible for customers, who do not have a debit or credit card, or who do not want to use them online. Payments are made by generating a barcode during the online checkout, which can then be scanned and paid for in person at one of more than 190,000 payment points. Paysafecash™ was launched in 2018 by the same Paysafe team who created the award-winning, prepaid cash solution paysafecard in 2000. A market leader in eCash payment solutions, paysafecard allows customers to buy prepaid vouchers that they can then redeem online.
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants, while enhancing the overall experience for consumers and businesses.
For further information, please contact:
Nick Say, Manager, Corporate Communications, North America, Paysafe
T: +1-514 452-8747 / Nick.Say@Paysafe.com