MOUNTAIN VIEW, Calif. — In an effort to make the customer payment process easier and more convenient for buy-here, pay-here dealers, as well as their clients, cash transaction network PayNearMe recently revealed its new product called PayNearMe Auto.

This offering allows dealers to accept cash payments from customers at any one of the 6,400 participating 7-Eleven stores throughout the country.

So how does it work?

Through a secure, hosted Web application, dealers simply enter the buyer’s information and assign that customer a PayNearMe card.

Then, to make a payment, the customer hands the card and cash to a store associate at any of the participating 7-Eleven stores throughout the country.

Lastly, dealers are notified when the payments are made, and the customer can use their PayNearMe card repeatedly, the company shared.

“We developed PayNearMe Auto specifically for BHPH dealerships, which need a simple way to accept cash payments,” said Danny Shader, chief executive officer of PayNearMe.

“Because it is so easy for dealers and customers to use, we believe PayNearMe Auto helps customers and increases the operational efficiency of dealers across the country,” he added.

And since all 7-Eleven stores are open 24 hours a day, seven days a week, it gives customers a convenient payment option that can be close to where they live or work.

The company also noted that by leveraging its partnership with 7-Eleven, it gives dealers a broader network of locations where payments can be accepted.

Additionally, it helps cut down on “dealers’ operational costs by eliminating additional trips to the bank, manual entry of cash payments into accounting systems and the need for added security to guard against theft,” company officials stressed. 

Ave Horowitz, manager of Auto Warehouse and user of PayNearMe Auto, also conveyed enthusiasm for the new product, saying, “A high percentage of our customers would like to make their car payments with cash, but we haven’t offered this option until now because accepting cash payments on-site comes with risks.

“PayNearMe Auto makes cash transactions simple for both my dealership and our customers. Because PayNearMe provides our customers with more locations to pay, and because they can do so at a time that is convenient to them, we’re collecting more payments and increasing our efficiency. It is a win, win situation!" Horowitz concluded.