Repay Holdings Corporation is teaming up with Paysafe to facilitate online cash payments to lenders and other merchants, the companies announced in a press release.
The partnership will enable REPAY merchants and lenders to accept cash payments at Paysafe’s 60,000-plus partner locations, which include U.S. dollar stores, convenience stores and pharmacies.
“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 at REPAY.
Paysafe’s eCash product — Paysafecash — complements REPAY’s suite of electronic payment solutions by enabling retail merchants and lenders to accept cash as a payment method at participating retail locations in the U.S. Unbanked and under-banked people can use eCash options to connect the gap between cash and digital payments.
“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,” Perlmutter said.
Following a cash transaction, the payment is posted and REPAY sends the details back to the merchant. At the same time, the consumer’s account is updated as paid and the money is then deposited into the merchant’s bank account.
Udo Müller, CEO of paysafecard, Paysafe’s eCash division, said that according to data from the Federal Reserve, more than 60 million people in the U.S. are underbanked. Providing people with a cash option to pay loans and other bills helps promote “financial inclusion” and also addresses the “payment preferences of the consumer.”
Paysafe went public on the New York Stock Exchange in March via the special purpose acquisition company (SPAC) Foley Trasimene Acquisition II Corp. Paysafe had an estimated value of $9 billion when it started trading.
In a recent PYMNTS interview, Max von Both, senior vice president of compliance at Paysafe, said the pandemic was a game-changer for anti-money laundering (AML) teams, but real-time transaction analysis has the ability to stop fraud at its point of origin. That, in turn, can help upend the money laundering it enables.