PayNearMe (formerly Kwedit), a cash-based payments network, is today announcing a partnership with property management software maker AppFolio. This deal will allow tenants to pay their rent using cash at nearby 7-Eleven or ACE Cash Express stores at any time of day or night.
AppFolio, a Santa Barbara-based startup backed by $30 million in funding, was founded by former Expertcity/CitrixOnline engineers, including Chief Strategist Klaus Schauser who created GoToMyPC and GoToMeeting. The company offers several products, including AppFolio SecureDocs (secure virtual data room), AppFolio Property Manager (online property management software), and RentApp (online rental applications).
To be clear, today’s announcement involves the integration of PayNearMe in the Property Manager software only, where it will be offered alongside other options like credit, debit, check or ACH. The software is currently used by thousands of property managers and owners, with hundreds of thousands of units across the U.S.
The PayNearMe cash option will be available through traditional paper billing, online billpay and even mobile. No matter which method the renter uses to receive his or her bill, the pay with cash process remains the same. The renter simply takes the unique barcode they receive to one of the 8,200 supported 7-Eleven or ACE Cash Express stores, and then pays with cash at the register. The payment is then immediately posted to the tenant’s account.
This is one of many partnerships which expands PayNearMe’s reach. The company also works with Greyhound, Progreso Financiero, Amazon, Walmart.com, and others. However, it’s not the only startup focused on serving the cash-preferred customer. Another company, Fuze Network, recently raised a $2.5 million Series A for a similar system, which also includes load partners like 7-Eleven, Speedway and more. Cash-based payments network Dwolla is also building infrastructure to make cash payments a viable alternative to ACH.