According to the press release, the partnership will complement Repay’s suite of electronic payment solutions by offering cash as an online payment option through Paysafe’s Paysafecash solution, enabling businesses, particularly lenders, to accept cash in any US retail location that accepts Paysafe’s eCash product.
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, updating the consumer’s account with the most recent payment information. The money is subsequently deposited into the merchant’s bank account via ACH.
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