PaidByCash is a virtual MasterCard, widely accepted by online retailers. With a nationwide network of 60,000 neighborhood retail outlets where consumers can convert cash into an online payment instrument, PaidByCash has opened a new market for the national online retail economy.
By enabling any online retailer to offer cash as a payment option, PaidByCash brings them a market estimated at 100 million consumers who prefer to pay cash for online purchases. These include teenagers too young to qualify for a credit card and security-conscious online buyers.
With PaidByCash, cash payments have the same immediacy and universal acceptance as any other e-commerce payment method, said Michael Marubio, CEO of Retail Expansion Network. By simply adding a PaidByCash logo to the checkout process, an online retailer instantly has a channel to reach millions of potential customers roughly one third of Americans who until now could not or would not shop online.
Under the new service, PaidByCash provides a zip code mapping program that directs customers to any one of 60,000 locations in its network, usually a nearby grocery or convenience store, where consumers can pay by cash and then verify their payment on the PaidByCash website. The consumer is then instantly issued a virtual MasterCard that is used to pay the online merchant.
