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Why Businesses Should Consider Adding eCash to Their Payment Offerings

All consumers prefer to pay in specific ways. While it’s common knowledge that consumers overwhelmingly prefer to pay electronically with debit and credit cards or ACH, some still favor or default to cash in certain situations.

Although it may seem simple and straightforward, accepting and managing cash can be a tricky and cumbersome process for businesses, requiring time and resources and often exposing businesses to risk and security issues.

Benefits of eCash

eCash, an online cash payment solution that converts cash into digital payments, is a unique option that provides consumers and businesses the best of both worlds. Consumers can pay their bills and loans using cash at thousands of payment locations, including major convenience stores, dollar stores and pharmacies, and businesses can accept cash while reaping the benefits of digital transactions.

There are several reasons why businesses, particularly those in the lending and debt repayment space, should consider accepting eCash as a form of payment:

  1. More Options = More Payments: It’s simple. The more payment options you provide to customers or borrowers, the more likely it is they’ll pay – and pay on time. When a consumer is ready to make a payment, it’s vital they can pay when, where and how they prefer, so it’s important to offer different payment methods, including card, bank account (ACH), digital wallet and cash. While card and ACH payments account for the largest piece of the transaction pie, eCash serves as an ideal complementary solution to capture – and digitize – the cash-preferred audience.

  2. Reduced Operational Costs: Managing cash is costly - it requires staff to accept, manage and validate the cash payments, and it takes time to deposit the cash at the bank. Implementing eCash as a form of payment transfers the burden of cash handling to the third-party payment locations.

  3. Extended Business Hours and Geographical Reach: Cash acceptance is limited to the business’s store hours and geographical location. In that case, consumers will need to be close to the physical location within business hours, limiting weekend and evening times when most people can drive to a location to make a payment. Leveraging the network of tens of thousands of nationally recognized brick-and-mortar locations with extended operational hours provides more options for consumers.

  4. Enhanced Security: Accepting and holding cash at a location and making daily trips to the bank pose security risks. Offloading cash acceptance to third-party locations minimizes risk for your operations and staff. On the other side, there is an additional layer of security for the consumer since no personal payment data is shared with the cash transaction.

  5. Financial Inclusion: eCash can provide payment options to underbanked individuals who may not have access to traditional banking systems and, therefore, can’t pay via a bank account or debit card. Having choices empowers consumers to feel in control of their finances and the payment experience.

  6. Simplified Reconciliation and Realtime Data Integration: Because cash transactions are converted into digital payments, businesses can experience the benefits of electronic transactions. If eCash is integrated into the system of record or customer management system, the transaction details are automatically sent, and the business is notified of the payment in real time. Payments are electronically settled, and reconciliation is simplified for back-office teams.

How It Works

Once a business is set up to accept eCash payments, consumers can pay their bills using cash at tens of thousands of participating locations. A consumer or borrower typically follows these steps:

  • Select cash as the payment type on a business’s online checkout page.
  • Print the unique barcode or download it to a mobile device. Often, the barcode expires after a set amount of time for security reasons.
  • Locate the nearest payment location and present the cash and barcode to the cashier.

The payment location scans the code, accepts the payment, and deposits the cash. The system automatically sends payment data to the business’s management platform.


eCash is one of the tools a business should utilize in its payment arsenal. While card, ACH and digital wallets remain wildly popular, it’s prudent for a business to evaluate its cash acceptance strategy. Selecting a payments partner who can provide all payment methods will make it easier for businesses to navigate the many options available to ensure the best payment experience for staff and customers.

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