Paysafe Enables eCash Payments for US Auto Loans With Exeter Finance

Rhea-AI Summary

Paysafe (NYSE: PSFE) has partnered with Exeter Finance LLC to offer the Paysafecash online payment solution to over 500,000 customers. This marks the first eCash payment option for Exeter since entering the U.S. auto finance market in Q2 2021. Customers can securely make cash payments online by generating a barcode and completing the transaction at one of 70,000+ retail locations. This initiative aims to enhance financial inclusion for unbanked and underbanked individuals while providing a safer payment alternative.

Positive

• Expanded market presence in U.S. auto finance with Paysafecash.
• Provides financial inclusion for unbanked and underbanked consumers.
• Introduces a secure, cash-based payment method for Exeter's large customer base.

Negative

• None.

Exeter customers can now make safe and secure online cash payments with Paysafecash^®

LONDON--(BUSINESS WIRE)-- Paysafe (NYSE: PSFE), a leading specialized payments platform, today announced a new partnership with Exeter Finance LLC, a leading indirect auto finance company headquartered in Irving, Texas. Paysafe is expanding its presence in the payments space for U.S. auto finance by offering its Paysafecash online cash, or eCash, solution as a payment method for Exeter customers.

After entering the American auto financing payments market in Q2 2021, Paysafecash is now available as Exeter’s newest alternative payment method and first eCash solution for the company’s 500,000+ customers. These customers can make payments safely and securely online using Paysafecash, a payments solution for unbanked and underbanked consumers, or anyone who chooses to pay with cash.

To make a loan payment, an Exeter customer simply logs-in to their account and selects Paysafecash as the payment method, generating an online barcode they either store digitally or print. After locating one of the 70,000+ U.S. convenience stores, pharmacies or dollar stores that serve as Paysafecash payment points, the customer presents the barcode and completes the payment in cash.

Udo Müller, CEO of Paysafe’s eCash division, said: “We’re delighted to partner with Exeter Finance, which shares our commitment to promoting financial inclusion in the U.S. Whether they are buying a car to get to work or take the kids to school, Exeter Finance customers favoring cash now have the alternative of Paysafecash, which meets their payment preferences and facilitates their overall loan repayments.”

Troy Miller, Executive Vice President of Servicing Operations at Exeter Finance, commented: “We are excited to offer yet another payment option to our more than half a million customers. Paysafecash provides them with a safe, easy way to pay using cash, and we’re pleased to have such an alternative available to enhance our customers’ experience.”

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About Paysafe Limited

Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualized transactional volume of over U.S. $120 billion in 2021, and approximately 3,500 employees located in 10+ countries, Paysafe connects businesses and consumers across 100 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.

About Paysafecash^®

Paysafecash, from leading integrated payments platform Paysafe, is an eCash payment method for customers who want to pay online easily and safely using cash. Available in nearly 30 countries, Paysafecash makes online transactions possible for customers, who do not have a debit or credit card, or who do not want to use them online. Payments are made by generating a barcode during the online checkout, which can then be scanned and paid for in person at one of more than 190,000 payment points. Paysafecash was launched in 2018 by the same Paysafe team who created the award-winning, prepaid cash solution paysafecard in 2000. A market leader in eCash payment solutions, paysafecard allows customers to buy prepaid vouchers that they can then redeem online.

About Exeter Finance

Exeter Finance LLC is an indirect auto finance company headquartered in Irving, Texas. Founded in 2006, the company underwrites, purchases, services, and securitizes retail installment contracts from U.S. automobile dealers. Exeter works with more than 12,000 dealers and over 500,000 customers nationwide providing indirect financing for both new and used vehicles. The company has a serviced finance portfolio of $8.5 billion. For more information, visit www.exeterfinance.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220428005140/en/

For further information about Paysafe:

Nick Say, Senior Manager, Corporate Communications, North America, Paysafe

T: +1-514 452-8747 / E: Nick.Say@Paysafe.com

Source: Paysafe

FAQ

What is Paysafe's latest partnership related to?

Paysafe has partnered with Exeter Finance to offer the Paysafecash online payment solution.

How does Paysafecash help Exeter Finance customers?

It allows Exeter Finance customers to make secure online cash payments, enhancing financial inclusion.

How many customers can use the Paysafecash solution?

Over 500,000 Exeter Finance customers can utilize the Paysafecash solution.

What is the significance of Paysafecash for Paysafe's business?

It expands Paysafe's presence in the U.S. auto finance market and introduces an alternative payment method.

How does a customer use Paysafecash for payments?

Customers generate a barcode online and complete their payment in cash at one of 70,000+ retail locations.