Retail Expansion Network has launched PaidByCash, a way for shoppers to complete cash transactions over the Internet at all sites that accept MasterCard, including eBay sellers. Consumers pay cash at one of 60,000 neighborhood retail outlets in the company's nationwide network. They verify their payment on the PaidByCash website, where they are then instantly issued a Virtual MasterCard that is used to pay online merchants.
Any Internet retailer that currently accepts Debit MasterCard can add the PaidByCash logo to their checkout process. The company said that by leveraging the MasterCard system, PaidByCash works seamlessly with any existing ecommerce platform or payment gateway.
Michael Marubio, CEO of Retail Expansion Network, addressed questions about the use of PaidByCash by sellers on eBay, which has a strict "Accepted Payments" policy. "PayPal explicitly accepts MasterCard. As long as PayPal and eBay continue to accept, process, and settle MasterCard transactions, buyers and sellers may use PaidByCash. There are, of course, specific rules about the limitations of displaying this option to eBay consumers from a seller's site - though they mostly deal with logo size limitations. PaidByCash has made available the correct sized logos for display on any eBay page, and are available once a merchant is signed up. At the end of the day, buyers are simply purchasing a prepaid MasterCard, which they then "spend" on the seller's site through PayPal."
PaidByCash estimates that 100 million consumers prefer to pay cash for online purchases, including "teenagers too young to qualify for credit cards, security-conscious online shoppers, people without credit cards or those whose cards are too near their credit limit, and individuals who simply prefer to pay in cash."
Retail Expansion Network works with First Bank of Delaware, Western Union, Card Express International and MasterCard International. The company is angel funded, and backed by investors that include partners and senior management from Goldman Sachs, Great Oak Capital Management, Thomas H. Lee Partners and RS Investments.
http://www.retailexpansionnetwork.com
