Cincinnati Family Tech Pay Theory Announces Launch of Cash Acceptance Tool
CINCINNATI, July 20, 2021 / PRNewswire / – Pay Theory, a Cincinnati-based startup that provides payment solutions for school districts, daycares and families, is delighted to announce the launch of its cash payment tool for Simplify the burden of education payments related to about 30 percent of K-12 families in the United States who are not or underbanked.
Pay Theory’s in-person cash payment feature allows users to perform digital payment transactions in the analog world without having to have a credit card. When making a school-related online payment, users can select the ‘pay in cash’ option. They will then receive a barcode that can be scanned by a cashier like any other coupon. The bill can be paid in cash at the same time as groceries or a prescription withdrawal. Before leaving the store, payment will have been reconciled between all parties, including the school. The cash acceptance feature is available in some 65,000 stores across the United States, with 95% of the population living within a mile of participating retailers.
“The launch of the cash payment tool is a milestone in the history of Pay Theory,” says Eric Fulkert, co-founder of Pay Theory, CTO and one of the leading innovators behind the technology. “The tool paves the way for total inclusiveness: we can work with any supplier partner who wants to strengthen their engagement with their current or future user base. Additionally, when working with families, one-third of American families that are not in the banking system may now be involved as well. “
Pay Theory’s partners in the development of its cash acceptance functionality include Abre.io, a leading provider of K-12 administration platforms; school forms and SC Strategic Solutions records management platform; ZippSlip, a tool that streamlines communications between families and educators; and the Actionaly family relationship management platform.
Through these partnerships, Pay Theory’s cash acceptance tool will be accessible to nearly 25% of all US public schools.
Families who live paycheck to paycheque can rest more easily when school-related payments arise: if there is not enough money in their bank account to cover living expenses , families are more likely to keep their funds in cash, which is easier to access and does not let the money know about bank charges and overdrafts. This means that when times are particularly tight for families, it is more difficult for them to make a digital payment. The option of using cash for key resumes and social-building school experiences such as athletic programs, AP tests, and prom tickets can relieve stress for millions of families who don’t always depend on them. banking institutions to pay their bills.
The Pay Theory cash payment tool also means peace of mind for schools and school districts. At any given time, around 30 percent of tuition fees are not being collected, which means tighter budgets. Every dollar that is not collected is a dollar that goes out of another budget, whether it is for school maintenance, more teachers, or updated technology. Paving the way for more entries, like with the Pay Theory cash flow tool, means schools and school districts can breathe easier and have a little more leeway when allocating funds.
The tool also helps school administrators set up a cashless campus without fear of discrimination. Using cash for daily school payments such as school meals and field trips means an increased risk of theft and loss, as well as the burden of having to manage and account for money. Pay Theory’s cash payment feature can help free up time for accountants and school administrators, as well as help kids attend school with confidence against another potential outlet for bullying.
The Pay Theory team developed the tool from conversations with potential customers. “We realized there was this huge hidden component of money compared to digital,” Fulkert continues; “And we realized that could be a point of frustration, discrimination, lack of engagement for these families and so we looked at an idea of how to solve this problem. Then the cash payment function was born. “
To learn more about Pay Theory and its history, please visit paytheory.com.
About the theory of remuneration Pay Theory is a family-owned technology company that breaks down barriers between lifesaving service providers and the families they serve with a platform of simple, beautiful and impactful financial solutions. For schools and other family service providers, we create tools to help them save time by integrating with their systems and processes. For parents, we offer cash access, ease of use, and simple ways to view and manage balances. We envision a world where cashless schools and underfunded families coexist, saving everyone’s time. To help build our vision, our team has training in edtech and payments. Our goal is to make difficult tuition conversations simple and painless. Learn more at paytheory.com.
Media contact:Anne Szustek TalbotBX3 on behalf of Pay Theory [email protected]
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