PayNearMe Disbursements provides gaming merchants, lenders, insurance companies, mortgage service providers, and others with a fast, convenient method for distributing funds to customers. Disbursing funds digitally removes the costs and time hassles of mailed paper checks and reduces the risk of fraud and lost mail. Currently, PayNearMe can distribute funds to debit cards, ACH bank accounts, and PayPal and Venmo wallets. For debit card disbursements, PayNearMe uses the Visa and MasterCard debit networks to transfer funds to consumer bank accounts within 30 minutes or less with most transfers completing in under 5 minutes. For ACH disbursements, consumers can access funds within typical NACHA timelines, which is often the next business day. For PayPal or Venmo disbursements, PayNearMe uses a merchant-controlled FBO account and PayPal’s API to transfer funds to consumer PayPal or Venmo accounts within minutes.

Configuring for Disbursements

PayNearMe’s highly customizable platform gives you the ability to configure your disbursement flow to meet the specific needs of your business. Some questions to consider include the following:
A. Do you want to disburse funds from the PayNearMe Business Portal, Embedded Client, via API, or a combination of the two (e.g., stage the disbursement via API then approve and make payment via the Business Portal)? Options include the following:

B. How do you want to collect payment method information? Agents can collect debit card or bank account information within the PayNearMe Business Portal or validated consumers can enter their own payment method information via an emailed or texted Smart Link.

C. Do you want to require supervisor/admin approval prior to completing the disbursement?

D. What daily and lifetime disbursement limits should be set up for agents and consumers? These amounts will depend on your average volume and compliance requirements.

E. PayNearMe sets up each merchant with a “For Benefit Of” (FBO) disbursement account through one of our banking partners where money can be added from the merchant’s settlement account to cover daily disbursement totals. This account requires the merchant to define the following balance thresholds:

• Balance – The current balance. This balance is the sum of the principal amounts of all staged disbursement orders (i.e., funds have been deducted from the balance, but have not yet moved to the consumer’s account) plus the available balance.
• Target Balance or Alert Balance - The desired amount the merchant wants to keep in the disbursement account. When the balance drops below the defined minimum balance (see below), a refill must be initiated to meet the defined target balance.
• Minimum Balance – The minimum amount the balance can be before requiring a refill of the disbursement account. Once the balance drops below this minimum amount, a refill must be initiated to meet the defined target balance. PayNearMe will email the merchant every hour until the account is refilled and the balance is over the defined minimum amount.