The money is transferred directly into that account when the customer makes the payment.
The one downside of the product is 7-11 stores do have some geographic limitations. For example, there are none in Georgia, one of the largest buy-here, pay-here states.
But the company is common in some of the biggest markets, such as Florida. About 50 percent of the nation's population lives within a mile of a 7-11 store.
And PayNearMe is adding another provider that will give it more than a 1,000 more locations.
"The footprint keeps getting bigger," said Danny Shader, the firm's CEO.
Even if a customer doesn't live near a 7-11, a sizable segment work in fields that wind-up near the stores, such as long-haul truckers.
An advantage for dealers looking to sell their paper is PayNearMe provides a payment mechanism independent of the dealer. That means a contract's owner can change hands, but the customer keeps paying at the same 7-11.
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