How does CASHPAY work?
Online
When choosing to use the CASHPAY option to pay for goods or services online the
system generates a barcode. This Barcode is printed and taken to your nearest Post
Office, the cashier will scan your barcode before taking your cash
payment from
you.
Post
If ordering through a mailorder company and paying via CASHPAY a barcode letter
is sent in the post. This letter and your cash can be taken to the nearest Post
Office, the cashier will scan the barcode before taking a cash payment.
Mobile phone
A text message barcode is sent to a mobile phone. Once this message is received,
the phone and cash can be taken to your nearest Post Office, the cashier will scan
the barcode message from the phone before taking the cash payment.
Cash Payments
For those who prefer to deal in cash, The Spectrum Group offers the CASHPAY service to make
remote purchases.
In essence, when seeking to buy goods/services online, by mail order or by mobile phone,
customers can source a special barcode, which they take (along with their cash) to a
Post Office, bank or PayPoint station. This barcode is scanned, the cash is handed over
and a receipt given to show proof or purchase.
The barcode is sourced:
• via the online vendor’s website
• via mail order vendor’s letter
• via text from the tele-vendor (to the purchaser’s mobile phone)
The barcode system may also be used to make:
• debt collection payments
• prepaid card top-ups
• bill payments
Moving forward, CASHPAY will evolve to offer a prepaid card facility, particularly attractive
to regular ‘web shoppers’ and those within the sub-prime sector.
The Spectrum Financial Group is also in negotiation with web merchants to allow use of its
innovative bar code download payment service to engender additional sales.
In fact, The Spectrum Financial Group has already designed a cash payments solution aimed
at online auctioneers, for example eBay, who are looking to accelerate the cash sales
process, which is currently reliant upon Postal Orders and Royal Mail.
