Join the PayNet Deposit Network

Are you a Credit Union?

Unimagined access for your members…

What if you could provide your members with over 160 deposit locations in the largest city in the United States?

With Credit Union PayNet Deposit Network, you can do just that.  Located throughout the New York Metropolitan area, PayNet offers your members access to a one-of-a-kind Credit Union Deposit Network, rivaling even NYC’s largest banks.

What if you could provide your members with 24/7 deposit access?

With locations open seven days a week (many 24 hours a day), and with early morning and late evening hours, PayNet makes the phrase “banker’s hours” totally obsolete.

What if you could provide all of this at virtually no extra cost to your credit union?

There is no fee to join PayNet. The cost to join the NYCE Network is minimal, and the interchange fees are roughly the same as an ATM deposit – no additional staff or special equipment required.

“This is a great way for credit unions to compete head-to-head with banks and their multiple locations.”

– Jeff Rodman
Actors Federal Credit Union

How does PayNet work?

All that’s needed is a Debit or ATM card and your members can use one of the POB terminals at a PayNet check casher to make their deposits. To your system (and your members) the deposits look and act like the regular ATM transactions you’re already processing – except the receipt your member receives is teller-verified.

Think of it as a teller-assisted ATM transaction – with options.

And here’s the best part… Your members can choose to cash their checks and deposit all or part of that cash for immediate availability.

Is it risky to accept deposits through a check casher?

Since the Network started in 2001, more than $100 million worth of credit union member deposits have been safely processed.  Not one has been lost.  And unlike a traditional ATM transaction, the deposits are verified – on the spot – by check casher personnel.

Are check casher locations safe for my members?

The check cashers in the Credit Union PayNet Deposit Network feature updated, well-lit, secure locations. Remember: With PayNet your members will be traveling in the neighborhoods where they already live and work – safety and security.

“There is no better bang for our buck.  Our members love it… Our Board loves it… I love it.”

– Joy Cousminer
Bethex Federal Credit Union

How can my credit union get started?

Contact us by clicking here. Let us know the best way to contact you. We’ll arrange to meet you at your convenience and explain how the process works.

Essentially, all you’ll need to do is put in a work order with your NYCE Network representative to have your deposit-taking option switched on. Once you’ve activated your deposit-taking capabilities with NYCE, your members can begin using the 160 Credit Union PayNet Deposit locations.

Are you a Check Cashier?

What if you could find thousands of new customers without having to spend thousands in advertising?

With Credit Union PayNet Deposit Network, you can do just that.  If you’re already a member of the NYCE Network, you’re halfway there.  Some of the largest Credit Unions from all over the Metro area are already participating and ready to send their members to your stores to conduct business.

What if you could earn fee income from every one of those Credit Unions each time their members use your services?

Every time you accept a deposit from a participating Credit Union member, the Credit Union pays you a fee.  If you also cash a check for that member, you also earn a check cashing fee from the customer.  While your new credit union customer is at your store, they will see all of the other financial services you offer.

How does PayNet work?

All you need is to be sponsored into in the NYCE Network (so you can receive your interchange income) and a “Point of Banking” (POB) terminal on your counter.  The customer uses their credit union ATM or Debit card (or their EBT card) in the POB and gives your cashier their checks or cash to deposit.  Your cashier confirms the amount of the deposit and gives a receipt.  Think of it as a “teller-assisted” ATM deposit.  And the fees belong to you.

New Web-Based Terminals Add EBT Transactions

In June 2010, new POB terminals will be available, which include not only POB transactions but EBT debits, as well.  They are smaller than the old terminals, take up less counter space and, because they are web-based, they no longer need a dedicated telephone line.  The cost for these new terminals is reasonable and you’ll actually save the cost of two telephone lines, one for the POB and one for EBT.

How can I join the PayNet Deposit Network?

Just click below and we’ll set up a time to come out and talk to you about how to get started.  You’ll have a chance to meet with representatives from a credit union and a fellow check-casher.  The process is easy and only requires a minimum investment in the POB terminal.

To get started click here and tell us how to contact you.