Payomatic: New York community financial services company

Saturday, May 4th, 2013 By

The home page of Payomatic.com, where clean design makes it easy to find what you're looking for. A smiling woman holding a prepaid VISA card invites New York customers to try out the financial services Payomatic has to offer.Antoinette Mustafa, president of Payomatic, wants consumers to look at the Pay-O-Matic Corp check-cashing locations as “a community resource.” They are not merely check cashing locations, however; Payomatic and Payomatic.com strive to serve a breadth of financial service needs for New York consumers. In addition, the company’s active participation in community outreach projects like those benefiting The Child Center of NY is of great import to the community at large.

The Syosset, New York-based company made a point in a recent Crain’s New York Business article of pointing out that they continue to work to make their 100-plus New York stores more useful and inviting to customers. Perhaps that’s why they’re currently New York’s largest check cashing and consumer financial services chain, according to Crain’s. If they offered a personal cash loan service, they’d have a built-in audience to take advantage of the product.

Payomatic is one-stop shopping for consumer money needs

According to their Web site, Payomatic cashes over five million checks each year. For every $100 cashed, Pay-O-Matic’s check-cashing locations charge 1.83 percent, or $1.83 per $100 cashed. They cash nearly any type of check, from personal to small business, payroll to government and beyond.

Western Union services for wire transfers and money orders are also available, as are quick and convenient bill payment services that credit accounts with a couple of business days. Prepaid VISA, ATM and banking teller services through the PAYNET Network, NYC Metro Cards, E-Z Pass commuter cards and a plethora of other services for New York consumers round out what Payomatic has to offer. They’d offer online personal loans, if New York’s laws were more favorable to such a product.

Payomatic.com Web metrics indicate brick-and-mortar drives business

As one might expect with a company that began as a group of check-cashing locations, Payomatic does its most important work up close and personal. Measurements taken by Compete.com indicate that Payomatic.com had 5,382 unique visitors in February 2010, which marked a drop of 43.38 percent from the previous month. Total visitors came out to 7,125, also a staggering drop from January 2010 (43.76 percent fewer total visitors).

Referral analytics from Compete show that Payomatic.com may be optimized more for Microsoft exposure, as Bing.com leads the pack with 33.38 percent of referred traffic. Google.com follows at 19.87 percent, while Facebook.com sends 6.62 percent of traffic to Payomatic’s Web site. Search analytics point to the most-used search terms leading to Payomatic.com as “Payomatic” (20.24 percent), “check cashing locations” (9.85 percent), “Payomatic.com” (9.67 percent) and “pay o matic” (8.48 percent).

Are you a New Yorker in need of financial services? Payomatic would like to connect you to your community!

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