What PAYOMATIC does

PAYOMATIC (The Pay-O-Matic Corporation) is a New York-based alternative financial services provider that operated the largest check cashing and community financial services network in the NYC metropolitan area. Founded in the 1950s, the company ran 100+ physical retail storefronts across the Bronx, Brooklyn, Manhattan, Queens, Staten Island, Long Island, and White Plains, serving underbanked consumers and small business owners with transaction-fee-based services. The company's flagship offerings included check cashing (its foundational product), Western Union money transfers, money orders, bill payment through its proprietary Pay-O-Matic Payment System, foreign currency exchange (via Currency Exchange International), prepaid mobile top-ups, and the inPOWER Prepaid Mastercard issued by The Bancorp Bank under Mastercard license. PAYOMATIC handled more than 19 million transactions annually and held New York State Department of Financial Services licenses as a Money Transmitter and check casher.

The company's technology infrastructure centered on an integrated IT platform connecting in-store, mobile, and online channels. A mobile banking application for iOS and Android, developed in partnership with Stuzo and rebranded as XtraPOWER in late 2024, enabled inPOWER cardholders to check balances, transfer money between PAYOMATIC accounts, view transaction history, and locate stores. Additional in-store technology integrations included Coinstar coin-conversion kiosks, OMNY (MTA contactless transit) card sales and reloads, ATM access, and NYC Lottery transactions. PAYOMATIC operated as an authorized agent of Western Union Financial Services under a long-standing partnership renewed for 7 years in August 2017, and as an authorized agent for The Pay-O-Matic Corp. for money transmission services.

PAYOMATIC's business model is transaction-fee based: check cashing fees are published in-store and online, money orders are free (Western Union splits amounts over $1,000), foreign currency exchange carries a $5.00 transaction fee with a $2,900 maximum per transaction, prepaid mobile fees range from $0 to $2.99, and the inPOWER card generates revenue through issuance and transaction fees. The company was acquired by private equity firm Founders Equity in January 2008 and operated as a privately held subsidiary. In September 2025 PAYOMATIC ceased operations and closed its 100+ locations; the NYC DFS temporarily suspended its license and then lifted the suspension after Western Union confirmed in October 2025 that it was in talks to acquire the company.

Name

PAYOMATIC

Legal name

The Pay-O-Matic Corporation

Website

https://payomatic.com

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

PAYOMATIC is a New York-based alternative financial services provider operating 100+ retail storefronts across the NYC metro area, offering check cashing, Western Union money transfers, money orders, bill payment, foreign currency exchange, prepaid mobile, and the inPOWER Prepaid Mastercard to underbanked consumers and small businesses.

Ownership category

akta.pro rank

Product category

Consumer Financial Services / Check Cashing

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199)

akta.pro primary industry

Check Cashing with Deferred Presentment (FSAKAMAL)

akta.pro secondary industries

Bill Pay, Invoicing & Payables Platforms (BPAMAFAF), Agent-Assisted / Retail Bill Payment Networks (FSAMAJAD)

Keywords

• Check cashing services
• Alternative financial services
• Money transfer services
• Prepaid debit cards
• Bill payment services

Headquarters

HQ city

Syosset

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Check Cashing Services: Fee-based check cashing services for personal and business checks. Fees are published in stores and on the website. This is the core service offering with over 19 million transactions annually.
2. Western Union Money Transfers: International and domestic money transfer services through Western Union partnership. PAYOMATIC acts as an authorized agent for Western Union Financial Services, Inc.
3. Money Orders: Sale of money orders for safe, reliable payments. No charge to purchase money orders at PAYOMATIC. Max amount per money order is $1000.
4. Prepaid Mobile Services: Sale of prepaid mobile minutes and data for domestic and international carriers. Fees vary by carrier, ranging from FREE to $2.99 per transaction.
5. Bill Payment Services: Bill payment services with many same-day payment options available through the PAYOMATIC Payment System.
6. Foreign Currency Exchange: Currency exchange services provided through Currency Exchange International partnership. $5.00 transaction fee applies. Max transaction value is $2900 USD.
7. inPOWER Prepaid Card: Proprietary prepaid Mastercard issued through The Bancorp Bank partnership. Revenue generated through card issuance and transaction fees.

Pricing tiers

Distribution channels3 records

Marketing channels6 records

Core offering

PAYOMATIC is New York's largest check cashing and alternative financial services provider, operating 100+ neighborhood retail stores across the NYC metropolitan area. Its core offerings include check cashing (personal, payroll, government, and business checks), Western Union money transfers, the inPOWER Prepaid Mastercard, money orders, bill payment, foreign currency exchange, and prepaid mobile top-ups, supported by the XtraPOWER Mobile App for digital account management.

Product overview

PAYOMATIC (The Pay-O-Matic Corporation) is New York's largest provider of alternative financial services, operating a network of over 100 physical store locations throughout the Bronx, Brooklyn, Manhattan, Queens, Long Island, and the NYC area, with many stores open late. The company has been serving New York since the 1950s and handles more than 19 million transactions annually. The core product portfolio centers on check cashing as the foundational service, complemented by the inPOWER Prepaid Mastercard (a prepaid debit card issued by The Bancorp Bank), Western Union money transfers, money orders, bill payment, foreign currency exchange, and prepaid mobile services. PAYOMATIC also offers a mobile banking application for iOS and Android that connects to the inPOWER Card for digital account management. The company is licensed by the New York State Department of Financial Services as a money transmitter and check casher, and serves as an authorized agent for Western Union Financial Services.

Differentiator

Problem solved

Functional benefit

Brands

• inPOWER Card: Prepaid Mastercard offered exclusively at PAYOMATIC stores with direct deposit options

Products and services

• Check Cashing Core service allowing customers to cash personal checks, payroll checks, government checks, and other payment instruments with fees published in-store and on the website.
• Western Union Money Transfers International and domestic money transfer services provided through Western Union's network, available at all PAYOMATIC store locations as an authorized Western Union agent.
• inPOWER Prepaid Mastercard Prepaid debit card issued by The Bancorp Bank, N.A., Member FDIC, with direct deposit options, available exclusively at PAYOMATIC stores. Allows users to manage money, check balance, and share money 24/7.
• Money Orders Safe and reliable money order services for payments. No charge to purchase money orders. Maximum single money order amount is $1,000. Offered through Western Union partnership.
• Bill Pay Bill payment service with many same-day payment options. The Pay-O-Matic Corp. offers proprietary bill payment services under its Pay-O-Matic Payment System business unit.
• Foreign Currency Exchange Currency exchange service allowing customers to sell foreign currency for cash or purchase foreign currency. Services provided by Currency Exchange International (CXI). Over 80 currencies available with EUR, CAD, GBP, MXN in stock at select locations.
• Prepaid Mobile Services Prepaid mobile top-up service allowing customers to add minutes and data to domestic and international phones. Supports major carriers including T-Mobile, Virgin Mobile, Boost Mobile, SimpleMobile, Digicel, Flow, Telcel, Tigo, and others. Most transactions post immediately.
• Cash Checks Payable to Business Specialized check cashing service for business owners to cash checks payable to their business entity, including attorney settlement, insurance, and tax refund checks.
• PAYOMATIC XtraPOWER Mobile App Mobile banking application for iOS and Android that connects to the inPOWER Card, enabling balance checking, fund transfers between PAYOMATIC accounts, transaction monitoring, spending management, store locator, and customer support. Free to download.
• OMNY Card Sales and Reload MTA contactless payment cards for New York City's transit system. PAYOMATIC locations serve as retail points for purchasing and reloading OMNY cards.
• Other Store Services Additional services including ATM access, NYC MetroCard sales and reloads, New York Lottery transactions, and U.S. postage stamps available at PAYOMATIC store locations.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature2 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Western UnioncoreStrategic or Co-development Partner · 14 August 2017PAYOMATIC is an authorized agent of Western Union Financial Services, Inc. offering Western Union Money Transfers at all store locations. The companies renewed their agreement with a 7-year extension in August 2017, representing a long-standing partnership. Western Union confirmed in 2025 that it is in talks to acquire Pay-O-Matic.
• Western Union FoundationminorGTM or Marketing Partner · 10 April 2017PAYOMATIC joined forces with The Western Union Foundation to fund scholarships for local students, demonstrating community engagement through the partnership.
• The Bancorp Bank, N.A.coreTechnology or IntegrationThe Bancorp Bank issues the inPOWER Prepaid Mastercard under license from Mastercard International. The card is available exclusively at PAYOMATIC stores and is FDIC insured through The Bancorp Bank.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• MoneyGram: Global money transfer and bill payment company that competes with the Western Union money transfer offering delivered through PAYOMATIC stores. Both operate agent-network models for cross-border remittances and domestic bill payment.
• NetSpend: Prepaid debit card issuer serving underbanked consumers through retail distribution and direct-to-consumer channels. Closely comparable to PAYOMATIC's inPOWER card product and customer demographic.
• Check Into Cash: Retail check cashing, payday lending, and prepaid debit card provider with storefronts across multiple U.S. states. Directly comparable to PAYOMATIC on store-based fee-driven alternative financial services for underbanked consumers.
• ACE Cash Express: National retail check cashing and short-term credit provider offering payday loans, prepaid debit cards, bill pay, and money transfer services in physical storefronts. Closely comparable to PAYOMATIC's core business model and underbanked customer segment, though operating at broader U.S. scale.
• Green Dot Corporation: Prepaid debit card and banking-as-a-service provider with retail distribution through Walmart and other mass retailers. Comparable to PAYOMATIC on the prepaid card product (inPOWER) and underbanked segment, with a similar retail-distribution DNA.

Broad incumbents

• Western Union: Global money transfer leader and PAYOMATIC's primary partner (also reportedly in acquisition talks). Comparable as the incumbent money transfer and consumer-to-consumer payments network whose agent model PAYOMATIC participates in.
• Walmart Money Services: Money transfer, check cashing, bill pay, and prepaid card services offered through Walmart's national retail footprint. Comparable as a mass-retail-based provider of the same suite of alternative financial services, with broader geographic reach but lower density per market.

Others

• The Bancorp Bank: Issuer of the inPOWER Prepaid Mastercard distributed by PAYOMATIC. Comparable as a specialized banking partner for prepaid card programs serving underbanked customers via retail distribution.
• Currency Exchange International: Foreign currency exchange provider that is already a PAYOMATIC in-store partner, supplying FX services at PAYOMATIC locations. Comparable as a supplier of one of PAYOMATIC's revenue lines and as a fellow participant in the underbanked financial services value chain.

Emerging players

• Payday Loans stores (generic / regional): Includes regional storefront check cashers and payday lenders operating in NYC (e.g., local independent check cashing shops in Bronx and Brooklyn). Compete directly with PAYOMATIC on check cashing fees and convenience for the same underbanked demographic.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/payomatic
• Xx.com/payomatic
• Facebookfacebook.com/payomatic

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PAYOMATIC