Save-N-Pay’s humble origins began with a small-business owner’s desire to accommodate his customers’ needs. Randy Malone, the proprietor of an outdoor equipment and sporting goods store in rural Illinois, was looking for a simple way to help his customers make large purchases over time. He began with a layaway program, leveraging the age-old approach of envelope budgeting.
While this process was simple and streamlined, Randy explored ways to help his customers save money. He knew there had to be an easier solution that allowed his customers to save for their desired item while also giving them access to their hard-earned money.
I’m a great believer in luck, and I find the harder I work the more I have of it. –Thomas Jefferson
After researching what customers really wanted in a layaway program, Randy partnered with his friend, BJ Schlott. They sought to develop an application that upgraded electronic payments from the cash envelope system to full 21st-century automation. In June 2017, Save-N-Pay was born. Like a Christmas club that offers customers full access to their funds, Save-N-Pay allows for electronic funds saving with no-hidden fees.
As Randy and BJ developed Save-N-Pay, they identified other services beyond the electronic layaway program. There was a need for those who wanted one app that allowed them to not only pay for goods and services at local companies, but also for no-fee, friend-to-friend cashless transactions and the ability to transfer funds between bank accounts from different banking establishments. This was in addition to bringing the envelope budgeting approach from paper to the app.
Additional key features of the app include the ability to provide access to “no wallet needed” purchases from partners. In addition to allowing partners to avoid credit card merchant fees while providing their customer’s a cashless way to pay.
The goal of the app is to bring an easy-to-use, cashless, no-plastic, and fluid – always evolving approach to banking, with no hidden fees. Owner and founder Randy always says, “Big things come from small dreams,” and that is what Save-N-Pay is — an innovative and unique approach to payment for services and goods both big and small.
