Cincinnati Household Tech Pay Principle Broadcasts Launch of Its Money Acceptance Instrument

New in-person payment feature will help un- and underbanked families cross the digital-analog payments divide; help give schools and school districts more peace of mind in budgeting

CINCINNATI, July 20, 2021 /PRNewswire/ — Pay Theory, a Cincinnati-based startup that provides payment solutions for school districts, childcare, and families, is excited to announce the launch of its cash payments tool to simplify the burden of making school-related payments for the roughly 30 percent of K–12 families in the US who are un- or underbanked.

Cincinnati Family Tech Pay Theory Announces Launch of Its Cash Acceptance Tool

Cincinnati Family Tech Pay Theory Announces Launch of Its Cash Acceptance Tool

The Pay Theory in-person cash payments function allows users to complete digital payment transactions in the analog world without having to have a credit card. When making a school-related payment online, users can select the “pay cash” option. They will then be issued a barcode that can be scanned by a cashier just like any other coupon. The bill can be paid in cash right along with groceries or a prescription pickup. Before walking out of the store, the payment will have been reconciled among all parties, including the school. The cash acceptance feature is available at some 65,000 stores across the US, with 95 percent of the population living within one mile of participating retailers.

“The cash payment tool launch is a key milestone in the Pay Theory story,” says Eric Fulkert, Pay Theory co-founder, CTO, and a chief innovator behind the technology. “The tool paves the way to full inclusivity: We can go out there and work with any vendor partner who wants to bolster their engagements with their current or future user base. Moreover, when working with families, the one-third of US families who aren’t in the banking system can now be engaged as well.”

Pay Theory’s partners in developing its cash acceptance functionality include, a leading K–12 administration platform provider; school forms and record management platform SC Strategic Solutions; ZippSlip, a tool that streamlines communications between families and educators; and family relationship management platform Actionaly.

With these partnerships, Pay Theory’s cash acceptance tool will be accessible to nearly 25 percent of all US public schools.

Families that live paycheck-to-paycheck can rest easier when school-related payments come up: If there isn’t enough money in one’s bank account to cover routine expenses, families are more likely to keep their funds in cash, which is easier to access and doesn’t leave money privy to banking fees and overdrafts. This means when times get especially tight for families, it’s harder for them to make a digital payment. The option to use cash for key résumé and social-building school experiences such as athletic programs, AP tests, and tickets to the prom can relieve some stress from the millions of families who don’t always rely on banking institutions to pay their bills.

The Pay Theory cash payment tool also means peace of mind for schools and school districts. At any given time, some 30 percent of school fees remain uncollected, meaning tighter budgets. Every dollar that goes uncollected is a dollar that comes out of another budget, whether that be for school maintenance, more teachers, or updated technology. Paving the way for more inflow, such as with the Pay Theory cash tool, means that schools and school districts can breathe easier and have a bit more wiggle room when making funding allocations.

The tool also helps school administrators implement a cashless campus without fear of being discriminatory. Using cash for everyday school payments such as school lunches and field trips means greater risk of theft and loss, as well as the burden of having to handle and account for the money. The Pay Theory cash payment function can help free up time for school accountants and administrators, as well as help children attend school with confidence against another potential outlet for bullying.

The Pay Theory team developed the tool out of conversations with potential customers. “We realized that there was this huge, hidden component of the cash versus digital,” Fulkert continues; “And we realized that could be a point of frustration, discrimination, lack of engagement for these families and so we looked at an idea of how to solve that. The cash payment feature was then born.”

To learn more about Pay Theory and its story, please visit

About Pay Theory
Pay Theory is a family tech company that breaks down barriers between vital service providers and the families they serve through a platform of simple, beautiful and impactful financial solutions. For schools and other family service providers, we build tools to help them save time by integrating with their systems and processes. For parents, we offer cash access, ease of use, and simple ways to see and manage balances. We envision a world where cashless schools and underbanked families coexist, saving everyone time. To help build our vision, our team has a background in edtech and payments. Our goal is to make the difficult conversations around school fees simple and painless. Learn more at

Media contact:
Anne Szustek Talbot
BX3 on behalf of Pay Theory
[email protected]



View original content to download multimedia:

SOURCE Pay Theory

Leave a Comment