Market Overview

One Million Laundry and Vending Machines are being Upgraded to Accept Mobile Payment with a Hardware-as-a-Service Model

Share:

PayRange Inc., a network for everyday purchases, has secured $70 million in funding to digitize unattended retail machines at no up-front cost to machine owners.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200225005102/en/

The digital revolution has left millions of vending, laundry, and other cash-and-coin-only machines behind, because until now, upgrading to accept card and NFC payments has been cost prohibitive for those machines. The patented PayRange solution is a small, dongle-like device that easily installs inside the machine, then leverages the consumer's smartphone for connectivity and payment over Bluetooth. (Photo: Business Wire)

The digital revolution has left millions of vending, laundry, and other cash-and-coin-only machines behind, because until now, upgrading to accept card and NFC payments has been cost prohibitive for those machines. The patented PayRange solution is a small, dongle-like device that easily installs inside the machine, then leverages the consumer's smartphone for connectivity and payment over Bluetooth. (Photo: Business Wire)

The digital revolution has left millions of vending, laundry, and other cash-and-coin-only machines behind, because until now, upgrading to accept card and NFC payments has been cost prohibitive for those machines. The patented PayRange solution is a small, dongle-like device that easily installs inside the machine, then leverages the consumer's smartphone for connectivity and payment over Bluetooth. In addition to retrofitting existing machines, the solution is also available as OEM in new machines.

With the company's new 2020 Consumer Choice Program, PayRange offers machine owners the ability to capture more sales by offering a wider range of payment options. Additionally, PayRange helps modernize the user experience, empowering machine owners to offer consumer engagement features such as promotions and loyalty programs.

"We realized that the initial upfront investment was a hurdle preventing owners from upgrading, so we developed the Hardware-as-a-Service (HaaS) model, allowing operators to finally bring their unnetworked machines into the digital age," stated Michael Kitchen, Chief Revenue Officer. "We have only begun our initial rollout of the program and are already signing up ten thousand machines a week. We are very pleased with the early results of this program and expect demand will outstrip our initial one million device supply."

PayRange also offers a turnkey deployment service to further reduce the barrier for machine owners to join the network. For more information on the program, operators can reach out to PayRange at sales@payrange.com or their distributors.

About PayRange:

PayRange was founded by Paresh Patel, an unattended retail veteran, to provide operators and consumers with a simple and secure mobile payment and loyalty solution for laundry, vending, amusement, and other small ticket merchants. The company is backed by leading fintech investors including Matrix Partners, Nyca Partners, GV, and other payment industry leaders. Launched in 2015, PayRange is the North American leader in mobile payments for unattended retail, with over 3 million users and a network of machines throughout 350 cities and towns in the US and Canada. PayRange has offices in Portland, Oregon and San Jose, California. Find out more at: https://www.payrange.com.

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com