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.
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.
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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.”
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