Make Change. Take Mobile.
PayRange was founded by Paresh Patel, a veteran of the automated retail industry having previously founded companies on both the customer-side and the technology-side. While credit card solutions for machines have been around for two-decades, Paresh recognized that current solutions pencil out for just a small fraction of machines. Undeniably the benefits are compelling — double digit lift in sales — but the cost of such solutions is a barrier as evidenced by penetration in the low single digits.
One day his car needed air and he stopped at a gas station only to realize the machine only accepts four-quarters … and he had three. He unsuccessfully searched the ashtray of the car, under the seats, asked around, and finally accepted he wasn’t going to be able to get the air.
It’s frustrating, and he realized the problem was not the price – the problem was he was just physically unable to make the purchase due to payment. Payment was the barrier to the sale, not customer demand.
PayRange is focused on eliminating payment as the barrier. They start not with the technology, but rather the operator’s realities and the user experience. First it must work for the operator, or there will be little deployment. Second, it must be simple or there won’t be many using it.
Leverage the user’s connection. They eliminate the costly cellular hardware and recurring monthly fees and provide an interface that is familiar to the user (their own phone).
Aggregate micro-payments. Users prefund their wallet and then use on a variety of machines. It is more convenient and faster for the user, and reduces transaction costs for the operator.
Their exceptionally talented team is working to break the payment barrier by bringing cost-effective, easy-to-use mobile payments to the other 95% of machines that include vending, parking meters, luggage carts, transit ticketing, laundromats, amusement, and more.