PayRange Gets Backing from Top Investors to Transform Machine Payments
Portland, OR (PRWEB) August 13, 2014 -- PayRange, the world’s simplest payment solution for vending, today announced funding and distribution news that could modernize machine payments. Following on the heels of a $2.75M funding round, PayRange disclosed a list of notable investors: Nyca Partners (which includes Osama Bedier, former head of Google Payments; Hans Morris, former president of Visa; and Max Levchin, co-founder of PayPal); Anil Aggarwal and Jonathan Weiner, founders of Money 20/20 conference; Barbara Corcoran; Google Ventures; Jared Leto; and Phil Nadel.
Investors are attracted to PayRange’s vision for a remarkably simple solution for the trillion dollar, mostly-cash, automated retailing industry. PayRange developed a small Bluetooth dongle that plugs into existing machines in seconds, and a mobile app to send payment. PayRange’s technology re-imagines machine payments in the mobile age, transforming it into a super convenient experience when paying parking meters, luggage carts, transit ticketing, laundromats, amusement games, kiosks and more.
PayRange also revealed today a national roll-out in the vending industry through a strategic partnership with the industry’s largest U.S. distributor, Vistar, a $2.3 billion distributor of vending machine products. Vistar serves 95 percent of all operators across 50 states and will be focusing their nationwide staff on sales of the PayRange technology. The PayRange system, which was tested by 200 operators in 20 states, is now ready for a national roll-out through its partnership with Vistar. PayRange is initially distributing its device to the vending machine industry with other vertical industries to follow.
Over a hundred million people pay a machine every day in the United States alone. “There is a huge market for mobile payments on machines,” noted Osama Bedier, who joined the PayRange Board on behalf of Nyca. “This space is still 95 percent cash-based and has yet to be solved in an elegant way. I am a huge supporter of big ideas applied to hard problems, and PayRange has the most impressive solution I’ve seen to address it so far.”
PayRange has ten patents pending covering a range of technologies that reflect its advances in this space, including a hands-free approach to machine payments. Paresh Patel, CEO and Founder of PayRange, said, “While mobile payments is an incredibly hot field, mobile payments on machines have yet to be tackled, and we see this as the last frontier. We are providing people with an intuitive way to use any self-service machine without first having to worry about how to make payment.”
“There are currently thirty-eight million merchants that already accept credit card payments,” said Hans Morris. “One of the best strategies in payments is to compete with cash. Because of the game-changing technology that Paresh has developed, there are another ten million machines that can come online over the next few years significantly increasing the number of merchant locations. PayRange is, without a doubt, on the verge of transforming the way machines accept payment.”
For more information, please visit: http://payrange.com.
About PayRange:
PayRange was founded in 2013 by Paresh Patel to provide operators and consumers with the simplest, most accessible mobile payment solution possible. The company is distributing its product to operators nationwide via a mobile app for iPhone and Android users. The PayRange app enables consumers to make their transactions at unattended points of sale—vending machines, parking meters, transit-ticket kiosks and more—quicker and easier. Find out more at http://www.payrange.com.
Brandi Buckman, PayRange, http://www.payrange.com, +1 (503) 320-0298, [email protected]
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