PayRange, which makes a small device that plugs into vending machines that enables customers to pay with credit cards, said that it has raised $12 million in venture financing.
The company produces a device that plugs into vending machines that interacts with an app. It uses Bluetooth to connect to the app, wherein customers can make a purchase. The device works with basically any vending machine, making it a good way to retrofit existing machines to take credit cards as cash becomes increasingly less commonplace.
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. 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. Find out more at www.payrange.com.