After a fall-out with investors in his former company VendScreen, Paresh Patel has launched a new startup called PayRange that offers an easier way to make mobile payments, according to Portland Business Journal.
The 10-person team of PayRange has figured out a way to simplify the complicated process of making mobile payments for vending machine purchases. The company makes money through a commission for every transaction made through its special device, the report explained.
The Oregonian cited Patel saying: "Why connect the machines to the network when the consumers already have a smartphone that's connected?"
PayRange lets consumers download a free and pre-funded smartphone app that can be used to communicate with vending mahines. The app lets users authorize a transaction and automatically deducts the purchase amount from their prepaid accounts, the report detailed.
The key-sized wireless gadget can be easily installed in vending machines. The Portland-based startup has just started raising outside funding. The company spends $20 to manufacture the said device, but if it raises enough capital, it might just give them away. Patel wants to introduce the gadget to college campuses first and begin scaling from there, the report stated.
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