PayRange | Paresh Patel: The Quickest Way to Pay for the Things You Go Often

Summary

In this interview, Parrish Patel, CEO of PayRange, discusses the company's innovative journey in revolutionizing the unattended retail sector. Initially addressing the issue of coin hoarding with a mobile app, PayRange swiftly adapted to the COVID-19 pandemic by introducing features such as 'pay later' and donations for frontline workers. Patel shares insights on the company's multi-faceted approach to serving consumers, machine operators, and communities, emphasizing the importance of simplicity and speed in their design process. He also highlights the trend in FinTech towards self-sustaining businesses that solve real problems and the focus of PayRange on capturing everyday high-frequency, small-ticket purchases while maintaining consumer anonymity and security.

Takeaways

• 💡 PayRange is an innovative company in the unattended retail space, focusing on solving payment issues for small ticket transactions.
• 📱 They released a mobile app designed to eliminate the need for coin hoarding, especially for laundromat usage, and quickly adapted it with a 'pay later' feature during the COVID-19 pandemic.
• 🔄 Parrish Patel, PayRange's CEO, has a deep background in the vending industry, which inspired him to create a solution for cashless consumers facing machine payment challenges.
• 🤝 The company serves three sectors: consumers, machine operators, and communities, with a multi-pronged service approach to address the needs of each group.
• 🚀 During the COVID-19 crisis, PayRange rapidly innovated by introducing features like purchase authorization for declined cards, on-demand settlements for merchants, and a donation feature for frontline workers.
• 💰 They raised nearly $50,000 in a short time to help over 2,000 frontline workers, demonstrating the willingness of consumers to contribute to a good cause.
• 📈 PayRange has become a leading brand in the unattended space by focusing on small ticket commerce, which has been largely overlooked by other financial technology companies.
• 🛠️ The design process for PayRange's product involved observing consumer interactions with machines and ensuring the app was simple, intuitive, and fast to use.
• 🌟 A guiding principle for PayRange is to make the payment process so straightforward that consumers can complete a transaction in seconds without cognitive overload.
• 🔍 Parrish noted that trends in FinTech are moving towards solutions that address real problems consumers are willing to pay for, and that can be self-sustaining businesses.
• ✅ PayRange's future roadmap involves expanding to capture everyday purchases, aiming to be a secure and private payment method, effectively replacing the need for cash in small transactions.

Q & A

What is the main problem that PayRange aims to solve with their mobile app?

PayRange aims to solve the problem of cashless consumers who are unable to make purchases from unattended retail machines due to not having the exact change required.

How did the COVID-19 pandemic influence PayRange's product development?

The COVID-19 pandemic led PayRange to quickly initiate a 'pay later' feature on their app and further innovate by adding a donation feature to support frontline workers.

What inspired Parrish Patel to start PayRange?

Parrish Patel was inspired to start PayRange after a personal experience of not having the exact change to use a vending machine, despite having a credit card and a cell phone.

How does PayRange serve multiple sectors with its solutions?

PayRange serves consumers by providing a convenient payment method, machine operators by offering solutions like on-demand settlements, and communities by facilitating features like donations for frontline workers.

What is the guiding principle behind PayRange's design process?

The guiding principle behind PayRange's design process is to make the payment process as simple, fast, and intuitive as possible, leveraging existing consumer knowledge to minimize the learning curve.

How does PayRange's approach to FinTech differ from other companies in the space?

PayRange focuses on addressing the specific needs of small and micro ticket payment spaces that have been largely overlooked by other companies in the FinTech industry.

What are the unique challenges that PayRange faces in the unattended retail segment?

The unique challenges include dealing with very small transactions at a high frequency, ensuring security and privacy, and providing an anonymous payment option similar to cash.

How does PayRange plan to expand its services beyond unattended retail?

PayRange plans to expand by capturing more everyday purchases, such as parking, car washes, and tipping, aiming to become a large network for high-frequency, small-ticket transactions.

What was the outcome of PayRange's donation feature for frontline workers during the COVID-19 crisis?

The donation feature allowed consumers to add a donation to their purchase, raising almost fifty thousand dollars in a short amount of time to help over 2,000 frontline workers.

What is the analogy Parrish Patel uses to describe PayRange's position in the market?

Parrish Patel likens PayRange's position in the market to how Amazon started with books and then expanded into various other areas.

How does PayRange maintain consumer privacy during transactions?

PayRange acts as a firewall between the consumer and the merchant, processing transactions securely without requiring consumers to share personal information like phone numbers or email addresses.

What is the future roadmap for PayRange in terms of product development?

The future roadmap for PayRange involves expanding to capture more everyday purchases, focusing on small ticket, high-frequency transactions, and enhancing security and privacy features.