B2B Payments

PayRange Accelerates Access To Vending Machine Capital

vending machine

To offer vending and laundry machine operators instant cash access, PayRange Inc. rolled out a feature that lets machine operators immediately move mobile payment settlements to a debit card. The company said in an announcement that the aim of the effort is to support clients as they acclimate to the coronavirus emergency’s economic realities.

PayRange CTO Prashant Kanhere said in the announcement, “Unattended retail operators are providing an essential service during this global crisis, allowing people to continue to do laundry, and to buy food, water, and other supplies.”

Kanhere continued, “And like most businesses, they are facing unprecedented challenges. We built and launched this Instant Transfer feature to support our merchants so they can continue to serve their customers as best as they can. We appreciate that we are all in this together.”

Mobile transactions that take place on their devices will be available for withdrawal in the moment. As a result, the unattended retail machine operator can receive settlements of their mobile transactions at any moment. And, since funds are available to the debit card in a matter of minutes, they can use the card for purchases or to withdraw cash from an automated teller machine (ATM).

The function isn’t required, and any funds left over are deposited on the typical timeframe through automated clearing house (ACH).

In other news, users of ANNA Money will now have the ability of instantaneous quick-response (QR) code payments via a new TrueLayer partnership. ANNA, for its part, provides debit cards, business accounts and financial administration to clients that can encompass small businesses and freelancers.

The QR code use will do away with the hallmarks of old-style payments such as terminals or card. And it’s easier for clients of ANNA to utilize a QR code instead of writing out an invoice and waiting for payment to arrive.

The new service will reportedly decrease transaction costs and accelerate transfers in a fashion that users can take charge of their time as well as finances.

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LATEST PYMNTS REPORT: MARCH 2020 B2B API TRACKER  

B2B APIs aren’t just for large enterprises anymore — middle-market firms and SMBs now realize their potential for enabling low-cost access to real-time payments and account data. But those capabilities are only the tip of the API iceberg, says HSBC global head of liquidity and cash management Diane Reyes. In this month’s B2B API Tracker, Reyes explains how the next wave of banking APIs could fight payments fraud and proactively alert middle-market treasurers to investment opportunities.

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