Categories: B2B Payments

PayRange Accelerates Access To Vending Machine Capital

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.

Get our hottest stories delivered to your inbox.

Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits.

——————————

PYMNTS LIVE ROUNDTABLE: TUESDAY, JULY 14, 2020 AT 12:00 PM (ET)

Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

Recent Posts

Zomato Sees COVID-19 Response Delivering Faster Profitability

Indian food-delivery company Zomato weathered a decrease in revenue after COVID-19 hit — but at the same time saw an…

6 hours ago

Coronavirus Refunds: 49ers Provide Reimbursement, Credit Options For Season Ticket Holders

As the pandemic continues to disrupt everyday life the world over, consumers might want refunds on things they have already…

6 hours ago

This Week In Payments: Retail’s Digital Shift, Uber To Buy Postmates, The Digital Yuan Advances

There was no shortage of news in payments and commerce this week, but perhaps the biggest news that didn’t make…

6 hours ago

Google To Ban Ads For Spying

Starting next month, Google will ban ads for products or services that secretly track people, the global technology company announced…

7 hours ago

Amazon Retracts Request For Employees To Remove TikTok From Phones

After asking employees to remove the TikTok app from their phones Friday morning (July 10), Amazon later said it sent the…

7 hours ago

nCino Ups Its IPO To As Much As $253M

The Wilmington, North Carolina-based company nCino Inc., a cloud-based software provider for financial institutions, has upped the amount it hopes…

8 hours ago