SOURCE: PayRange

PayRange

October 08, 2015 10:32 ET

PayRange Introduces Vending Industry's First Mobile-Based Rewards and Loyalty Platform

The Latest in a String of Innovations From PayRange Is a Mobile Point-of-Purchase Rewards Platform Designed From the Ground-Up for the Automated Retail Industry

PORTLAND, OR--(Marketwired - October 08, 2015) - PayRange Inc., maker of the world's simplest mobile payment solution for machines, today announced that it is launching the vending industry's first mobile-based rewards and loyalty platform designed specifically for automated retail.

The loyalty platform enables machine operators to reward their frequent customers, increase sales through additional purchases, and win new accounts. The program is available beginning October 9 to all PayRange operators at no additional cost beyond that of the rewards they choose to offer.

"PayRange Rewards is built ground-up for the vending industry while leveraging best practices from other verticals," stated PayRange founder and CEO Paresh Patel. "We're excited to be a part of shaping the vending industry and making it relevant for the millennial generation through our innovations. With the PayRange app, we offer convenience through mobile payment, engagement through offers, and now loyalty through our rewards program."

PayRange tailored the program for vending by designing features such as: (a) rewarding the frequent user, (b) enabling users to track rewards in real-time through the app, (c) encouraging incremental purchases through trials of different products with free rewards; (d) aligning earning of rewards and spending of rewards with the same operator; (e) offering automatic redemption to minimize overhead for the operator and inconvenience for the user; (f) allowing the user to choose when the free reward can be applied instead of forcing use on the next transaction, and (g) accruing points on a machine-by-machine basis, yet allowing redemption on any of the operator's machines.

Highlights of the PayRange Rewards Program

  • Operators activate rewards program on a per machine basis.
  • Users are awarded "Stars" for each mobile purchase and can track status right in the app.
  • Stars are specific to each machine encouraging repeat usage of same machine.
  • When seven mobile purchases have been made, a free vend offer up to $2.00 is added to the user's account. The user can apply now, or save for later (up to 60 days).
  • Free vend reward can be redeemed on any of operator's machines encouraging trial of different products.
  • Stars expire in 60 days, so seven mobile purchases per machine must be made within a rolling 60-day period.
  • When operators activate rewards program on a machine, users of that machine will automatically earn Stars for mobile purchases made within a rolling 60-day period, increasing engagement.
  • Operator can discontinue program on any machine at any time; any user who has earned a Star can continue playing it out for up to 60-days. New users will not see the rewards program on that machine.

How it pencils out

As an example, a user makes 2.5 purchases per week on average from a particular machine over the course of a year. After the rewards program, this user increases purchases to an average of three per week. This user will spend $39.00 more per year and earn free vends worth $16.50 resulting in a net increase in sales of $22.50 or 11.5% from that user (assumes average vend is $1.50, and free vend cost is 75 cents). The operator earns more while rewarding the user and creating goodwill.

Example of Rewards

Sally buys a bottle of water every day at work. She loves earning the free vends because she uses the opportunity to try different items out of the food machine with her Reward, especially the days she does not have time to run out for lunch. One time, she saw a Yogurt Parfait in the machine and was tempted to try with her Reward. It's not something she would have bought otherwise, but with her free vend, she decided to give it a try. She liked it so much, she now buys one every now and then for breakfast. For the operator, he has increased sales and not taken away from her water purchases.

The App

The PayRange mobile app, available for both iOS and Android devices, allows consumers to purchase products from unattended retail sites securely, entirely on the mobile device via Bluetooth technology. The app has been well received, having a five star rating in the App Store with consumers commenting on how much they like the new way to pay for vending. PayRange-enabled machines can be found across the 50 United States and throughout Canada.

About PayRange:

PayRange was founded in 2013 by Paresh Patel to provide operators and consumers with the simplest, most accessible mobile payment solution possible. The company is distributing its BluKey device to operators in the US and Canada. Consumers can download the free mobile app from either the Apple App Store for iPhone users or the Google Play Store for Android users. The PayRange app enables consumers to make their transactions at unattended points of sale -- vending machines, amusement devices, laundry and more -- quicker and easier. And with flexible funding options including all major credit and debit cards plus the ability to add funds via Apple Pay, consumers are empowered to make mobile payments a reality. Find out more at www.payrange.com.

Image Available: http://www.marketwire.com/library/MwGo/2015/10/8/11G066839/Images/PayRange_Rewards-706923528483.jpg