Oregon Patent of the Month – February 2021

PayRange, Inc. is aware that sometimes, the barrier between a customer and a service is not the money, but the payment method. For instance, if a vending machine requires cash and only accepts certain coins (e.g. quarters) and you only have bills or cards- you can afford the service but you can’t pay for it. So, they decided to design an offline-payment operated machine which accepts payments from your cell phone – that way even if you forget your wallet, you’re covered.

 The machines (e.g. vending machine, parking meters etc) can easily connect to the mobile payment device, which uses an MDB plug. Unlike debit/credit machines, this device operates offline so payment can be received without internet connection. The device connects to an application on the user’s cell phone to receive payment, as long as the user is within range. It also offers a hands free option by allowing the user to complete the entire transaction from their phone, so no need to touch public machines. The application includes a virtual wallet where money can be transferred from the user’s bank or credit card and serve as a “credit” in the wallet. As long as the credit in the wallet is sufficient, the device will accept payment. This payment method is ideal for any machine that is limited to cash or limited by connectivity issues. 

About PayRange

PayRange was created to break the payment barrier. Their mission is to empower you to effortlessly improve your customers’ payment experience, driving higher engagement and business efficiencies.

Are you developing new technology? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

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Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.org/webinars or contact your usual Swanson Reed representative.

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