This acquisition aims to create a comprehensive all-in-one technology platform for the laundromat industry by integrating PayRange payment solutions with Turns operational management software.
PayRange, a mobile payment solution provider for unattended retail machines, has acquired Turns, a software company specializing in laundromat and dry-cleaning management systems.
The business move should enhance the existing market offering for laundromat operators, eliminating the need to navigate between different platforms for customer payments, business management, pickup and delivery management software, point-of-sale, etc.
PayRange’s proprietary technology enables consumers to make cashless transactions on self-service devices such as vending machines, laundromats, parking meters, and amusement equipment using a smartphone application. Additionally, the firm’s flagship product, the “BluKey” device, can be installed inside various machines to facilitate mobile payments. The company’s tech stack enhances convenience for users and offers businesses a cost-effective method to modernize available payment options in the unattended retail sector where, despite the long-standing availability of credit card and mobile wallet solutions, almost all (95% of the 30 million) machines worldwide still only accept cash.
Laundromats are quite widespread across the United States, with around 30,000 to 35,000 laundromats operating nationwide. They are especially prevalent in densely populated urban and suburban areas where many people live in apartments or housing without in-unit laundry facilities or access to private washing machines. It is also quite a lucrative business with great profit potential and low maintenance efforts.
Laundromats are typically self-service but may also offer omnichannel drop-off and wash-and-fold services. The combined platform of PayRange and Turns will offer both small and multi-location laundromats a unified solution set for their entire service range. The single platform is full of handy features such as mobile payments, point-of-sale systems, and pickup and delivery management, enhancing efficiency and customer experience for laundromat and dry-cleaning operators. It supports Wash Dry Fold (WDF), Pickup and Delivery (PUD), self-service with remote machine payments, providing real-time analytics, attendant tracking, payroll, and customer engagement and experience tools.
Within the next 24 months, the partners aim to power over 5,000 laundromats across the U.S., “giving owners the tools to grow, scale, and create exceptional customer experiences.” Besides improved payment experience, laundromat managers will benefit from PayRange’s use of machine intelligence for user behavior analysis, monitoring transaction data, analyzing machine performance data, predicting maintenance needs, and alerting retailers to potential issues before breakdowns occur.
