MEI reports that cash recycling technology provides a compelling return on investment and new upsell opportunities for vending machines that sell products in the over $1 range and do not have the technology to accept higher denomination bills. Early adopters of recycling technology are reporting sales lifts of between 15 and 40 percent and are achieving a return on their investment in as little as six months, MEI reports.
Adding a cash recycler to a vending machine allows the machine to accept the larger bills that consumers typically have in their wallets without causing change starvation. Consumers have responded positively to machines that accept $5, $10, or $20 bills and are less inclined to walk away to make a purchase at alternative retail outlets that have more payment options.
Since launching the product, MEI has tracked a steady increase in adoption of the CASHFLOW® Series 2000 vending note recyclers that is now approaching one in every three MEI bill validators sold. This adoption rate highlights that bill recycling is rapidly moving to a competitive need and is no longer a niche solution.
Cash recycling enables vending machines to dispense change with the same $1 or $5 bills that it takes in for purchases, which allows machines to accept high denomination bills without depleting its change cassettes. Consumers prefer to receive a mix of bill and coin as change since it more closely aligns with their experiences in other retail channels. The positive experiences lead to increased use of higher denomination bills.
The MEI CASHFLOW VNR has a modular design and has the smallest cash recycler footprint available. Operators currently using VN2700 bill validators can easily convert the units in the field to include the VNR recycler module.
For information, visit www.meigroup.com or call 800-345-8215.