MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. (NASDAQ:USAT), a leader of wireless, cashless payment and M2M/IoT solutions for small-ticket, self-serve retailing industries, today announced that it has reached approximately 9,000 customers and that connections to its end-to-end ePort Connect® service crossed 300,000 during its third fiscal quarter ended March 31, 2015, moving the company closer to reaching its three-year goal of 500,000 connections.
In the last year, USA Technologies has seen significant increases in the adoption of ePort Connect®, as the payments industry continues to embrace mobile and cashless payment solutions. According to Huffington Post1, a report issued by market research firm, Javelin Strategy & Research, indicates that point of sale (POS) cash purchases are expected to drop to 23 percent by 2017 from 27 percent in 2011. Further, according to EurActiv2, the research firm predicts mobile POS payments will rise from roughly $3 billion in 2013 up to $53 billion by 2019.
"We are at an inflection point in the industry, as adoption of mobile and cashless payments become standard in small-ticket, self-service retail," stated Stephen P. Herbert, chairman and chief executive officer of USAT. "Our strategy to drive new customer connections by delivering greater value via each connection, and deepening penetration into our existing customer base will continue to power our pipeline for growth. We believe we are perfectly positioned to capitalize on an immense opportunity."
Mr. Herbert continued, "We are very grateful to our growing roster of customers whose loyalty and support are helping us to shape and adapt the turnkey, comprehensive and flexible nature of ePort Connect," added Herbert. "Our strong customer retention speaks to our increasing value proposition and high levels of customer satisfaction. We are creating new ways of doing business in self-serve retail through what we believe to be a powerful, connected platform for future services."
USAT's ePort Connect service is a PCI-compliant suite of cashless payment and telemetry services specially tailored to fit the needs of self-serve retail industries. Designed to be a "one-stop shop," services offered through ePort Connect include wireless and merchant account setup, simplified processing rates, settlement and reconciliation, 24 x 7 customer service and a host of value-added services including mobile payment, loyalty programs and integrated payment services for micro-markets and other POS devices.
About USA Technologies:
USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company's flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of small ticket, self-service retailing industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G-series, ePort Mobile™ for customers on the go, and QuickConnect, an API Web service for developers. USA Technologies has been granted 87 patents; and has agreements with Verizon, Visa, Elavon and customers such as Compass, Crane, AMI Entertainment and others. Visit the website at www.usatech.com.
