DESTIN, Fla.--(BUSINESS WIRE)--As rapid adoption of mobile payment options and smartphone technology take hold, USA Technologies, Inc., a leader of wireless, cashless payment and M2M/IoT solutions for small-ticket, self-serve retailing industries, announced customers choosing to adopt cashless technologies on 100 percent of unattended machines are driving new connections. Strategic agreements in place include Five Star Food Service, M&M Sales Company, and Southern Refreshment Services, with three additional strategic agreements recently secured.
Historically, even as the broader retail industry embraced cashless payment options, the vending and self-serve retail markets had remained largely reliant upon cash and coin, often times, to the detriment of sales. However, the Company believes that the signing of agreements with several customers choosing 100 percent adoption of USAT’s ePort Connect cashless technology signals a significant shift in how the self-serve retail industry is approaching payment solutions and the opportunity for direct, personal interaction with consumers.
“The nature of how the consumer pays for goods, and how companies accommodate customers is experiencing a metamorphosis - demanding a new kind of solution,” said Stephen P. Herbert, president and CEO, USA Technologies. “Our growing list of customers know that maintaining an all-cash business leaves them at a disadvantage. Their own transaction data proves adding our solution can make a continued positive impact on their business. As solutions like Apple Pay, PayPal, Square and Android Pay become the norm, our customers are positioned to benefit from the growing upside. At USA Technologies, we are committed to providing our users with the best technology service to enable them to tap into this evolution—driving positive business results for customers, while driving our own customer growth.”
According to USAT’s recent Knowledge Base Study, average cashless usage at certain vending machine locations equipped with USA Technologies' ePort Connect increased to 37 percent during a recent one-month period from 32 percent during a similar one-month period a year earlier, and also showed consumers spend, on average, 32 percent more when they pay with a card versus cash.
USA Technologies recently announced adding 31,000 net new connections to its service in Q4 of FY 2015, for a total of 333,000 connections to its ePort Connect Service, an increase of 25% from a year ago. USA Technologies offers a unique one-stop cashless payments service to the self-service market which includes an integrated loyalty platform, the ability to process across many lines of business including micromarkets, dining and online, and a support team that includes deployment planning, performance optimization and marketing support.
