The way retailers handle payments is rapidly changing, and the shift toward cashless transactions is more apparent than ever. In 2021, non-cash transactions surpassed a staggering $989 billion, with projections indicating that by 2026, we’ll be witnessing a mind-boggling $2 trillion in annual cashless payments. This transformative wave is sweeping across various industries, including unattended retail.
When it comes to vending, investing in cashless readers can lead to improved revenues, better service and optimized operations. However, not all cashless vending solutions are treated equally. If you’re an unattended retail business looking to get started with or upgrade your current cashless vending solution, here are three vital factors to consider when comparing providers.
1. Responsive customer support
On the surface, many cashless vending solutions look to achieve the same overall thing: they let you take an array of cashless payments to help you capitalize on and serve the increasing number of people who pay with credit, debit, mobile pay, or NFC solutions. By offering these diverse payment methods, you can improve your customer service and boost machine sales.
However, one big difference is in the customer service that you receive from your provider. Cashless vending solutions are very reliable, but like any other technology, they can experience issues. With this in mind, it is essential to purchase cashless vending solutions from a provider that provides excellent customer support and service. After all, the longer your reader is down, the more money you potentially lose. So, make sure your provider has excellent support. Consider support hours, installation guides, methods of communication and more before you make your decision.
2. Integration and compatibility
Cashless vending solutions are one of the best purchases an unattended retail company can make when it comes to ROI. But these days, cashless is just one small part of the equation. With the increasing importance of management systems, mobile payment solutions and more, your cashless hardware needs to work hand in hand with your other technology. The seamless integration of cashless vending solutions with your existing systems is paramount. Incompatibility can lead to operational disruptions – a situation no business wants to encounter.
Evaluate how well a solution integrates with your vending machines, vending management systems and any other relevant technology. A smooth integration enhances user experiences, streamlines operations and minimizes the risk of technical issues. It also allows you to further increase the ROI of your cashless vending solution.
3. Security and data privacy
As cashless transactions continue to soar, security and data privacy become crucial concerns. Customers need assurance that their financial data is secure when using your vending machines.
Examine the security features and protocols offered by different cashless vending solutions. Look for encryption, tokenization and authentication mechanisms that safeguard sensitive information. Additionally, ensure that your chosen solution complies with data privacy regulations to avoid potential legal complications.
PayPlus: Elevating your cashless vending experience
As you navigate the world of cashless vending solutions, one option that stands out is the PayPlus card reader PayPlus.
This innovative solution not only offers diverse payment methods, increasing your machine sales by up to 30%, but it also provides reliable hardware that ensures maximum uptime. With its powerful management tools and 7-day-a-week support, PayPlus allows you to monitor your machines, increase revenues, reduce costs and keep your devices online and selling seamlessly.
Interested in getting started with cashless or switching from your current provider? Get in touch with 365 Retail Markets today and learn how our cashless technology can help you find success.