Cashless Payment Technology For Your Vending Machines

The advancements in vending technology have benefited the vending industry in numerous ways. It is now possible to enhance business profitability with the help of technical components and software that was not present in the traditional vending machines.

Cashless payment technology is one such innovation that has changed the working of vending business in a significant manner. the fact that such vending machines handle less cash and have the capability to track transactions from remote monitoring system, makes it possible for vending operators to enjoy higher level of:

• Internet control
• Minimize chances of fraudulent cash use
• Reduce vandalism and theft potential

A cashless payment system can definitely improve business performance and help in expansion through enhanced efficiency in operations. If properly implemented, this technology will be a great asset for increasing accountability and control the resource utilization process.

Here are a few important benefits of using cashless payment technology in your vending business:

Easier
A lot of people are unable to use vending machines due to lack of change or coins. With cashless technology, anyone can buy products from your vending machine. They just need a smart card or credit card for making payment. This makes it easier for the customers to make purchases and increases the customer base for the vending business owner.

Increase in sales
Vending is all about impulse buying. Cashless payment technology encourages customers to buy products instantly instead of searching for change to do so. Thus, you can expect higher sales with the incorporation of this technology.

Efficiency
As transactions become cashless, you can expect higher efficiency in processing and services. There will be lesser cost of transaction handling and faster selling process as compared to cash purchases. You also will have no need for currency changers.

Higher profits
You can increase the price points for your products without a negative impact on vending sales volume. Customers are willing to spend more money while paying through credit cards and this can be a great opportunity for higher profits for vending operators.

Apart from these advantages, cashless payment technology also helps in strategic marketing with the help of recorded sales data, price point analysis, cost streamlining, etc. your Antares vending machine business is only going to benefit from the use of machines having cashless payment technology.

Cashless payment options vary from credit card and debit cards, to smart card and to magnetic strips. Once you install the system in your Planet Antares vending machines, these are the modes of payments that can be used.

Many systems suppliers claim that the convenience of cashless payment options can increase the number of purchase transactions by an average of 15 % while the average revenue per sale can increase by 20% to 50% over prior same machine transactions due to the ease of multiple product purchasing.