DESTIN, Fla.--(BUSINESS WIRE)--As rapid adoption of mobile payment options and smartphone technology take hold, USA Technologies, Inc. (NASDAQ:USAT), 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.
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USA Technologies: https://usatech.com/
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https://www.youtube.com/watch?v=OR-WnaPDAd4
Resource
Center: https://usatech.com/resource-center/the-benefits
Sales and Partnership Inquiries:
Please contact USA Technologies, Inc. at +1 800.633.0340 or sales@usatech.com.
About ePort Connect®:
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 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 ePortG-series, ePort MobileTM 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, Chase Paymentech and customers such as Compass, AMI Entertainment and others. Visit the website at www.usatech.com.
Forward-looking Statements:
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements, other than statements of historical fact included in this release, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to USAT or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of USAT's management, as well as assumptions made by and information currently available to USAT's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business, financial market and economic conditions; the possibility that a customer would fail to or delay deploying cashless technologies in all of their point of sale locations; whether our suppliers would increase their prices, reduce their output or change their terms of sale which could, among other things, reduce the number of connections; whether USAT's customers continue to utilize USAT's transaction processing and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days' notice; the extent to which USAT's 2015 Cashless Knowledge Base is predictive of future market conditions, customer and consumer behavior, average ticket prices and cashless sales across all of USAT's customer locations; the possibility that all of the expected benefits from adoption of cashless payment will not be realized by all vending operators, or will not be realized within the expected time period; and whether, and to what extent, mobile payment technologies have resulted in, and will result in, increased cashless usage and business growth for customers; and the ability of USAT to accurately predict future market conditions and customer behavior. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, USAT does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
G-USAT
