MALVERN, Pa.--(BUSINESS WIRE)--USA Technologies, Inc. (NASDAQ:USAT) ("USAT"), a payment technology provider of cashless and mobile transactions in self-serve retail, today announced a strategic agreement with Ten M Corporation (“Ten M”), a family owned Canteen franchise, adding to its expanding list of customers committing to a fully connected operation. USAT is working with Ten M to upgrade 1,000 of the company's machines to its state-of-the-art ePort Connect® cashless payment system, enabling the company to track the acceptance of cash, credit/debit cards, and contactless payments, including mobile wallet payments such as Android Pay and Apple Pay.
With the ubiquity of the mobile phone, we believe more and more consumers want the ease of making purchases with a tap, click or swipe. Ten M’s goal is to better serve its customers by becoming 100 percent cashless and mobile-payment enabled. With just 11 percent of the installations complete, early results indicate an average cashless usage of approximately 31 percent.
“We are a second generation family-owned business, and we have always prided ourselves on giving our customers the best service possible,” said Bryan Mistretta, Vice President, Ten M Corporation. “Smartphones have created new opportunities for companies like ours to leverage payment information and engage with our customers at the point-of-sale, helping create a long-term relationship. The technology, support and innovative programs like deployment support and payroll deduct that USAT provides will allow us to be best in class with our peers. We’re ready to learn from the best, and USAT is an integral part of that journey.”
Based in Donaldsonville, Louisiana, Ten M was established in 1977 and recently became a Canteen franchise. The company is fully leveraging USAT’s Premier Support Services to deploy the devices in the field and plans to subsequently leverage a fairly significant footprint of interactive equipment that they are installing in key accounts. USAT's advanced cloud-based interactive media and content delivery management system offers them what we believe to be a unique opportunity to serve up targeted information to these accounts and build value in the operation through rich multimedia-marketing campaigns, while simultaneously enabling the delivery of nutritional information, sampling via targeted promo code campaigns and creating an interactive and responsive consumer experience by providing instant remote refunds and electronic feedback mechanisms right at the point of sale.
“We are thrilled that Ten M Corporation is joining the growing number of customers who realize the benefits of going 100 percent cashless,” says Maeve McKenna Duska, senior vice president of sales and marketing, USA Technologies. “Early results indicate the value that customers see in this transition. Our goal has always been to provide our customers with the best tools they can in turn use to create meaningful relationships with their customers, increasing loyalty, trust and advocacy.”
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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 Premium Support Services:
USAT's Premium Support Service bundles USAT's best-in-class services to ensure the most effective deployments of USAT's cashless technology through cohesive planning that maximizes returns. Services include USAT's Model Market program for planning, project management, installation support, and marketing support; integration of deployment planning, installation and performance optimization; access to USAT's flagship Knowledge Base data; and customized reporting in support of deployment, inventory and DEX project management. USAT's Premium Support Service is available to customers that have made a commitment to connect a significant portion of their locations to USAT's service.
About USA Technologies:
USA Technologies, Inc. is a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market. The company also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G-series, ePort Mobile™ for customers on the go, ePort® Interactive, and QuickConnect, an API Web service for developers. USA Technologies has 78 United States and foreign patents in force; and has agreements with Verizon, Visa, Chase Paymentech and customers such as Compass, AMI Entertainment and others. For more information, please 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, including without limitation the business strategy and the plans and objectives of USAT's management for future operations, 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, the ability of USAT to predict future market conditions and consumer behavior; the possibility that all of the expected benefits and efficiencies from the use of the ePort Interactive or from going 100% cashless, will not be realized by all vending operators and on all vending machines or within the expected time period; and the ability of USAT to operate without infringing or violating the intellectual property rights of others. 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
