It’s reasonable for a vending machine business to dread the idea of an all-plastic future and the death of cash as we know it. However, non-electronic payments are still common. The trick is accepting larger bills to make more money.
Consumers of all ages use cash for purchases of $10 or less 65% of the time. That’s good news for a soda vending machine business, but what about the 24-and-under age group, the demographic most likely to abandon cash? Fortunately for your vending machine business, the numbers don’t lie: cash accounts for 47% of all monthly purchases people 24 years and under make each month.
Cash is most often used to make smaller purchases, but many times people use $20 bills, even for totals under $5. After all, that’s what the ATM on the corner spits out when anyone makes a withdrawal. That’s why combo vending machines should not just accept $1, $5, and $10 bills. Bill recycling opens up the consumer’s wallet and allows your vending machine business to accept the $20 bills they’re carrying.
Make this change and you’re sure to make more money from each soda vending machine you manage.