As technology progresses, fewer and fewer consumers are carrying cash and coins. Instead, financial transactions via credit and mobile devices are becoming more common. What’s more, card swiping devices, mobile payment, and other digital vending machine payment options are predicted to overtake ‘traditional’ payment methods in the near future, making it a must have in today’s vending market.
Research reveals that 49% of consumers, and 56% of Millennials, are already using / interested in using mobile payment technology and 18% of consumers say that they would use mobile payments if more locations accepted it.
Many consumers today, Millennials in particular, rarely carry cash and prefer cashless options such as credit / debit cards or other options such as Apple Pay which will likely be a revenue driver for vending machines. In fact, a recent study that began in March of 2016 found that vending machines advertising Apple Pay increased overall revenue by 22% while contactless purchases from those same vending machines rose 89%.
With all of that said, the market for cash and coin vending is still viable so don’t scrap your traditional payment acceptors just yet. The best way to increase your profit would be to provide customers with the best of both worlds by installing both cashless vending machine payment options and coin and cash acceptors on your machines.
All of eVending’s machines are equipped with the latest electronic coin changer and bill acceptor and have a standard peripheral opening for additional payment options such as Greenlite, a cashless system that accepts debit / credit cards and mobile payments including Apple Pay. With Greenlite, you are able to remotely monitor your vending machine’s transactions from your web-based account.
Contact eVending today if you are interested purchasing a new vending machine with a cashless system or would like to add Greenlite’s mobile / wireless payment option to an existing vending machine.