Thanks to advances in technology, education, the global pandemic, and greater awareness about the spread of contagions, cashless payments are increasing in popularity across the world. Today, most companies prefer to pay their employees through direct bank transfers – though some still pay by check. This also makes it more convenient for consumers to use their cards or e-wallet/mobile wallet to make purchases. It is also safer because even if they lose the card, they can block the card to prevent usage, unlike losing cash or coins. This means that for any business to do well, you need to offer multiple payment options. This applies to vending machines as well. Here are some interesting statistics:
- In 2020, contactless or mobile payment transactions in the US, crossed 180 billion dollars, and this is expected to more than double in 2023, to cross 370 billion dollars.
- 44% of online shoppers used credit cards, followed by 32% people who used debit cards – meaning that card payment is still very popular
- Sales from digital payments (cards, contactless cards, and mobile) in vending machines gradually increased during 2019, and finally surpassed cash purchases in April 2020.
- A study conducted by Michigan State University said that vending operators who averaged $2000 a year in sales, experienced a jump of 110% after adding cashless technology, in the first 18 months. Interestingly, it also increased the cash sales in those machines.
Of course, this does not mean that cash transactions don’t take place at all, as not everyone has changed. A lot of people still use cash – though it is more popular among the older generation and in smaller towns.
Today if you want to increase the sales in your vending machine, it is essential that you provide multiple payment options to your customers. At Vendnet, we are the one-stop shop for all of your vending parts, support, and service needs. We offer an integrated system for vending machines that combine both cash and cashless payments. Vendnet provides the latest and most sophisticated card readers and near field communication (NFC) technologies that can accept a wide range of debit and credit cards, contactless cards, as well as mobile wallet payments, in addition to coins and cash.
Contactless cards and mobile payments are even safer than the magnetic strip cards, as it means you don’t have to touch the surface of the machine.
At Vendnet, we use the Conlux coin changing and dispensing system which has greater coin capacity so that you don’t face coin shortage and can sell more product. With auto programming, you don’t require a service technician; all you need to do is change the cassettes according to the price you set. It also makes multiple payouts if required, ensuring that the transaction goes through.
The Conlux bill validator accepts bills from $1 to $20, with 4-way acceptance. It is simple to program – you just need to enter the bill denominations you want to accept by pressing the blue button on the back.
Vendnet also offers you $50 off on a new Conlux Bill Acceptor or Coin Acceptor, if you ship us your old one. If you are ready for an upgrade, send in your old acceptor and receive a new one at a discounted rate.
When you offer multiple payment options to customers, you increase the chances of selling. With card and mobile wallet acceptance, you can even sell more premium products.
Don’t delay in taking steps to improve your machine’s payment systems. Act now – Contact us on our website or call us at 1.800.833.4411 and our representative will be happy to help you.