A card reader fitted to your vending machine should be a top priority.
As society becomes increasingly cashless, the vending industry is rapidly moving away from the traditional dollar notes validator/acceptor and coin mechanisms.
Cashless payment is on the rise as new technology–largely driven by consumers–adds more convenience.
Many vending owner operators have seen substantial growth in sales with the use of cashless payment options, namely credit card readers.
Here are seven reasons for you to follow suit.
7 GOOD reasons why you should use a Vending Machine Card Reader and Why You Should Install Credit Card Reader In Your Vending Machines.
1. Increases Dollar Spent Per Transaction
According to research, purchasing products with a credit card can dull the pain of spending money in two ways.
First, the time between swiping the card and receiving the bill significantly reduces immediate buyers remorse.
Second, purchases sometimes become molded together as one, therefore it’s harder to separate the cost of individual items.
That means people end up spending more because the process is less transparent than paying with actual cash.
So when customers approach your vending machine they are ready to tap n go , swipe and they’re likely to spend more time and time again.
2. You Can Charge a Convenience Fee For Cashless Payments for a Credit Card Reader.
A lot of data management and processing goes into credit card readers, which comes at a cost.
You can capitalize on this by charging a small fee for using credit cards on your vending machines.
For example, you can add a $0.25 upcharge per item that covers fees and allows you to cover all costs associated with accepting cashless payment.
Transaction fee, Remote Monitoring fee, Gateway fee.
3. Better Data Sales Reporting.
Using a credit card reader in your vending machines in conjunction with a Vending Management System (VMS) Remote monitoring or Telemetry vastly improves accuracy in reporting sales.
You can further use the data from these reports to make decisions about what products to stock in your machines.
SPACE is a Premium in your Vending machine..why have slow selling products when high selling products make you more dollars you should put only quick selling popular items in your machines In other words, you can gain valuable insight into customer and consumer trends and spend time on specific vending sites and make strategic decisions to maximize your sales revenue.
4. Some Locations… Simply Require Them
Certain locations demand your vending machines to have credit card readers in them, such as shopping malls, train stations, airports, and corporate head offices.
These sites typically yield a lot of revenue as they are high volume locations, so if you want to win in the bids for those locations you will need to use credit card readers.
Current trends in Australia are now almost every site that enquires for a vending machine…WANT A CREDIT CARD READER…for Cashless payment.
This has proven to increase sales by 40% and since covid 72% of sales are done by cashless payment.
5. Save Time on Counting Cash
A credit card reader in your vending equipment allows sales revenue to get directly sent to your bank account, thus eliminating the time spent on counting cash which can prove to be cumbersome and more susceptible to errors.
Cash has been proven to host and carry GERMS & bacteria, also viruses.
Our Cashless Gateway allows all sales to be directly transferred into your Bank account the very NEXT day.
Cash Flow is KING.
6. Less Money Lost from Vandalism
One of the main reasons for vending machine vandalism is to steal the cash inside the machine.
Switching to credit card readers eliminates the amount of actual money inside the machine.
Cashless payment acceptance by a credit card reader in your vending machine will make it not worthwhile for a thief.
7. Increases Your Sales
Last but not least, just think about all the people who have walked right by your vending machine because they didn’t have cash and your vending machine didn’t have a credit card reader.
It has been proven a Credit card reader will improve and increase your sales.
If you multiply your weekly sales by 10% – 20% -30% as minimum you will see how important it is to use a credit card reader.
For more information on our Vending Machine Credit Card Reader, the Vending On Track Cashless package, VendCoin card reader plus Vending On Track monitoring DEAL go to:
