Cashless Payment System Benefits

The fact that Antares vending machines handles less cash, coupled with the capability to track all transactions remotely, strengthens internal control by minimizing fraudulent cash shrinkage and the potential for vandalism. If properly engineered, a cashless system can substantially improve accountability of both cash and cashless activity.

A cashless payment system can:

a) Increase sales: Customers tend to purchase more products and services when using the cashless payment option. Consumers also tend to make impulsive purchases which also increase sales and revenue for your Antares vending business.

b) Increase profitability: Cashless transactions have allowed increase in price points without negatively impacting sales volume. This can improve an Antares vending operator’s bottom line.

c) Improve efficiency: Cashless transaction technology can be configured for rapid processing and increased services. It also reduces cash handling processes and lower transaction handling fees in your Antares vending business. Transactions are processed faster than cash purchases.

d) Enhance convenience: Cashless transactions are an easier method of payment for products and services, since the customer just has to swipe an account card, wave a wand, wirelessly transmit information, or revalue transaction media. This will make it a preferred payment for your Antares business.

e) Support strategic marketing: Captured operational data carries an electronic trail that can be analyzed to enable increased price points, plus deliver loyalty reward programs and allow payroll deduction programming. In addition, promotional couponing and cash value media can be used to subsidize and incentivize purchasing.

Cashless payment options vary from credit card and debit cards, to smart card and to magnetic strips. Once you install the system in your Antares vending machines, these are the modes of payments that can be used.

Many systems suppliers claim that the convenience of cashless payment options can increase the number of purchase transactions by an average of 15 % while the average revenue per sale can increase by 20% to 50% over prior same machine transactions due to the ease of multiple product purchasing.

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