The Adoption of Cashless Vending

Cashless vending is technology that has really become popular with vending operators today. It has changed the way people buy from vending machines. In addition to the public’s increased attraction to self service technologies and online applications is a growing interest in the implementation of alternative payment options for traditional cash based transactions.

There are some parts of the vending industry that already accept card payment systems. Innovative payment technologies that are designed to reshape vending transaction are being adopted at an unprecedented rate. If you have a large Planet Antares vending business, you should think about implementing the technology in your business.

Customers favor cashless vending
In the past there was a slow adoption rate for cashless vending. This can be attributed to customer reluctance to use cards for low value dollar transactions, a lack of operator experience with new technology, and its perceived high costs. This is something that is changing, as more Planet Antares operators and other vending operators are becoming aware of the impact that cashless transactions has on a vending operation.

With more than 8 million machines, the vending industry can be described as the largest all-cash business in America and certainly the most all-encompassing retail in terms of number of locations.

The cost of hardware, software, and transaction processing has ceased to render cashless a much more appealing payment option. This is a payment option that can be considered by large Planet Antares vending operators. Since the technology is still quite expensive, you stand to gain financially, if the vending operation is large. This technology will make the vending experience more pleasant for the customer. Installing the technology in your Planet Antares vending machine will mean that you are offering more convenience to your customers and at the same time increasing the chances of having an increase in sales.

Steady rise in cashless vending
Over the past decade, there has been a steady increase in the preference for credit cards as a method of payment. Economists have pointed out the fact that credit card transaction volumes have seen a significant increase. To date the vending industry, which is dependent on convenience and service, remains the only major retail channel that does not universally accept cashless forms of payment. It is estimated that 2 to 3 percent of U.S. vending machines offer a credit card payment option. This capability is projected to be 50 percent by the year 2009.