Preference for Cashless Vending

The vending industry has changed in so many ways since it was first introduced in America. Vending has always been a cash business, but with the role of technology playing a significant role, the vending saying, “no cash, no purchase” is being replaced with “no cash, no problem!” This concept can also work well for your Planet Antares vending business.

With 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 is a section of the vending industry that already accepts card payment systems. Innovative payment technologies that are designed to reshape vending transaction are being adopted at an extraordinary rate. If you have a sizeable Planet Antares vending business, this system can be very profitable for your vending business.

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 vending operators are becoming aware of the impact that cashless transactions can have on a vending operation.

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

The costs of hardware, software, and transaction processing have declined to render cashless a much more appealing payment option. This is something that is changing with each year. As the popularity of cashless payment options increase, more and more operators are trying it out, which is leading to a decrease in the costs of installing the system. If you have the system in your Planet Antares vending operation, you can be assured of making huge profits since customers have a preference for cashless vending over the traditional form of payment. At first the public were reluctant to use this form of payment, but that all changed when they realized the benefits that come with having the choice of using this form of payment.

Cashless vending on the rise
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. This is the right time for implementing this technology in your Planet Antares vending business