CASHLESS VENDING
Cashless is the payment king
For many organisations vending plays a key role in providing a 24/7 food and drink service for their staff, which is why it’s so important that the payment options provided are fast, efficient and foolproof to maximise on all sales opportunities.
Already contactless is a firm favourite with consumers and recent industry statistics confirm that seven in 10 adults are now using this payment method, with 1 in 6 also being registered for mobile payment services like Apple and Google Pay. The rise in popularity of contactless has been attributed to
increasing confidence in the technology’s security as well as the desire for convenience when making purchases. Now the technology also has added benefits in terms of keeping track of stock and transactions and customer engagement. A new desire to instill health and safety into vending transactions in the face of the COVID-19 pandemic is also making cash even less attractive as a payment option. And, it seems entirely possible that once the current crisis is over, this cashless trend might be here to stay.
CONVENIENCE According to Lewis Zimbler, Nayax managing director, it’s the convenience of contactless payments that is enticing consumers. The ability to pay via phone or wearable technology is easy and fast and this correlates with a vending purchase, which by design is meant to be a quick transaction. Mr Zimbler said: “The vending industry, as any unattended retail
space, depends upon providing for impulse purchases, and ease-of- use is paramount in the buyers’ considerations. Operators need to embrace cashless payments and enable their machines for these transactions. “As consumers are ready and willing to pay with their favorite apps and credit cards (including Apple Pay, Samsung Pay, G Pay, Garmin Pay, WeChat Pay, Ali Pay, Visa and Mastercard), operators not providing these payment options are turning away customers and sales.” Laura Barwell, business development manager at VMC says: “What’s pertinent to the vending industry is the fact that average
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transaction values for contactless are under £10 on debit cards, showing that consumers are increasingly using this method to cover their low value day-to-day living expenses. “This data confirms that consumers already expect to see cashless payment options on vending machines – for cards and mobiles – and vending operators must now commit to investing fully in this technology to secure the long term viability of their machines.”
ADDED BENEFITS Integrating contact and contactless payment capabilities to a vending machine give operators additional business benefits, such as machine monitoring and tracking transactions, receiving alerts for adverse events such as ‘Power Down’, ‘Door Ajar’, ‘Missing Inventory’ and more, ensuring minimal revenue loss and downtime. So it’s key to choose the right solution, that can offer further advantages across the wider operation, that is flexibility as well as simple and cost-effective to install.
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