25 Oct Video: Here’s the Truth about Cashless Vending
Here’s the Truth about Cashless Vending
Did you know? American adults under 30 dislike using cash so much that 51% of them use credit or debit cards for purchases – even for transactions under $5 (the price point where vending lives). So, cashless and vending go together like peanut butter and jelly. The results speak for themselves: operators who embrace cashless vending have average ticket transactions of $1.60 – that is nearly 40 cents higher than their cash counterparts. So significant gains can be made by embracing the technology.
For example, in a study of machines equipped with Parlevel Pay cashless vending readers in San Antonio, Texas, average machine sales per service increased 42% when a cashless vending card reader was installed. Of these gains, 32% of the increase came from cashless vending payments while 10% of the increase was attributed to growing cash sales. Interestingly, cashless readers not only increased cashless sales, but cash as well! Furthermore, the net sales increases from cashless amount to an average machine collection of $128 every time a machine is serviced – nearly $40 more than machines without cashless capabilities. Not only will a vending operation benefit from the increased sales, but costs are cut too. No longer do operators have to spend time counting, sorting, and banking cash. Plus, theft is minimized with increased cashless transactions. After all, cashless transactions cannot by stolen by route drivers. Also, cashless readers record exact sales totals, so you will know just how well a machine is performing.
However, not every machine guarantees cashless success. For example, locations that are frequented by younger consumers and transit areas are the best bets for rapid cashless success. Schools, offices, hospitals, hotels, and airports are some of the areas where cashless performs the best. So when considering adding the technology, you need to take the location into account.
For more information on Parlevel Pay, please visit parlevelsystems.com/parlevel-pay