17 May Vending Credit Card Reader Stats
Credit card readers are widespread in the vending industry and for good reason. One simply has to look at credit card reader stats to see how effective they are for vending operators. According to Vending Market Watch’s 2018 State of the Industry report, over 50% of vending machines accept cashless payments. Plus, over 70% of operators rate credit card readers as a great investment in terms of ROI.
Why are cashless readers so widespread, and why do they work so well with vending operators? Let’s look back to the credit card reader stats. American adults under 30 prefer cashless payments to cash payment. 51% of them use credit or debit cards for purchases – even for transactions under $5, which is the sweet spot for vending and micro markets. Operators who embrace cashless are appealing to the increasing number of customers who prefer cashless, and the sales numbers show the positive results of taking this approach. 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.
In a study of machines equipped with cashless readers in San Antonio, Texas, average machine sales per service increased 42% when the 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. Plus, the net sales increased 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 exactly how well a machine is performing.
Cashless readers like Parlevel Pay Plus help you boost machine sales, increase your customer service, and provide better service efficiency. Get started today and begin reaping the rewards of credit card readers!