Looking for cashless readers for your vending machines? That’s a great idea. After all, according to Vending Market Watch, operators rate cashless readers as their best investment in technology when it comes to ROI. Even more, machines equipped with Parlevel Pay card readers sell 38% more per month than those without any cashless readers.
But when shopping around for cashless readers, how can you choose one with the most value? Most cashless readers can accept credit, debit, and mobile payments, so what separates them? How can you tell which cashless reader is right for you?
Well there are some additional functionalities that card readers have that go beyond accepting payment, and they are just as important to consider. So, before you purchase card readers for your vending operation, it is important to ask these four questions before buying:
1. How easy is it to get and keep my cashless readers up and running?
When shopping for a card reader, it is important to consider how quickly you can get the reader up and running on your machine. The faster you get it installed, the faster it can start making you money. So you will want to make sure your card reader is shipped to you quickly, and is easy to install. A card reader like Parlevel Pay should be installed in just 10-15 minutes.
2. How often is money deposited into my account?
With cash, an operator can collect money from their machine whenever they decide it convenient. With cashless, collecting money isn’t quite as straightforward. Money generated from a cashless reader will accrue over time, and will deposited directly into your bank account. How often that happens can be different with each cashless reader. Cashless readers can deposit money into your account daily, weekly, or monthly. What schedule is best for you?
If you are looking to maximize cash on hand, then daily deposits would be your best option. Money generated from all your cashless readers is deposited into your account every 24 hours, which means you will have your money when you need it. Instead of waiting for your weekly or monthly deposit to purchase technology or additional product, you can purchase when you need it.
3. What kind of backend management or reports do I get?
Cashless readers might not work in every single location. Slow machines might need a card reader, while machines at transient locations like airports or hotels benefit stand to benefit the most. It is important to measure how well your cashless readers are performing to measure your ROI, and see if you should move your cashless devices to different machines or invest in more.
The best card readers are ones that tie into a full-fledged vending management system. A vending management system, or vms, uses remote monitoring and information about your machines to help you run your operation more efficiently. The card reader will transmit data about your machines to the VMS. With functionalities like prekitting, dynamic routing, product merchandising, and warehousing you can spend less, sell more, and gain control of your vending operation.
4. What type of support comes with the device?
After your card reader is installed, you need to make sure that it stays up and running. Is your card reader reliable? And if something does happen with your card reader, do you have a support team that be able to help you get it back up and running? To get the most out of your cashless readers, you need to make sure you have a support team that is available via chat, email, or phone with rapid response rates. Any potential issues with your card reader need to be resolved quickly. That way you can keep your card reader up and selling and benefit from increased profits all across your operation.
Not all cashless readers are the same. In order to find one that fits for your operation, it is important to ask yourself these four questions. Once you have found the answers to the functionalities you are looking for, you will feel more secure investing in cashless technology.