Whether it’s grabbing a quick afternoon pick-me-up or purchasing an entire meal, more and more consumers are using cashless vending technology to pay for vending machine transactions. And thanks to the growing popularity of mobile wallets, smartphones are emerging as a preferred payment methods, especially at vending machines.
VendingMarketWatch.com recently reported that Apple Pay is emerging as a strong contender in the mobile payments market, against competition from Google Wallet, PayPal, and other NFC payment systems. Cashless payments allow healthy vending machine locations to go above and beyond by offering customers the convenience of paying with their preferred payment method—without scrambling for cash. This customer convenience creates an opportunity to capture impulse purchases and higher-profit vends, which can be a healthy addition to HealthyYOU Vending operators’ bottom line.
The cashless vending trend is especially strong among millennials. A recent survey revealed that consumers 18-29 years old are five times more likely to pay with electronic payments than baby boomers. Cash may still be king, but its crown is slipping.
As more and more customers embrace the convenience of cashless technology, many vending machine companies are struggling to keep up. In 2015, only 5% of all vending machines accepted anything but cash. As other vending companies are scrambling with expensive machine modifications, HealthyYOU Vending is way ahead of the game, already equipped with the latest state-of-the-art cashless vending technology. That means a huge competitive advantage for HealthyYOU Vending operators in securing prime, high-traffic locations as business owners and managers recognize the convenience for their employees and customers.
In addition to Google/Mobile Wallet, Apply Pay & PayPal Mobile, HealthyYOU Vending machines can also process all of the other NFC transactions such as Visa PayWave & MasterCard PayPass. This enables consumers to pay for their purchase with a tap of their smartphone, which increases the likelihood of impulse purchases and contributes to an increase in average sales.
The healthy bottom line:
–Cashless vending transactions mean customer and employee convenience. No more digging around for spare change, allowing customers use their preferred payment method
–Cashless vending technology increases the average amount spent by the consumer per transaction, creating an opportunity for higher-profit vends such as meal deals
–Innovative, convenient technology helps secure prime locations