USA Technologies, Inc. (NASDAQ: USAT), announced today an important company milestone in cashless transaction processing – surpassing $5 million in cashless micro-transactions processed through its network in a single month.
The $5 million milestone was achieved for the month of September, with record 2,696,290 total micro-transactions processed.
USA Technologies also reported that a survey of the 10,000 top performing ePort® cashless vending machines connected to its network had shown an average 54 percent increase in cashless sales over the past 12 months as compared to the prior 12 month period. Specifically, during this 12 month period, the annual cashless sales of these ePort equipped vending machines had grown from $1,992 to $3,071.
“The $5 million processing milestone and 54 percent increase in cashless sales in the top performing vending machines confirm that consumers overwhelmingly prefer to use their credit and debit cards for every day purchases and are increasingly more comfortable using them at self-service retail outlets like vending machines,” said Stephen P. Herbert, President and COO, USA Technologies. “We believe that the accelerated adoption and the 54 percent increase in cashless sales year-over-year at the same machines is evidence of the effectiveness of USAT’s Deployment Planning consulting service that helps operators identify the most profitable locations for cashless vending. With some guidance, operators are able to place cashless in the right locations the first time, and results only improve with time.”
The Company today has 57,000 devices connected to its network located nationwide and in Canada, representing over 600 customers, including many of the biggest national and global credit card companies, vending machine operators, soft drink bottlers and other unattended, self-service retail kiosks.
USA Technologies’ knowledge base includes analysis of consumer purchasing preferences, customer business performance, and market intelligence to help guide operators in deploying cashless vending for the best possible return on their investment.
The knowledge base data is the result of tracking the performance of 38 channels and sub-channels and the cashless performance metrics from 600 customers, representing 6,000 cashless vending deployments, together averaging 27 percent card usage, and annual cashless sales of over $2,500 per machine.
About USA Technologies:
USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries. The Company has agreements with AT&T, Visa, MasterCard, First Data, Compass and others. For further information on USA Technologies, please visit www.usatech.com. To view a Company overview presentation, visit http://www.usatech.com/company_info/dl/USAT_company_overview.pdf
Statement under the Private Securities Litigation Reform Act:
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to, product acceptance, the ability to continually obtained increased orders of its products, the ability to meet installation goals, economic, competitive, governmental impacts, whether pending patents will be granted or defendable, validity of intellectual property and patents, the ability to license patents, the ability to commercialize developmental products, as well as technological and/or other factors.