Benefits Of Cashless Vending For The Credit Card Industry

The ultimate goal of all credit card companies is to increase their profits. In recent times, they have been trying to get consumers to use plastic instead of cash for small dollar transactions, like the transactions done in vending machines.

From Planet Antares vending machines, one dollar can fetch a consumer a soda or a snack. Credit card companies are very aware of the total of all vending machine purchases and would like to be a part of it. In 2003, there were more U.S. electronic payments than cash and check payments for the first time in history. Micro transactions, such as those made at vending machines, account for $1.32 trillion of consumer spending.

Credit and debit card associations aim to convert small purchases from cash to contact less, cashless payment technology. It has been found by companies which have already implemented contact less, cashless payment options that the new technology has exceeded all company projections.

As a Planet Antares vending operator, you can implement this technology for the success of your business. The vending industry can play a pivotal role in converting consumers from cash to cashless transactions.

Presently, the credit card companies are offering vending machine operators with incentives such as reduced credit card interchange rates and transaction fees. This is an attempt to allure vending machine operators to try cashless payment options. Both credit card companies and vending machine operators would benefit from this technology in the long run by increasing profits.

It will be a relief to many consumers who already enjoy the diversity of payment options in other retail locations. With increasing number of consumers having hectic lifestyles, they will be more inclined to grab a snack from a Planet Antares vending machine if it has a cashless payment option. This makes the product accessible to a wider audience and enhances the profits for both vending companies and credit card services.