USA Technologies Unveils Survey Confirming That Consumers Spend 32% More Using Credit Cards in Vending
MALVERN, Pa, November 3, 2006 -- A survey that confirms consumers on average spend 32% more per vending transaction when using a credit card capped a week of unprecedented success for USA Technologies (OTC Bulletin Board: USAT) at the NAMA National Vending Expo in Orlando, Florida.
The survey results were unveiled at USA Technologies' cashless vending education session attended by 50 vending operators, bottlers and the media, making it one of the most popular events at the convention. The seminar included speaker presentations from USA Technologies business partners, including MasterCard and Mid Atlantic Vending.
The Company announced during the expo that the Bank of America was using its e-Port cashless payment product line in beverage vending machines to become the first bank to target the $40 billion beverage vending market for credit card and other cashless payment transactions.
It announced the establishment of the USAT Capital Corp, LLC to help customers purchase and lease its full line of products. The Company reported it had already closed a $100,000 sale through the corporation, and recently closed another sale for $500,000.
"It was USA Technologies most successful convention with considerable interest in our cashless vending and energy management product lines, new global customers, new and emerging technologies, and new financing services to help customers make their purchasing decisions," said Wendy Jenkins, Vice President of Marketing, USA Technologies.
"Vending technology, especially wireless technology, cashless and energy management, was a big focus at the NAMA Expo. Our technology was sought out because we have much more experience in these fields than any of the other providers. Many also look to us because of the successes we have had with important new customers such as MasterCard, Philadelphia Coca-Cola and Bank of America," said Ms. Jenkins.
The results of the cashless vending survey, which were disclosed at the Expo, showed that consumers are spending 35.1% more on beverages, 34.2% on snacks, and 17.5% on food when they use credit cards. USA Technologies based the results on a survey of over 1.5 million transactions from 1,100 cashless vending machines in major markets over the past three months.
"Consumers are using their credit cards in increasing numbers when purchasing from vending machines. More innovative vending operators are discovering the multiple benefits of adopting cashless vending to improve their business performance, and the list of major brand customers offering consumers the convenience of cashless vending is growing," said Ms. Jenkins.
The latest survey shows a continuing strong shift towards cashless vending, and that consumers buy more expensive items when they use their credit cards.
xxx -->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 its pending patents will be granted or defendable; validity of intellectual property and patents of USA, the ability of USA to license its patents, the ability of USA to commercialize its developmental products, technological and/or other factors, which could cause actual results or revenues to differ materially from those contemplated by these statements.