Cashless Vending Solutions
Home > job detail
WHY YOU SHOULD CHOOSE CASHLESS PAYMENT SYSTEMS FOR VENDING MACHINES?
Payments are made or accepted without hard cash for cashless transactions. This includes payments made via credit/debit cards, cheques, DD, NEFT, and RTGS or any other type of online payment that removes the requirement for cash.
Vending machines always offer faster service, a more comprehensive selection of products and 24/7 access. Nowadays, cashless payment is transforming the vending industry, with consumers increasingly short on cash and long on electronic payment means such as local debit or credit cards, mobile phones or digital wallets. The vending industry seeks to capture more impulse purchases and higher spending per consumer while maintaining margins through improved price-setting flexibility.
Cashless technology on vending machines makes paying easy and convenient for end-users who don’t carry cash. Furthermore, there are advantages for operators who have added these credit and debit card readers and mobile payment accepters. Using connected machines, operators can recoup connectivity fees, explore more efficient service techniques, add loyalty programs and evolve with the changing cashless payment options, including the upcoming push towards contactless payments.
TYPES OF CASHLESS VENDING SOLUTIONS
Contactless Card Payments
Credit card payments are the primary payment source these days, and more and more people opt-in for contactless payments, even for small purchases. Contactless cards have become available; therefore, cashless payments have become even more mainstream.
Mobile Vending Payments
Credit cards are on the rise, but different mobile payment options, such as wallets, Google or Apple pay, QR codes, prepaid apps, and others. Cashless is the next step in growing the vending business, and mobile payments are a must.
Loyalty Payments
Incentivize cashless payment options for close and open-loop vending environments, with loyalty schemes attached to a card or mobile app. Push promotions and different rewarding campaigns, and you can use your points instead of cash on the machine.
WHAT ABOUT CREDIT CARD VENDING
The credit card processor receives the payment clearing request for the gateway. The processor is the approval point for all credit card and debit card transactions. The credit card processor clears the transaction, and a signal is sent back to the vending machine through the payment gateway. The vending machine now knows whether to accept the card or deny the transaction.
Once a purchase has been made at the vending machine, the sale will be posted to the consumer’s credit card. The exact price of the selection will ultimately be charged to the patron’s credit card.
But here’s the kicker!
An interim charge larger than the actual vend transaction may be posted to a credit card. This higher credit card charge may happen on some transactions until final settlement in 24 to 48 hours. Now, this is the same thing that happens when one checks into a hotel with a credit card — a projected charge is “held” against the account until the customer has completed check out and the hotel settles all balances.
PROCESSOR PLACES A ‘HOLD’ CHARGE
A credit card unit in a vending machine in pre-authorization mode will act similarly. When in pre-authorization, the vending transmission device will initiate a call for approval as soon as a card is presented. The approval amount will be for the highest-priced item in the vending machine.
CASHLESS PAYMENTS VENDING SOLUTIONS FOR YOUR BUSINESS
Availability
Credit card payments are the primary payment source these days, and more and more people opt-in for contactless payments, even for small purchases. Contactless cards have become available; therefore, cashless payments have become even more mainstream.
No revenue lost
Credit cards are on the rise, but different mobile payment options, such as wallets, Google or Apple pay, QR codes, prepaid apps, and others. Cashless is the next step in growing the vending business, and mobile payments are a must.
Technology trends
Incentivize cashless payment options for close and open-loop vending environments, with loyalty schemes attached to a card or mobile app. Push promotions and different rewarding campaigns, and you can use your points instead of cash on the machine.