Cashless Vending Machines

The growing trend of cashless payment options in vending machines

Cashless payment options in vending machines will help to open the vending machine industry up to a wider consumer base. New technology in vending machines will increase consumer satisfaction.

The Federal Reserve Board reported that electronic transactions exceed payments made by check or cash. Furthermore, credit card and debit card purchases are growing at annual rates of seven and twenty-one percent respectively.

How does this play out for the vending machine industry?

1. Consumer comfort with cashless technology is rising. Therefore, cashless vending machine purchases seem like a natural progression.

In the past, the public seemed reluctant over using credit and debit cards for small dollar transactions. No one would ever think to use their credit card at a snack vending machine However, with increasingly seductive credit card benefits and the prevalence of cashless transactions, consumers carry less cash and checks. This translates into increased consumer comfort when making small cashless transactions at vending machines. Today, small dollar cashless transactions are conducted daily at coffee shops and gas stations. This has increased sales, and could mean the same for vending machine operators. Now customers can use their credit or debit cards to buy coffee from a coffee vending machine or a candy bar from a candy snack vending machine without hesitation.

2. Increasing convenience and accessibility will make the vending machine industry more profitable by encouraging impulsive vending machine purchases.

Economists have noted that the public is inclined to make impulsive purchases when paying with a credit card. This impulsive spending habit and customer payment convenience results in increased sales and profits. Since most vending machine purchases are usually impulsive decisions, the growing trend of cashless transactions may serve to increase the sales of vending machine products. Given the option to use a debit card, a person may be more inclined to buy a bag of chips from a snack vending machine.

3. Innovative technology for the vending machine industry

With the public becoming increasingly attracted to self-service vending machine technologies and cashless vending machine payment options, a major focus for the vending machine industry has been innovative cashless payment technology. New advancements make it possible to make purchases from snack vending machines with contactless RFID technology. Other future advancements may include biometric payment in vending machines.

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