QualityStocks would like to highlight USA Technologies, Inc. (NASDAQ: USAT), supplier of cashless, remote management, reporting, and energy management solutions for the unattended point of sale market, primarily in the United States. The company offers networked devices and associated services that enable the owners and operators of stand-alone distributed assets, such as vending machines, kiosks, personal computers, photocopiers, and laundry equipment the ability to remotely monitor, control, and report on the results of these distributed assets, as well as the ability to offer their customers cashless payment options.
In the company’s news,
USA Technologies has introduced ePort Mobile™, an innovative product giving retailers and other merchants the capability of accepting credit and debit cards in a mobile environment through USAT’s highly secure, turnkey ePort Connect® service platform. USAT will leverage its extensive experience, over fifteen years, in transitioning traditionally cash-based, unattended retail businesses to cashless payments to make an efficient, effective entry into the multibillion-dollar mobile payments acceptance market.
ePort Mobile will offer:
• Three levels of data security – credit card data is encrypted twice and is transmitted using a proprietary communication protocol;
• Durable, industrial grade card magnetic swipe reader option designed for commercial applications; and,
• The ability to integrate ePort Mobile sales and transaction data with other USAT products, including ePort® G8, EDGE, and SDK – one seamless reporting system for easy access to transaction and operational information across an entire business.
ePort Mobile customers, through USAT’s turnkey ePort Connect service, will also receive:
• Merchant account setup – no need for customers to establish their own merchant accounts;
• The automatic processing, settlement, and transfer of money due to customers into their bank account;
• Online sales and reconciliation reporting that integrates into many existing accounting systems for easy settlement;
• 24/7 customer and consumer support for technical assistance and consumer billing inquiries;
• A simple, blended processing rate that takes the guesswork out of transaction fees; and,
• Access to other services as an integrated solution, including M2M telemetry services and their recently introduced prepaid and loyalty program.
USA Technologies Chairman and CEO, Stephen P. Herbert, commented: “USA Technologies’ leadership position in the industry was predominately built by making it easy for traditionally cash-based businesses to go cashless by offering a seamless, secure and turnkey way to accept cashless payments. ePort Mobile is a natural extension of that value proposition. ePort Mobile customers will be able to benefit from the same high level of service USAT is known for, while having access to all the sales and margin-building benefits a mobile cashless payment system can provide.”
Analysis of Banking Research Associates indicates that the mobile merchant market is made up of over 5.7 billion businesses, representing $233 billion in revenue typically acquired in check or cash-based form.
The ePort Connect service currently has 3,225 customers representing 163,000 connections, many of which submitted the requests for an instant payment solution for supplementary operations that led to this new offering from USAT. Customers have already begun to express how cashless offerings could significantly improve their business results. This exciting new offering allows business owners requiring mobile credit and debit card acceptance to harness similar benefits using a mobile technology solution capable of expanding selling opportunities and reducing costs by decreasing invoicing and improving collections.
“Perhaps more importantly, mobile acceptance through USAT’s ePort Connect service underscores our commitment to the rapidly emerging trends we are all witnessing every day in mobile-based consumer services,” continued Herbert. “Ensuring that our customers are well-positioned for those trends while driving more connections to USAT’s scalable service platform are core elements of our comprehensive mobile strategy. In fact, we believe ePort Mobile can drive connections to our service in a number of ways. Initially, we will focus on our core markets, such as kiosk and vending. In addition, we intend to broaden distribution of ePort Mobile through our various partners. Finally, a key element will include making certain software available to developers that makes it easy and seamless to direct their mobile applications to USAT’s ePort Connect service.”
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