QualityStocks would like to highlight USA Technologies (
NASDAQ: USAT). Through the ePort® line of products and services, the company provides wireless networking, cashless transactions, asset monitoring and other value-added services, principally to the small ticket, unattended retail markets. It also provides energy management products through their EnergyMiser line, such as VendingMiser® and CoolerMiser™, which reduce energy consumption in vending machines and coolers.
In the company’s news,
USA Technologies, Inc. announced that it is working with the Navy Exchange Service Command (NEXCOM) to make cashless payment options available at select pilot Navy Exchanges located on U.S. Naval installations. The pilot locations will be based upon USAT’s ePort and ePort Connect service.
“NEXCOM operates approximately 11,000 combined contracted and direct run vending machines on U.S. Naval bases across the country,” said Gerard Fantano, NEXCOM’s vending branch manager. “To date, only a small number of contracted beverage machines have incorporated cashless options to our customers. Based on industry trends and the increased usage of cashless options, we are piloting the expansion on Navy owned and operated machines to evaluate the economic benefits and customer acceptance.”
NEXCOM plans to use this pilot test period with USAT to explore the benefits of cashless options at Navy Exchanges. The pilot test period includes up to 200 cashless terminals, but, depending on the profitability of the terminals, the deployment may expand to selected machines nationwide.
“We are pleased to welcome NEXCOM to USAT’s growing list of customers for cashless payment and M2M telemetry,” said USAT’s vice president of sales and business development, Michael K. Lawlor. “We anticipate that NEXCOM’s returns would be similar to what other USAT customers experience, and our objective with NEXCOM is to move system-wide. We already know that cashless usage in other military installations USAT serves continues to be well above average. For example, based on our 2013 ePort Connect Cashless Knowledge Base, which evaluated data and channel information from approximately 62,000 ePort Connect cashless vending terminals that had at least $2,000 in annualized cashless sales over a three-month period between January and March 2013, cashless as a percent of total sales averaged 46% for the military channel (non-Navy) compared to an overall average of 32%. We are looking forward to working with NEXCOM to demonstrate the benefits of cashless and the ease with which they can continue to increase their cashless requirements with USAT.”
NEXCOM will be using USAT’s ePort NFC enabled cashless payment technology and ePort Connect service, a one-stop service that features integrated wireless activation, pre-negotiated discounted fees on small-ticket purchases, a single blended rate for transaction processing, 24 x 7 customer service, and web-based customer reporting. This impressive combination of features makes ePort Connect the ideal service for this pilot test period and other cashless option deployments in the future.
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