Message #25 From:
NewsBot Date: November 3, 2006 07:32:00 AM
USAT News USA Technologies Unveils Survey Confirming That Consumers Spend 32% More Using Credit Cards in Vending
MALVERN, Pa.--(BUSINESS WIRE)--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.
About USA Technologies:
USA Technologies is a leader in the networking of wireless non-cash
transactions, associated financial/network services and energy
management. USA Technologies provides networked credit card and other
non-cash systems in the vending, commercial laundry, hospitality and
digital imaging industries. USA Technologies is an IBM Business Partner.
The Company has marketing agreements with Cingular Wireless, Honeywell,
Blackboard, and ZiLOG Corporation. For further information on USA
Technologies, please visit www.usatech.com
Statement under the Private Securities
Litigation Reform Act:
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, the
ability of the Company to increase revenues in the future due to the
developing and unpredictable markets for its products, the ability to
achieve a positive cash flow, the ability to obtain orders for its
products , the ability to obtain new customers and the ability to
commercialize its products, which could cause actual results or revenues
to differ materially from those contemplated by these statements.
