Many people don’t carry a lot of cash these days—especially given our new focus on hygiene and contactless payments—so if your vending machine only accepts paper bills and coins, you’re potentially missing out on a lot of sales. Using Apple Pay and Google Pay as well as other mobile payment options for your vending machines opens you up to the potential for more sales and happier customers—after all, mobile payment makes it easy to impulse buy.
If you’re thinking about mobile payment options, talk to your vending machine company in Dallas, TX today.
How mobile payment options work
Cashless payment options require the use of cellular data and service. The vending machine provider installs a device on the machine that connects to a wireless signal and transmits payment information from the machine to the mobile payment company, then the drinks, food and other items are dispensed.
Because this relies on cellular service, there are fees involved per transaction. At first, this was a more expensive option for businesses. However, as of 2017, fees have gradually started to come down as cashless payment has become even more popular.
Opting for mobile payment is practically a necessity these days, but the fees will still cut into your profits. Make sure you place your machine in a high-traffic area so you have the best chance of recouping profit through a high volume of sales. You may want to talk to your vending machine provider about cashless payment and what they would recommend for a business of your size, or if you have the option for a short-term trial period.
Benefits of using mobile payment options
Here’s a closer look at some of the most attractive benefits of using mobile payment options for your vending machines or micro market:
- Makes payment easy, even when not carrying cash: Most people—especially the younger generations—don’t carry cash often, if ever. However, anyone with a smartphone, smart watch or credit card can simply tap or swipe to get what they need.
- More people want and use mobile payment options: Studies have shown that when mobile payment options are installed, net sales go up by about 22 percent. If the machines advertise that they accept Apple Pay or other cashless payment, those specific sales go up about 89 percent.
- Encourages impulse or emergency purchases: Everyone has forgotten their lunch at home at some point, or has run out of time to bring one. We’ve all hit the 3 p.m. slump and needed a jolt of caffeine to get through the last few hours of the day—but if you’re already tired and frazzled, scrounging for cash is another major inconvenience. Similarly, if you’re craving something but a vending machine doesn’t take mobile payments, you’ll likely just move on to a restaurant or machine that does. Bottom line: the convenience of mobile payments encourages sales.
Using cashless payment options is a smart way to boost your sales and appeal to our desire for modern conveniences. To get mobile payment for your micro markets or vending machines in Dallas, TX, call ABC Vending Co. today to get started.