The Best Payment Technologies for Micro Markets

Cash has become a thing of the past. Gone are the days of digging through your wallet, hoping to find a crinkled dollar bill that you can cram into the vending machine. Micro market payment options have evolved to the point where you don’t even need a credit card! The following popular types of micro market technology will help you decide which payment methods are the best to offer in your workplace.

Stored value accounts

Stored value accounts are pre-loaded with cash or credit. These funds are accessed via a plastic card, employee ID or account login information. Alternatively, employees can set up a stored value account that automatically draws funds from their next paycheck. This allows customers to grab snacks now and pay for them later.

This payment method has become popular among micro market technology because it speeds up the transaction. Pre-loaded funds are readily available, so customers don’t have to worry about not having enough cash or exceeding their credit line. All you have to do is scan your micro market card, grab your food and head back to work.

Mobile payment apps

Practically everyone carries a phone in their pocket these days. With that said, it comes as no surprise that operators are using mobile apps as a type of micro market payment option. Apps like MasterCard Contactless, Visa Checkout and Samsung Pay allow employees to pay for snacks with their phones. Mobile payments use near-field communication (NFC), which means employees can complete a transaction by holding their phones a few inches away from the kiosk.

Mobile apps are still a relatively new form of micro market technology. However, vending operators predict the apps will grow in popularity as more consumers ditch cash and seek contactless payment. By eliminating the need for plastic, coins and cash, mobile apps reduce wait times and allow consumers to get their food much faster.

Debit and credit cards

Plastic has long since replaced cold hard cash and continues to be a successful micro market payment option. In fact, nearly half of vending machine and micro market transactions are made with either a debit or credit card. Plastic is so commonplace that you’ll rarely find a kiosk without a card reader. If your workplace has considered adding a micro market, employees need a kiosk that allows them to pay with a card.

As with other forms of cashless payments, debit and credit cards mean employees don’t have to worry about lugging coins around in their pockets. However, paying with plastic does have its drawbacks. Vending operators usually charge hidden fees with card transactions. Also, operators maintain a record of credit card information, which makes this payment option less secure than mobile apps.

The best micro markets offer multiple payment options so customers can choose how they want to pay. ABC Vending Co. installs kiosks equipped with technology that accepts card, mobile pay and stored value accounts. Our interfaces utilize industry-leading technology that will continue to evolve alongside the ever-changing digital era. Reach out to us today to learn more.

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