Why the Credit Card Industry wants to Promote Cashless Vending

All credit card companies have one goal in mind, and that is to increase their own profits. In recent years, they have been trying to get consumers to use plastic instead of cash for small dollar transactions, like the transactions done in vending machines.

One dollar can fetch a consumer a soda or a snack from an Antares vending machine. The total of all vending machine purchases is something that credit card companies are very aware of, and would like to be part of it. Back in 2003, there were more U.S. electronic payments than cash and check payments for the first time in history. Micro transactions, such as those made at vending machines, accounted for $1.32 trillion in consumer spending. Since 2003 micro payment transactions have expanded.

Credit and debit card associations aim to convert small purchases from cash to contactless, cashless payment technology. Companies which have already implemented contactless, cashless payment options have found that the new technology has exceeded all company projections. As an Antares vending operator you can implement this technology for the success of your business. The vending industry can play a pivotal role in converting consumers from cash to cashless transactions.

Credit card companies are currently offering vending machine operators (like Antares vending operators) incentives such as reduced credit card interchange rates and transaction fees. This is an attempt to lure vending machine operators to try cashless payment options. Contactless, cashless payment options would benefit both credit card companies and vending machine operators in the long run by increasing profits for both. This new technology would be a relief to many consumers who already enjoy the diversity of payment options in other retail locations. Consumers who have hectic lifestyles would be more inclined to grab a snack from an Antares vending machine, if the machine has a contactless, cashless payment option. This means that the product will be more accessible to them. By implementing this payment option in your vending machine, you can open up your products to new groups of customers. This means more profits for you and the credit card companies.