Technology has evolved so much in the previous years that it can let us do what seemed to be impossible fifty years ago. No one has predicted that we can all be connected regardless of distance from one another through the internet, or that the vast library of past and present information can be stored online.
In the same sense, technology has enabled us to use our assets electronically. The world has gotten paperless now. Documents and files turned electronic, even money can be electronic. These days, you can pay for your stuff cashless – meaning you can buy them using your debit or credit card. You can even do it on vending machines!
More and more vending machines are slowly incorporating cashless payment and many believe that this is the future we need to accept. Obviously, there are benefits of going through with cashless payments. And there are plenty of reasons why it is a better option, and here they are.
Convenient and Practical
Carrying around a heavy wallet all day can get pretty annoying. If you are a vending machine owner and your unit is nearby a workplace, there can be some issues. You do not want your clients to be burdened in bringing with them a hefty sum just to stop by the machine. With cashless transactions, they can simply carry with them their card and use it to purchase. They would not have to worry about losing their money because all of the cash they use to pay will be electronic.
Another convenient thing about cashless payment is that there is a myriad of ways to achieve it. Plenty of banking cards out there and mobile wallet applications are both secure and convenient. They are also very simple to use and easy to maneuver. Your machine’s clients would be thankful to have this convenient opportunity given to them.
Paying with cash can sometimes be a bit of a hassle. There are times when cash gets stuck inside the machine leaving your clients with no products and empty hands. If your unit is old, there can be times when it takes an eternity to process the cash that it has taken.
Atlanta’s Mercedes-Benz Stadium, a company that went cashless, found out that their decision resulted in faster transactions. With cashless transactions, you can eliminate these risks of your unit breaking down due to errors caused by cash. Quicker transactions also mean reduced queues, leaving many customers satisfied with the process.
Easy Mobile Payments
Everyone that you know probably has a phone in their belongings. It has basically become a necessity to live in the world efficiently. Customers of vending machines expect that they can use their mobile phones to pay. As said before, many mobile applications can accommodate cashless transactions with ease. Even though these applications are fairly new having entered in 2011, people have embraced this way of paying and is increasing even more.
According to research, around 24% of adults use their phones to pay. This applies to cashless payments for vending machines as well. This is even increasing, with data showing a massive increase of 1064% for mobile payments within a year from 2016 to 2017. Indeed, mobile phones have become an essential tool in everyday life, and you can expect people to use these as methods to replace everyday activities.
Secure and Safe
It is important to think about the security of your customers, as well as your unit. The system used for cashless payments in vending machines is secure and safe, as everything is strongly encrypted and the flow of cash is well-documented. Even more so, without the presence of cash in the unit, you deter thieves and robbers from breaking your unit to get what they want.
If you still opt for cash for your vending machines and take the risk of thieves breaking your unit, then you should be prepared for extensive damage and long repair times. Going cashless in vending machine is worth more than the repairs, and going cashless usually does not sacrifice anything at all. You can ensure that the personal information used to pay for your unit’s products are secured from anyone else’s eyes.
More Opportunities for Products
Vending machines have a limitation to them: they usually cannot sell expensive products to their clients. You cannot expect people to carry with them a lot of bills and coins to purchase a single pricey item or more. For example, a vending machine could sell fresh food and that usually is much more expensive than the average vending machine item.
These units are becoming the future of selling products. They can sell a wide variety of things yet they are limited when it comes to items that can be sold. With cashless transactions, you do not have to worry about that anymore as your clients can simply pay through their phone or their card. You remove the hassle of them bringing loads of cash with them to buy something.
Go Cashless with TCN Vending Australia
If you have plans to make your vending machine accommodate cashless payments, or if you have plans in owning one yourself, you can come to TCN Vending Australia. We are Australia’s number one preferred supplier of custom vending machines, and we believe that vending machines are the future of retail. We have a lot of services to keep your machines of top-notch quality.
We also offer a wide variety of machines, from snacks and drinks to frozen delights. Customizing is our specialty, so we can make your unit be paid through cashless transactions. We ensure that all our clients become happy and satisfied with our products. If you are interested in our services or want to make a secure investment in this industry, don’t hesitate to get in touch with us. You can reach us by calling 1800 959 910 or you can also visit our office at 9/16 Bernera Rd, Prestons NSW.