Going Cashless: 5 ways your vending or coffee business will benefit from Cashless Payment Systems

Have you started using cashless payment solutions for your vending or coffee machines? Card and mobile payment options are becoming increasingly popular around the world, including the coffee & vending industry where contactless payments are very relevant. Vending and coffee machines that offer only cash payments are beginning to seem outdated since many people don’t even carry around cash anymore. According to a 2021 study by Money, in Europe, many countries are moving towards a cashless society at a rather fast rate, with seven of them, such as Norway, Finland, and Sweden, featuring in the world’s top 15 cashless countries.

If you still feel unsure about implementing contactless payment systems in your vending or coffee machines, let’s look at five ways how card and mobile payment systems will improve your business and take it to new heights.

Serve more customers faster

Counting and collecting change takes up much more time than simply scanning a card or a phone, not to mention additional issues such as coin jams or the coin changer running out of change which can lead to a loss of sales. Contactless payments also remove the need to insert, swipe or type in your PIN code which makes the process even faster. With cashless payments, your machines can serve more customers within the same period, also reducing queuing and improving revenue growth.

Forget about your cash worries

There’s always a risk of vending machines being targets for theft, which is no surprise, considering that they often store a lot of cash. On top of that, stolen cash can be hard to track down. However, with card payments, you don’t have to worry about the safety of your funds since there’s no physical money. More often than not, vending machines accept both cash and card or mobile payments, so even if you’re not going fully cashless, you can still lower the risks associated with cash by providing an option to pay by card because you’ll have less physical cash in the machine.

Provide convenience for your customers

Customers appreciate the choice of different payment methods such as debit and credit cards, NFC payment options like Google Pay and Apple Pay, as well as paying through a mobile app like Vendon’s QuickPik app. Providing options allows customers to choose the most suitable one for them and increases the likelihood of a purchase. Customer convenience can create a competitive edge for your business and increase the chance of customers returning. The effortless use of cashless payments also increases customer spending. Studies show that people tend to spend more when using credit cards than cash and are more likely to buy on impulse, which is also an advantage as it can boost sales.

You can also provide premium customer experience and support by using the Vendon Cloud software – it allows you to access all data on purchases, both successful and declined sales. So in the case of an issue, for example, if the machine dispenses an expired product, a refund can be made directly from Vendon Cloud as payment management is included in the Cloud infrastructure.

Save time and money

Cash management can be a costly and time-consuming process, therefore adding contactless readers to your vending or coffee machines is an opportunity to cut down on operating costs and save some time. Another problem with cash is that your funds are essentially frozen and unavailable to you while they are stored in machines. By offering card and mobile payments, you do yourself a favor as you can easily track cash flow and access your funds without even visiting the machines for cash collection. Vendon offers free daily payouts which allow you to use your funds immediately for further operations and investments. Not only that, but Vendon Contactless Payment system is affordable and has a low monthly fee so you can still make a profit.

Easy data reconciliation

Cashless payments can make your job easier because you won’t have to count whether the value of the cashbox matches the number of purchases or whether there is some cash shortage or surplus. Besides, Vendon Contactless payments combined with Vendon Telemetry solutions allow for effective machine management. On the Vendon Cloud platform, you can track sales as well as receive advanced real-time reports and analytics which can help you make better decisions and increase profitability.

To learn more about how Vendon can help drive your business, reach out to us at grow@vendon.net or your local Vendon Distributor.

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