LAS VEGAS — The NAMA Show – Today, USA Technologies (NASDAQ:USAT) (“USAT”), a premier digital payment, consumer engagement and logistics service provider for the self-service retail market, marked the 20th anniversary of the debut of the ePort which was first unveiled at NAMA in 1999, bringing one of the first cashless payment platforms to the self-serve retail industry. With an eye toward USAT’s continued leadership in innovation, USAT branded its booth, “Powering Your Unattended World,” and showcased new technologies, partnerships, and research throughout the show.
“Twenty years ago, we ushered in the era of cashless in the vending market with ePort Connect,” said Stephen P. Herbert, CEO of USA Technologies. “Since then, USAT has been at the helm of industry innovation, a change agent powering cashless adoption industry-wide. Early on, we began to recognize the benefits and opportunities possible through cashless technologies. USAT has since grown to support over 15,000 customers and approximately one million connections. We believe we have one of the largest NFC mobile footprints in the US retail market. We were excited to celebrate this incredible accomplishment at NAMA and look forward to continuing to drive innovation and shape the self-serve retail marketplace for decades to come.”
During the show, USAT’s booth focused on the strength of its enterprise platform for unattended retail through its booth design and messaging: bringing consumer engagement and rewards, the benefits of both top-line revenue opportunities through digital payments and the bottom-line margin opportunities through increased efficiencies, logistics and merchandising.
- Seed Markets Expansion: USAT announced that Seed Markets is now fully integrated with some of the industry’s large micro market providers, including 365 Retail Markets, Avanti Markets, Company Kitchen, Three Square Market, and Yoke Payments. Through the Seed Markets’ cloud-based and mobile solution, micro market operators can now benefit from one standard set of tools including simplified route management, efficient warehouse pre-picking, a single reporting interface, and cash accountability. Seed Markets was also featured in NAMA’s New Product Zone.
- Apple Pay Cash Study: In its main booth, USAT highlighted a rewards program promoting Apple Pay Cash where a consumer can receive a discount if they use Apple Pay Cash at a participating ePort location. This program was piloted by Five Star and the white paper was available to show to attendees and is now available for download here.
Michigan State University Study on Low Performing Machines: While many vending operators prioritize equipping high-volume machines with cashless technology, USAT’s study in partnership with Michigan State University found that low performing machines can offer significant revenue growth as well. Vending operators who added cashless technology to machines with less than $2,000 a year in sales experienced top line sales growth of 110 percent on average over the first 18 months following deployment, and cash sales increased by an average of 97 percent on the low performing machines during that same period. The results were presented on the show floor on Thursday, April 25th during NAMA Learning Lab and the full press release announcing the results can be found here.
- Partnerships in Action: In its Partner Pavilion, USAT showcased its technology in real life scenarios such as in workplace break rooms, the airport and more, with various industry partners across the vending, micro market and office coffee services segments. Participating partners include 365 markets, ShelfX, and Bunn. Starbucks and Avanti Markets are also showcasing USAT’s technology in their booths.
“USA Technologies has been a great partner,” said Karalynn McDermott, Senior Vice President of Market Development at Bunn-O-Matic Corporation. “The support and reliability we receive from USA Technologies, as well as their proven system, allows us to grow and innovate. We look forward to continuing our partnership with the company as the convenience service industry continues to grow.”
“Imperial has been a Seed customer for more than 10 years, and it has completely revolutionized our business,” said Lance Whorton President of Imperial Companies. “Through USAT’s Seed technology, we can now ensure our machines are full, our routes are growing and our products are targeted to the preferences of consumers. This ensures we are bringing a better experience to our clients and consumers while increasing our top line sales which continue to grow year-over-year-over-year.”
The NAMA show ran from April 24-26 at the Las Vegas Convention Center, Las Vegas, NV.
About USA Technologies
USA Technologies, Inc. is a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market. The company also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G-series, ePort Mobile® for customers on the go, ePort® Interactive, and QuickConnect, an API Web service for developers. Through its acquisition of Cantaloupe Systems, Inc. (“Cantaloupe”), the company also offers logistics, dynamic route scheduling, automated pre-kitting, responsive merchandising, inventory management, warehouse, and accounting management solutions. Cantaloupe is a premier provider of cloud and mobile solutions for vending micro markets, and office coffee services.
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“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release are forward-looking statements. When used in this release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, and similar expressions, as they relate to USAT or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of USAT’s management, as well as assumptions made by and information currently available to USAT’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business, financial, market and economic conditions; the ability of USAT and/or MSU to predict future market conditions and consumer behavior; whether consumers will continue to increase their purchases at vending machines in the future; the extent to which deployment strategies affect return on cashless investment; and the possibility that all of the expected benefits and efficiencies from cashless payment services, including increases in cashless and cash revenue on vending machines in general, and low performing vending machines in particular, and bottom-line margin opportunities will not be realized by all vending operators and on all vending machines or within the expected time period. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, USAT does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
Monica Gould, +1 212-871-3927