The cost of is based on a few different factors, including the following:

• Monthly fee (around $10, charged per month and per device)

• Transaction fees (around 5.95% of purchases)

• Activation fee (a one-time fee to start working with a particular service of $30)

• Initial cost of card reader: about $499 (CDN)

Is the cost worth it?

• Research shows that vending machines with credit card readers outperform cash-only machines and generate more profits.

• A study from the University of Michigan showed a 26 percent increase in total transactions from vending machines with credit card acceptors and a 7 percent growth in spending with each transaction.

• Smaller operators (those with under $2,000 per year in sales) also saw an average spike in sales growth of 110 percent and 18 months of having card readers on their machines!

Sources:

University of Michigan Study

Article: Michael Benson. January 5, 2024.

Adding credit card readers to your vending machine will drive your revenue up 40% or more.

Learn how credit card readers work on vending machines!

Payment is presented

The first step to reading cards and accepting cashless payments is swiping, inserting, or tapping a card.

Information is transmitted.

Once the consumer swipes, inserts, or taps their card, their information will be transmitted out of the machine via a cellular modem. You’ll need a Wide Area Network (or WAN) connection to transmit encrypted card data from your machine. This type of connection works with a SIM card, similar to most cellular phones.

Data leaves the vending site

When the data is transmitted through the WAN connection, it reaches a payment gateway. The payment gateway includes a data processing center that receives encrypted data and sends it to a credit card processor so it can be approved.

Transaction is cleared

Once the credit card processor approves and clears the transaction, the payment gateway sends a signal back to the vending machine. This signal tells the device to accept or deny the transaction.

When the payment is complete, the sale appears on the consumer’s credit card statement, and the exact price will be charged to their card.

It’s important to note that, in some cases, an interim charge (that’s much larger than the vend transaction) may be posted to the consumer’s credit card statement. This higher charge acts as a placeholder until the final settlement occurs (usually within 24-48 hours).

Source: Michael Benson. January 5, 2024.

This cashless payment card reader is suitable for multiple applications and markets.

All sorts of businesses with unattended automatic machines can benefit from installing a VPOS Touch such as: laundromats, public restrooms, car washes or kiddie and amusement rides.

Other markets that use the VPOS Touch include office coffee machines, photo booths, kiosks, donation machines, electric vehicle charging stations, transportation tickets, massage chairs, prize machines and printers & photocopiers.

Office coffee machines

Kiddie & amusement rides

Car washes

Laundromats

AIR/VAC

Public restrooms

Transportation tickets

Printers & photocopiers

Massage chairs

Donation machines

Kiosks

Dog washes

Electric vehicle charging stations

Out-of-the-box solution with a built-in scanner and printer

Fast and intuitive self-checkout: pick-scan-pay

Suitable for any number of products

Multi-language interface

Order fulfillment via kitchen printers

Easy-to-use mobile app to add or edit products and manage inventory

Integrates with other software platforms (including VMS and ERP)

Enhanced consumer engagement and loyalty with advertisement screens and Monyx Wallet

4G LTE Roaming SIM

If you’re a vending machine operator, you are always looking for ways to make your business run more efficiently. One of the most difficult logistical challenges that you face is most likely inventory management.

At the end of the day, you want to make sure that you’re selling as many of your products as possible. This means that you need to make sure that your machines are always fully stocked. But how do you know what to stock them with and when? This is where vending machine management software with features like product maps, picklists, and inventory dashboards come in.

Vending machine management software may be available in a desktop or mobile version. Among other things, this software will help you keep track of your vending machine inventory with the following three features.

Product Maps

Product maps can be set up when you stock your vending machine. These give you an overview of which specific products are placed in which row and position in your machine.

Picklists

Picklists allow you to add a numerical value to your product maps so you can keep track of how much of each product was stocked where.

Inventory Dashboards

Inventory dashboards give you a complete overview of all of your inventory by machine or by product.

Now that you’ve recorded which products you’ve placed where, you can use the vending machine management software to track your sales and to know exactly which products were sold from which machine. The next step is to keep track of your inventory.

How to Keep Track of Vending Machine Inventory

Vending machine management software makes keeping track of your inventory easy with tools such as real-time alerts. You can set up these alerts via a vending machine management app, and choose when and how you want to receive them.

You’ll want to set your par level first, which will help you determine when your products reach a critically low level. Once you’ve set your par level, you can decide if you want to be notified when products reach par level or beforehand. You can set your alert thresholds and choose whether you’d like to be alerted via text message, push notification, or email. You can also choose which days and times you’d like to be alerted, whether during or after work hours.

These alerts help you know which products need to be stocked in which machines and when, which helps you become more efficient and save time.

Use Inventory Management to Drive More Sales

Inventory management tracking tools don’t just help you save time and restock more efficiently, they can also help you increase your sales. Vending management software helps you understand which products are selling better or worse and at which machines. This helps you gain a better understanding of what your customers are looking for so that you know which products to keep selling and which ones you may not want to order again.

Keeping track of information like expiration dates can help you reduce spoilage and provide your customers with a better experience. If you notice that a product has been in the machine for a while, you can use loyalty tools and campaigns to promote it at a discount to ensure it doesn’t go to waste. To see what else you can do with Nayax’s loyalty and engagement tools.

This information provided by: https://www.nayax.com/resource/inventory-management/

Consumer engagement can feel more challenging when you work within the unattended environment because you don’t have any direct, personal contact with your consumers. However, there are many ways that you can engage with your customers, whether through card branding, punch cards, discounts, gamification, or more.

One of the most engaging apps in the unattended business world is Monyx Wallet. Monyx Wallet is a mobile wallet that consumers use to pay for products and services in Nayax-powered machines. However, on top of being a very convenient payment app, it also has many opportunities for operators to brand themselves and engage with their customers. Here are some ways that operators can increase sales in open payment environment:

Card Branding

Operators can create digital prepaid cards for customers to top up. Customers can use money charged to these cards at any of the operators’ machines, and to make it easier for the consumer, the operator can brand their card, adding their logo and colors to it.

Reports and Analysis

Operators can use the Nayax Core management suite, formerly NayaxVend, to keep track of sales and inventory. This information is available in reports which give operators a comprehensive assessment of what products sell the most at which machines. Armed with this information, operators can create special campaigns that will be exclusively available to consumers who pay with Monyx Wallet and boost their engagement and loyalty.

Incentives: Membership and Punch Card Campaigns

On top of creating special deals and campaigns for consumers with Monyx Wallet, operators can further motivate their consumers with incentives like membership. When consumers sign up to be members, they can get special member prices.

Operators can also create punch card campaigns such as buy 10 get one free, encouraging consumers to buy more products. Because the punch cards are digital, there is no risk of consumers losing the card.

Now that we’ve highlighted Monyx Wallet’s general perks, we’ll go into some more detail about how its capabilities can be even more beneficial to operators who work in closed-loop environments.

Everyone Loves a Discount: Pricing Incentives in Closed-Loop Environments

Offering a discount to consumers with prepaid cards is a great incentive for them to spend more in a closed-loop environment such as the workplace. When employees have access to money that they can only spend in the building, their motivation to purchase there as opposed to going to a nearby shop grows. Operators can use these prepaid cards to provide employees with special discounts, while keeping the regular sales price there for any visitors who would like to make a purchase with their credit card.

Nayax Core makes it easy to set up discounts individually on selected machines, with the option for the operator to offer discounts on specific products. Through the management suite, the operator can generate sales and transaction reports to better understand which products are best or worst-selling, and from those insights decide which products they want to promote with discounts.

With loyalty rewards programs, the benefits extend to both the consumer and operator. In this type of scenario, the consumer enjoys a discounted price and the operator receives more sales, with the likelihood of increased repeat business.

Members Only: Reward Consumers with Membership

Another way of applying loyalty rewards programs to your vending machine is by introducing membership levels. An operator, using Nayax Core, can identify frequent consumers in a closed-loop environment and reward them by offering different loyalty membership types with tier pricing. Though it is also possible to offer membership in an open-loop environment, it is much more accurate and effective in a closed-loop environment, because the operators knows that the consumer will return to the same area and purchase items at the same machines. The consumer can be given discounts when purchasing a product, or rewarded with free credit when they upload credit onto their prepaid card using Monyx Wallet.

Within the Management Suite, individual cards can be assigned various memberships such as Bronze, Silver, Gold, Diamond, and Platinum, and each membership level can be customized to offer varying benefits. Users can then be encouraged to spend more to achieve higher status.

Operators can personalize the way the discounts are implemented, choosing which products the discounts can apply to, or the minimum spending required for a discount to count.

With these loyalty rewards programs integrated within Nayax’s software, a relationship can be developed between an operator and their customers.

Implementing these tools is an easy way to improve your consumers’ engagement with your product offerings, and they are adjustable to fit in with your consumers’ preferences. The end results are more loyal customers, buying more of your products.

Information provided by: https://www.nayax.com/resource/loyalty-rewards-programs/