USA Technologies Signs 1,000th Cashless Customer to Its ePort Connect Service
Attributes Growth in Customer Base to Being a Cost-Effective, One-Stop Cashless Payments Provider
MALVERN, PA, June 1, 2010 -- USA Technologies, Inc. (NASDAQ: USAT) today announced that it now has 1,000 customers on its ePort Connect Cashless Payment Service serving the vending and other automated retail industries. The 1,000 customers USA Technologies now has on its service are up from 525 customers just a year ago - an over 90% increase for the 12 month period.
"We have established the leading cashless payment service specially designed to meet the needs of the vending and other unattended retail industries," said George R. Jensen, Chairman and Chief Executive Officer, USA Technologies. "We make it easy for operators to deploy cashless quickly by offering a one-stop shop that handles all of the account set-up and management, helping them with their business deployment planning based on our extensive knowledgebase, as well as offering flexible purchasing programs for our ePort® hardware. This allows our customers to focus on their core business while gaining all the benefits of implementing a cashless payment solution. We believe that we are the most cost effective, easy-to-implement, and proven solution for small ticket, unattended cashless transactions on the market today. And to date, one thousand customers agree."
The Company believes that the increase in the number of customers also reflects the marketplace's positive response to of a series of innovative ePort hardware and service purchase programs. USA Technologies will continue to offer innovative programs to satisfy customer demand to make cashless conversion more accessible, affordable, and productive for vending operators.
USA Technologies' best in class ePort Connect Service offers:
- The most cost-effective cashless payment solution for the vending and other small ticket unattended cashless markets available today.
- A one-stop shop that eliminates the complexity of implementing an unattended cashless payment system.
- A truly open cashless payment system, compatible with multiple hardware devices, multiple payment processors, and includes our participation in the development and early adoption of NAMA's current VDI interoperability standards.
- Tools for successful cashless implementation, including its Business Deployment Planning Process which guides customers to the locations where cashless vending would be most successful.
- A secure payment service upon which our customers can rely. USA Technologies is listed as a PCI Compliant, Level One Service Provider by VISA.
"We believe that our ability to bundle the services included in our cashless payment solutions to make it easy and efficient for our customers, as well as the ability to tailor them to individual customer needs, results in a service unmatched in the vending market today," said Mr. Jensen. "And our cashless payment system is customized for the unattended vending industry, so our online reports can be sorted by route or account, by the cent and second, settlement is easy, and fill-to-fill reporting is possible. Our customers have indicated to us that other cashless payment network solutions on the market today put the burden of account set up and maintenance on operators and leave it to them to figure out how to implement and manage their cashless systems."
USA Technologies also attributes its recent growth to:
- Having the vending industry's broadest product line, from its top-of-the-Iine ePort G8 which can accept all forms of cashless payment, from swipe and contactless, to celluIar phone, PDA, Fobs, and prepaid; to the NAMA-Innovation-Award-winning ePort EDGE, which at $199, costs less than a traditional cash/bill acceptor.
- Unique payment programs that help operators acquire the ePort hardware without the need for making a major up-front capitaI investment. Instead, operators pay a small monthly service fee.
- Its comprehensive ePort Connect cashless payment service which includes everything from merchant account set-up, wireless SIM activation, to deployment assistance, merchant services, over-the-air updates, and 24x7 customer service and support.
- And services such as the business deployment planning program to help operators successfully deploy cashless payment systems based on extensive market data to guide customers to the locations where cashless vending machines would be most successful.
"We believe the growing number of customers subscribing to the ePort Connect cashless payment network service indicates that operators are looking for an easy, cost-effective way to gain all the benefits of cashless payments systems," concluded Mr. Jensen. "And we believe that USA Technologies has the cashless payment network solution that best meets their needs."
Forward-looking Statements:
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the financial position, anticipated connections to our network, business strategy and the plans and objectives of the Company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company'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, including but not limited to, the ability of the Company to retain key customers from whom a significant portion of its revenues is derived; the ability of the Company to compete with its competitors to obtain market share; the ability of the Company to obtain widespread commercial acceptance of it products; and whether the Company's existing or anticipated customers purchase ePort devices in the future at levels currently anticipated by the Company. 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, the Company 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.
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