USA Technologies Enters Mobile Acceptance Market
ePort Mobile Brings Turn-key ePort Connect Service Platform to Smart Phones and Tablets for Business Customers
MALVERN, PA, August 15, 2012 -- USA Technologies, Inc. (NASDAQ: USAT), ("USAT"), today announced the introduction of ePort Mobile™, a mobile acceptance solution that gives retailers and other merchants the ability to accept credit and debit cards "on the go" through USAT's highly secure, turnkey ePort Connect® service platform. USAT's entry into the multibillion dollar mobile payments acceptance market leverages its fifteen plus years of industry leadership in converting traditionally cash-based, unattended retail businesses to cashless payments.
ePort Mobile will offer:
- Three levels of data security - credit card data is encrypted twice and is transmitted using a proprietary communication protocol;
- Durable, industrial grade card magnetic swipe reader option designed for commercial applications; and,
- The ability to integrate ePort Mobile sales and transaction data with other USAT products, including ePort® G8, EDGE and SDK - one seamless reporting system for easy access to transaction and operational information across an entire business.
ePort Mobile customers, through USAT's turnkey ePort Connect service, will also receive:
- Merchant account setup - no need for customers to establish their own merchant accounts;
- The automatic processing, settlement and transfer of money due to customers into their bank account;
- Online sales and reconciliation reporting that integrates into many existing accounting systems for easy settlement;
- 24/7 customer and consumer support for technical assistance and consumer billing inquiries;
- A simple, blended processing rate that takes the guesswork out of transaction fees; and,
- Access to other services as an integrated solution, including M2M telemetry services and our recently introduced prepaid and loyalty program.
USA Technologies Chairman and CEO, Stephen P. Herbert, commented: "USA Technologies' leadership position in the industry was predominately built by making it easy for traditionally cash-based businesses to go cashless by offering a seamless, secure and turnkey way to accept cashless payments. ePort Mobile is a natural extension of that value proposition. ePort Mobile customers will be able to benefit from the same high level of service USAT is known for, while having access to all the sales and margin-building benefits a mobile cashless payment system can provide."
According to an analysis of Banking Research Associates, the mobile merchant market is comprised of over 5.7 billion businesses representing $233 billion in traditionally check or cash-based revenue.
With 3,225 customers representing over 163,000 connections on our ePort Connect service today, this new offering comes, in part, at the request of customers who have expressed the need for an immediate payment solution for route collections, events, and other ancillary segments of their operations. USAT customers in the unattended space are already seeing how cashless offerings can improve their business results. Now, business owners requiring mobile credit and debit card acceptance can harness similar benefits through a mobile-based technology solution that can expand selling opportunities and reduce costs through less invoicing and improved collections.
"Perhaps more importantly, mobile acceptance through USAT's ePort Connect service underscores our commitment to the rapidly emerging trends we are all witnessing every day in mobile-based consumer services," continued Herbert. "Ensuring that our customers are well-positioned for those trends while driving more connections to USAT's scalable service platform are core elements of our comprehensive mobile strategy. In fact, we believe ePort Mobile can drive connections to our service in a number of ways. Initially, we will focus on our core markets, such as kiosk and vending. In addition, we intend to broaden distribution of ePort Mobile through our various partners. Finally, a key element will include making certain software available to developers that makes it easy and seamless to direct their mobile applications to USAT's ePort Connect service."
ePort Mobile is currently entering into field trials with select customers, with pricing and availability to follow. For additional information, access the links below or contact a USAT sales representative at 1-800-633-0340.
"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 business strategy and the plans and objectives of USAT’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 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 to retain key customers from whom a significant portion of its revenues is derived; the ability of USAT to compete with its competitors to obtain market share for the ePort MobileTM product; whether the significant increase in interchange fees for small ticket debit card transactions that became effective in October 2011 would adversely affect on our business in the future; and the ability of USAT to obtain widespread commercial acceptance of its ePort MobileTM product. 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.
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