These days, only 41 percent of Americans carry cash around with them. And the millennials leading this trend dismiss paying by cash as “inconvenient.” Convenience is the driving force of any vending machine business. As such, installing a credit card reader on all your machines is essential to thrive in our near-cashless society.
Although it’s not only the days of customers smoothing down dollar bills to pay for snacks that could be about to disappear. Contactless payment systems are finally starting to take off in the US. This means that standard chip and PIN card payment systems might not cut it anymore either.
But before you invest in contactless vending machine accessories, it pays to know the top types of payment systems available. Keep reading to find out more.
The Top Contactless Payment Methods
Contactless payment systems use near field communication (NFC) technology. This allows consumers to tap their card, smartphone, or another device near a contactless reader to pay without entering their PIN.
With contactless phone or smartwatch payments, consumers don’t even need their card. This offers added convenience for vending machines in gyms, where customers might not have their credit card to hand. Contactless payments are also a lot more hygienic, which is a bonus for vending machines in locations like hospitals and clinics.
If your vending machine card readers aren’t NFC-capable, don’t panic. Our new card readers have the necessary hardware to install no contact payment systems. Here’s a rundown of the top payment systems around:
Apple’s 43.9 percent share of US smartphone sales makes Apple Pay popular with retailers. Consumers can set up Apple Pay using their iPhone, Apple Watch, or iPad. Although, iPads won’t work for contactless payments. To ensure your vending machines can accept Apple Pay, they must have an NFC-capable PoS terminal and the correct software.
Google Pay allows retailers to accept contactless payments through the customer’s Google account. Unlike Apple Pay, consumers can use their tablet for contactless Google Pay payments. Google Pay also works with any Android phone or smartwatch with Android 5.0 or higher, NFC capabilities, and host card emulation (HCE). To accept Google Pay contactless payments your vending machine must use a Google Pay processor.
Samsung Pay isn’t as well known as its competitors. Although, Samsung’s 26.9 percent share of US smartphone sales makes it a good option for your vending machine business. Not least because Samsung’s technology also allows contactless payments via magnetic strip terminals.
Visa has driven 100 million Visa-branded contactless cards into the US market. This move has allowed Americans to continue paying by card as their preferred contactless method. With NFC capabilities, your vending machines can take advantage of this continuing preference.
Your Guide to Contactless Payment Systems
The trend for contactless payments is finally gaining momentum in the US. Consumers are now recognizing the speed, convenience, and safety contactless payment systems offer.
As a vending machine operator, this is a trend you can’t afford to miss out on. For more information on updating your vending machines with contactless card readers, contact us today!