In North America, electronic payments have been adopted by businesses almost without any exception. Going electronic enables businesses to take a stumbling block off the sales process and get increased dollar amount from each transaction.
Near Field Communication (NFC), services like Android Pay and Apple Pay, biometrics and digital wallet security get more and more advanced. Eventually, they could leave behind debit and credit cards serving as the basic choice for consumers within the upcoming decade.
Historically, vending machines have lacked reliable network connections. It is not always possible to use Ethernet jacks in the best vending locations. The fact that machines should be moved makes everything even more problematic.
Today, the vending machine industry is entering a modern age. Location and flexibility should not necessarily be sacrificed to accept electronic payments. Right devices can enable modern vending machines to use Ethernet, wireless, or cellular connections so to be able to accept electronic payments wherever you wish.
This could be realized with the help of wireless telemetry and machine-to-machine or M2M communication. Both technologies are now highly affordable and reliable. Thanks to these technologies, you can access sales, inventory and maintenance reports remotely.
The Importance of Electronic Payments
Being able to accept electronic payments allows operators not to miss out on millions of dollars of potential sales. As a result, you get a perfect opportunity to choose small cap companies that are involved in selling services and equipment.
The electronic payments industry is of immense importance to merchants. To get a reliable and low-cost merchant account to process electronic payments, merchants should turn to a reliable payment processor like EMB. At eMerchantBroker, you can get the best merchant account services in the industry. EMB is the #1 high risk merchant account provider in the US and boasts an A+ rating with the Better Business Bureau (BBB).
5.5 million vending machines are estimated in the United States alone. They process about $60 billion transactions per year. Almost 10% of them can accept electronic payments. The number of kiosks is even greater and they process $1 trillion ticket payments annually. As for commercial washers and dryers, they are estimated to be 2.5 million, counting for $5 billion in annual sales. Finally, there exist over 10.000 stocks traded in the United States.
The entire industry is switching to electronic payments. New technology and features are being added to old machines. As for new machines, they are being introduced with integrated electronic payment modules. Thanks to these technology advances, consumers will be able to make easier purchases, and new markets will appear for vending machine goods.