To Meet Growing Demand for Credit Card Vending in the U.S. and Europe
Myrtle Beach, SC (Atlantic Coast Exposition)- May 1, 2003-USA Technologies (OTCBB: USTT), providers of the e-Port cashless transaction system and PAYKEY join forces to unveil their new partnership to incorporate the e-Port credit card processing capabilities into the PAYKEY product line. This new e-Port ready product will be co-marketed and distributed throughout the United States and Europe by both companies.
The PAYKEY technology is based on a stored value system, similar to a smartcards, however the PAYKEY uses a contactless magnetic key, called a Pkey. This Pkey is able to memorize stored credit and debit when used in vending machines with PAYKEY readers. Until now, users added value to their Pkey with cash. Now utilizing the e-Port service, users have the option to add value using cash, credit cards or check cards.
“We selected USA Technologies to enhance our product line due to their expertise and experience in processing credit card transactions for the vending industry,” commented Andrea Montanari, vice president of PAYKEY, Inc. “Since credit cards are the fastest growing alternative payment method for consumer, we felt we needed to offer our customer a credit card option. We expect our customers will see a lift in sales similar to the 15% to 25% lift USA Technologies’ current vending customers are realizing.” Mr Montanari went on to say, ” We are creating a new industry standard which allows you to – in a very inexpensive way – gradually convert your customers to a totally cashless environment.”
“Our relationship with PAYKEY benefits USA Technologies in several ways. First, the partnership provides a solid solution to offer our customers for their closed systems – like corporate or university campuses. Second, we are co-marketing the product so in essence we act as extensions of each other’s sales and distribution efforts,” commented Michael Lawlor, sr. vice president of business development for USA Technologies.
The parent company of PAYKEY is Microhard. Based in Italy, Microhard is currently embedding the e-Port solution into their revalue station for distribution throughout Europe and the U.S.
Several vending operators are already using the e-Port enabled PAYKEY system. “The ability to offer our customers’ customers the convenience of using credit cards has been a tremendous asset to our sales efforts. This upgrade to the PAYKEY product line has given us a strong competitive and cost effective edge in winning new accounts,” said Alex Kiriakides, III, president of Atlas Vending.
In an effort to get the credit card accepting PAYKEY system into the market place, the companies are co-marketing and co-distributing the product.
About USA Technologies
USA Technologies is a leader in wireless non-cash and m-commerce transactions, associated financial/network services and interactive media technology. USA Technologies provides networked credit card and other non-cash/mobile commerce systems in the vending, commercial laundry, hospitality and digital imaging industries. USA Technologies is an IBM Business Partner and an inaugural member of the Sprint Enabling Application Service Provider Program for e-commerce. The Company has marketing agreements with the IBM Corporation and Mars Electronics International and the ZiLOG Corporation. Maytag Corporation is an original equipment manufacturer (OEM) partner and minority investor in USA Technologies. http://www.usatech.com
About PAYKEY, Inc.:
PAYKEY USA, Inc. is a joint venture of Italian technology marketing firm Microhard S.r.l., and Alex Kiriakides, III, president of Atlas Food Systems and Services, Inc., a regional vending operator in the Carolinas and Georgia. PAYKEY works on all the latest MDB compatible equipment from Crane, APi, Dixie Narco, Rowe and Royal. Cash accountability is as easy as taking current sales readings with the availability of patent pending Special Accountability Keys for easy downloading of sales data by a vending attendant. The embedded microchip in PAYKEY itself makes it virtually indestructible.