‘Cashless Transactions Becoming Marketplace Necessity’
WAYNE, Pa., April 29 /PRNewswire-FirstCall/ – USA Technologies (OTC Bulletin Board: USTT), maker of the e-Port(TM) cash-less micro transaction service spreading throughout the vending, quickserve restaurant, POS, hospitality and laundry industries, announced today further expansion of its vending customer base.
The company announced that through the first quarter it had secured a number of significant new vending sales contracts with leading operators and soft-drink bottlers for the installation of e-Port(TM).
These installations are at premier locations, including Vail Resorts, the Milwaukee and Little Rock Zoos, the Sea-Tac International Airport, multiple new college &universities, hotels, theme parks, professional sport stadiums and numerous new workplace locations across the country, including a U.S. Postal facility.
“We are fast becoming the only serious player in this space, already serving eight multi-billion dollar industries in the U.S., Europe and Asia Pacific,” said Stephen P. Herbert, president and COO, USA Technologies. “Our e-Port technology and network, supported by IBM, are serving multiple business lines almost single handedly, and this is just the beginning. No one can compete with our line of products and service. e-Port(TM) is rapidly becoming ubiquitous, and it is why investors have begun to recognize the company’s growing prospects. In fact, USA Technologies was cited in BusinessWeek as one of the top five micro-cap companies to invest in, and forecast we will be a leader of the future,” he said.
USA Technologies said the latest customers to convert to e-Port(TM) was further evidence of a new industry mind-set that credit cards and other cash- less vending payment systems were becoming a necessity to serve customers across an expanding consumer marketplace.
Alex Kiriakides, President of Atlas Vending and Food Services of Greenville, SC, has become a major proponent of cash-less vending payment systems. “Our customers are requiring us to provide cash-less payment systems because of the convenience to their employees,” said Mr. Kiriakides. “We have installed e-Port in some of our biggest workplace accounts and the response has been tremendous. I have seen noticeable sales increases immediately.”
“Of the many capabilities that our customers are citing as reasons for adopting the e-Port(TM), consumer demand is the most pervasive,” said Michael Lawlor, Senior Vice President of USA Technologies. “The consumer is requiring the vending operator to provide credit, debit and other cashless payment systems to the vending machines card or risk losing the vending location to another vending operator providing cashless payment services.”
“It is amazing how this product is taking off in the vending industry. In addition to the recent accelerated growth we are seeing in vending, we have recently made giant strides in growing our customer base across a growing range of industries and marketplaces,” said Mr. Herbert. “We attribute this to three components – a flexible product that has enabled us to venture into new categories like the quick service restaurant and commercial laundry industries, strong, well protected IP and establishing the right partnerships to attracting wider customer interest.
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 MEI and the ZiLOG Corporation. Maytag Corporation is an original equipment manufacturer (OEM) partner and minority investor in USA Technologies. http://www.usatech.com