The money side of vending machines
One decision you will need to make when purchasing your vending machine is the type of payment system that you are going to provide. There are pros and cons for each vending payment system. Your choice will depend on the location of your vending machine and what system would maximise your profits.
Cashless – using credit card
A cashless vending machine is one that has a card reader for credit cards or eftpos cards. It eliminates the need to empty the vending machine of cash when the box is full or providing change for your customers. It also frees you from having to go to the bank to deposit your money from the vending machine, as your funds are directly credited into your bank account.
It makes for a more efficient customer service, as your customers don’t have to look for change or cash in their wallet to buy something, and they can pay how they want to. Easy payment with their credit card or eftpos card means they may purchase more from your machine increasing your revenue.
You will need to set up a nominated bank account and could be charged merchant fees on each credit card transaction by your bank.
Cash with change
A vending machine that accepts cash, either coins or banknotes is the original payment system of vending machines. They can provide change if needed, from the cash reader.
A cash vending machine allows you to collect cash however, you need to clear the cash box on a regular basis, or fill the change dispenser and bank the money. On the other hand, there are no merchant facilities fees to be paid on each transaction.
These machines use the security cards and employee security cards that are usually issued by companies. This system allows the manager of the vending machine to monitor each purchase by each reader card and eliminates the need for cash or credit card.
A token vending machine is one that will accept metal tokens that can be provided to consumers for any number of reasons – as rewards, competition winnings, marketing tool or as a great way to promote your brand or products.
Use the tokens to measure and measure target markets and research purchase habits of your customers. The tokens are double sided and each token can be customised with your brand or message you want to get out to the marketplace.
And in the future?
Biometrics uses your own body parts like fingerprints, faces, voice and irises, to authenticate payments – maybe this technology could be used in vending machines in the future. This could be a way to make vending machines payments more secure and safer for the users. Watch this space!
SVA Vending machines love talking vending machines especially the new technology that is making a vending machine business more profitable – have a chat to us today. We have vending machines for sale Melbourne and Sydney plus the other major cities around Australia.