USA Technologies, Inc. (NASDAQ: USAT) (“USAT”) and The Pepi Companies (“Pepi”) are pleased to announce the successful completion of Pepi’s transition to 100 percent cashless. Pepi, a food, vending and coffee solutions business serving the states of Alabama, Georgia and Florida, is believed to be the first full-service food and beverage vending company that offers cashless on all its vending equipment. Pepi utilizes USAT’s market- leading ePort® cashless payment technology and comprehensive ePort Connect® service for its vending machine base.
Two years ago, Vic Pemberton, President and founder of The Pepi Companies, and USAT began working on a plan to roll out a cashless solution to Pepi’s vending machine base over the course of a five-year period. According to Pemberton, in light of outstanding customer response to the machines already offering cashless, and Pemberton’s observations that his customers rarely carried cash, he made the decision in early 2012 to accelerate that timetable, with a goal of reaching 100 percent cashless for the remainder of his machine base by the end of 2012.
“At Pepi, we don’t believe cashless is an option in our business any longer—it’s a necessity,” said Pemberton. “From a consumer perspective, the younger generation just doesn’t carry cash anymore and we need to overcome that. The idea of any potential customer walking by our machines and not being able to buy something is just bad business.
“In addition, technology’s impact on our industry is moving at a fast pace,” added Pemberton. “Cashless can help offset volume declines associated with price increases, customers can multi-vend and USAT’s Two-Tier Pricing Program provides additional flexibility from a cost perspective. And, as I look toward the future, there have never been so many opportunities brewing to strengthen customer relationships and create new revenue sources. Moving to 100 percent cashless adoption was just our first step.