USA Technologies, Inc.
(NASDAQ: USAT), (“USAT”), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, today announced eight additional exclusive
service agreements with existing vending customers, adding to the three new exclusive agreements already announced for the fourth quarter ending June 30, 2013 and the exclusive agreements already entered into in Fiscal 2013.
“We believe this latest set of exclusive agreements, which includes one of largest independent vending companies serving the California market and a global organization that is one of the top foodservice management companies in the United States, supports the value our customers place in working with a reliable and proven partner like USAT that can help them scale their business for cashless payment, telemetry and new consumer engagement services in the years ahead,” said Michael K. Lawlor, senior vice president of sales and business development for USAT.
USAT believes that its existing customer base that includes vending, kiosk, amusement & gaming, laundry and other small-ticket, unattended businesses represents over 2.5 million potential connections as these industries transition to cashless payment. As of March 31, 2013, USAT had expanded its customer base from 950 customers three years ago to 4,525 customers, a compound annual growth rate of 68 percent.
“With less than 10 percent cashless penetration in the vending market, based on a recent survey of approximately 5.3 million vending machines in Automatic Merchandiser’s 2013 State of the Vending Industry Report, there is a tremendous opportunity to change the dynamics in that industry,” continued Lawlor. “We believe our customers are recognizing that cashless payment not only enables them to reconnect with the growing population of consumers who no longer carry cash and coin, but it’s becoming a necessity to win and retain most accounts. An exclusive standing with USAT provides these exclusive customers with an edge they value as their needs grow and as USAT’s product and service portfolio continues to expand.”