Wanna Make More Cash? Go Cashless in New York City

You can’t argue with facts. And the fact is that less and less people are carrying cash these days. According to a survey conducted by BevMAXMediaRasmussen Reports, more than 40 percent of U.S. adults claim they can go a week without paying for something with cash. This should come as no surprise to any consumer. We’re all more likely to swipe a card these days throughout New York City. This is the case for many reasons, such as the higher security and ability to gain rewards by using plastic instead of paper. But, most of all, it’s just more convenient.

Yet, ironically, most of the 5 million vending machines in the U.S. – machines built for convenience – still only accept coins and bills for payment. This is likely a big reason why vending industry sales have been falling in recent years.

Many newer vending machines in New York City offer the ability to accept credit cards and mobile payments. What can this mean for sales? Well, vending machines that accept plastic typically raise sales by 25 to 30 percent. Even though such machines are more expensive, and this extra expense is obviously passed onto the consumer with higher product fees, sales rise because convenience trumps price when it comes to vending.

MEI_comboThough we’re often told not to use ourselves as an example when trying to gauge the market, this is one area where it seems to work. Because, universally, we are all carrying less cash. Think about how often you have cash in your pocket. Then also think about how often you have a credit card…or two or three…available at any given time.

Vending is an impulse business throughout New York City. And you want to make it as easy as possible for people to indulge that impulse. Though offering such a feature will raise consumer costs, the extra quarter or two isn’t enough to dissuade the sale. When it comes down to it, vending operators basically need to raise the level of convenience…and end-user prices…to make more money. It’s truly a win-win situation, for you and your customer. Call Champion Vending today at 800-558-5450 to learn more about what they offer in the latest in technology.

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