MALVERN, Pa.--(BUSINESS WIRE)--
USA Technologies, Inc. (USAT) (“USAT”), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, today announced that it has entered into three new exclusive agreements with existing customers during the third quarter ending June 30, 2013, adding to the exclusive agreements already entered into in Fiscal 2013.
"We believe these exclusive agreements represent not only our customers' confidence in USAT for cashless payment, telemetry and consumer engagement services, but our customers' recognition that their cashless offering is becoming a valuable business tool that requires their immediate attention," said Michael K. Lawlor, senior vice president of sales and business development for USAT.
The three agreements call for exclusive use of USAT's comprehensive ePort Connect® service and are all three years in duration. The new exclusive customers, City Vending Company, Fresh Brew Group and American Food and Vending Corporation, are all regional vending companies.
City Vending Company's chief financial officer, Tom Elich, commented, "The revenue uplift that we are experiencing from our existing cashless locations has been compelling. I am fully aware that cashless is the future and by working with USAT, I know that I am working with a partner that has proven to be reliable, responsive and ahead of the game in terms of additional offerings such as loyalty that I can sell to my own customers."
Maria Foresteire, Purchasing Manager of American Food and Vending Corporation, said “Our existing cashless deployments with USAT have been impactful. We also recognize that cashless is clearly the future. Our customers are increasingly requesting it and we anticipate that credit/debit card acceptance will be incorporated into all new business going forward. USAT has worked with us to understand our data and optimize our initial deployments of cashless and this agreement strengthens that relationship as we continue to transition our installed base to cashless.”
Fresh Brew Group’s chief operating officer, Steven Weyel, was initially hesitant about cashless. “While cashless makes great sense, I really needed to see my own data before I began any longer-term planning,” said Weyel. “USAT has showed us how cashless has been successful for us and that success, coupled with increasing demand for cashless from our customers, called for a industry-leading partner like USAT as we move forward.”
"We are very pleased to welcome these companies to our growing list of exclusive customers for our ePort Connect® service," said Lawlor. "As exclusive USAT customers, they should be poised to benefit from USAT's JumpStart program, new products, and our growing menu of services, including our Knowledge Base reviews and our recently introduced loyalty and prepaid program."
As of March 31, 2013, USAT had over 4,500 customers and 196,000 connections to its ePort Connect service, increases of 59% and 32%, respectively, since the same period in the prior year. USAT continues to expand its leadership position for cashless payment and telemetry for the small-ticket, unattended market by working with its existing base of customers to drive new sales and improved business performance by optimizing cashless payment technologies and expanded offerings. To speak with a USAT sales representative, contact USAT at 1-800-633-0340.
About USA Technologies:
USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company’s flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of the small ticket, self-service retail industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G8, ePort Mobile™ for customers on the go, and QuickConnect™, an API Web service for developers. USA Technologies has been granted 85 patents; and has agreements with Verizon, Visa, Elavon and customers such as Compass, Crane, AMI Entertainment and others. Visit the website at www.usatech.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the business strategy and the plans and objectives of USAT's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to USAT or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of USAT's management, as well as assumptions made by and information currently available to USAT's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, the ability of USAT to retain key customers from whom a significant portion of its revenues is derived; whether USAT's customers would continue to add additional connections to our network in the future at levels currently anticipated by USAT; the ability of USAT to compete with its competitors to obtain market share; whether USAT's customers continue to utilize USAT's transaction processing and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days' notice; the ability of USAT to obtain widespread commercial acceptance of its products; whether USAT's existing or anticipated customers purchase, rent or utilize ePort devices or our cashless payment services in the future at levels currently anticipated by USAT; and the ability of USAT to fund the JumpStart Program in the future unless it is able to adequately diversify its products and programs beyond its JumpStart Program. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, USAT does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
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