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Do you have existing vending machine locations that you need to boost sales ?
- 1 How do you determine which locations that is deserving to have a debit credit card reader?
- 1.1 Here are my experiences on the sales of my other locations with debit credit card readers.
- 1.1.1 Public locations such as hotels
- 1.1.2 Private locations depending on demographics.
- 1.1.3 Mixed Demographics
- 1.1.4 Is purchasing a debit credit card reader justified even if the sales is like $30 a month ?
- 1.1.5 What are the requirements in the vending machine that can be qualified to equip the debit credit card reader ?
- 2 Vending Machine Credit Card Processing Fees ?
- 3 Conclusion
- 4 Installing a Nayax Debit Credit Card Reader
How do you determine which locations that is deserving to have a debit credit card reader?
Is your vending machine a contender that needs to be upgraded to the debit credit card reader? Here are the rundown on my opinion as a real vendor that runs and maintains vending machine on a daily basis.
It would be wise to listen an advise to a real vendor who do this for a living and not from someone who just speaks from news or scraping information from sources in the internet which I sincerely think what is happening presently on most flashy websites earning from affiliates and commissions that tries to dry you hard-earned $$$.
Do not be so naive to listen to any credit debit card supplier or seller that pushes you to buy a lot of debits credit card readers.
I understand that everyone has to make a living.
It would be best to get advise from a vendor that applies it to his business and real facts on how beneficial it would bring to added increase on sales on the vending machines.
I’m in no way endorsing a product or earning affiliate on writing this article.
It is thru this article that I wanted all the vending operators out there to know if this debit credit card do really increase in sales
Here are the rundown on several factors to be considered when installing the debit credit card into existing machines.
Here are my experiences on the sales of my other locations with debit credit card readers.
Public locations such as hotels
are a must installing on debit credit cards, my observations is that the sales of coins and credit/debit is around 50%. Common sense tells us at tourists who visits Vancouver, BC are naturally equipped with credit card but most of them carry cash with them.
So my sales is around 50% cash and 50% credit card with a tolerance variation of 20% on cash / credit ratio
Private locations depending on demographics.
Millennial all carry plastics with them and you can safely assume that you have the option without having the cash handling capability. I have several locations which doesn’t have any cash whenever I visit the location, but needed to visit at least once a week.
Generation X such as myself carry plastics all the time, but since the Generation X is a transition or in between from the traditional old ways to the new changing landscape, I always carry at least 5 dollars in loose change and at least $5 dollar bill inside my wallet.
This reasoning is perhaps some generation x are taught by the old hard-working Baby Boomers to always carry some form of cash in case there is a natural disaster e.g.earthquakes, blackouts or worse case War !
Generation X is torn between the old and the new I would say. Generation X have some form of paranoia and have to be always prepared and alert.
Baby Boomers always carries cash with them and locations need not to be upgraded to credit debit card system. But of course a large proportion also have credit debit cards but hesitate to use them because in believing that it is a rip off and have a notion that these plastic companies steals their hard-earned money if skipped a month’s payment and get charged for 2%.
If your location has all sorts of age brackets and people using the vending machines then it would be best just to install a debit credit card reader on your machine.
Is purchasing a debit credit card reader justified even if the sales is like $30 a month ?
I have these kinds of locations which I still service some very small locations because here in Vancouver, BC is hard to look for a vending location. If the small location is on the way or in a group of other 10 locations within the vicinity then ill just swing by and service the small location even if it is just $30 a month.
The products that are mostly close to expire but is still good can be placed in other strong locations which is fully aware what kind of products are placed in the vending machine and not very finicky and picky.
What are the requirements in the vending machine that can be qualified to equip the debit credit card reader ?
The vending machine has to be MDB capable. Vending machines that are non MDB complaint and super old like 15 years old cannot qualify.
You know that all vending machine operators do not have a majority of brand new machines at their locations so that leaves you maybe only 30% to 40% of the remainder that is worth upgrading to a debit credit card reader capability.
It is will be very ambitious for me to start with a project to buy maybe 1 or 2 debit credit card readers every month until all my MDB complaint vending machines are upgraded.
I noticed that if there is a credit debit card reader on my former machines which I have upgraded have resulted in more frequent visits from me, for instance : my monthly will turn into bi weekly and my bi weekly will turn into weekly visits.
Vending Machine Credit Card Processing Fees ?
Unfortunately doing business again here in Vancouver, BC is at a premium. I get charged for $15 for the older debit credit card readers every month and $7 for the newer 2018 debit credit card readers every month. A debit credit card reader here costs around $500.
In USA the monthly processing fees ranges from $7.5 per month and debit credit card readers are just around $350. guess the used ones will be a lot cheaper in USA since vending machines are in proliferation.
Is it worth it to loosing $7 to $15 on the processing fees ?
If you can increase your overall sales considering and assuming all your MDB capable machine are equipped with debit credit card readers then it is justified.
For a hypothetical computation : Normal sales of $1000 without card reader. After upgrading the sales will be around $1,250 with card reader. According to my experience the sales increase is around 25% conservatively with a tolerance of plus minus variation of 10%. Meaning it may be an actual increase of 20% to 35% variance.
Recommended 3rd party debit credit card reader ?
I was initially very happy with USA Live Technologies in USA. I had several healthy combo machines that came with the USA Technologies readers and the interface is a child’s play and very user-friendly experience.
I even have daily alerts on emails everyday on specified time can be specified for reports. Which makes you not constantly logging in to check daily reports.
Hands down I really like the USA Technologies, problem is that sometimes when I make an email to new orders, they respond the next day but most of the time they never reply.
I even have to email several contacts just to get a response.
Seems that they always change hands on the sales representative.
I’m not saying anything negative about this customer service protocol, it is just that I normally send a simple email stating that I wanted to buy 1 or 2 units but have no reply.
I used to run my own company mentioning back in Makati City. When a customer calls my Computer Trading company during the Asian surge in computer products hey days, you get a quick favorable and friendly reply. Orders jot down and delivery scheduled.
You know during my stint in Asia, I called my customers every day! I sounded like a broken record! Maybe the Asus 4MB memory chips needs replenishment ? Maybe you needed more I/O Graphics card ( that’s what they are called before the era of super graphics ). How many hundreds of mice do you need? ball type or lighted ones ?
I got really good customer service and my business propelled as a small self-employed businessman. My products are niche and I just carry 20 to 30 different products are micro small which everyone was very hungry during that Golden Era.
Here is the link to USA Technologies.
I also have Nayax debit credit card readers on some of my machines. I don’t have any problem with the debit credit card reader since it is absolutely the exact equivalent of USA Technologies.
I had fewer Nayax debit credit card readers on my vending machines.
Whenever I was generating daily reports on the Nayax debit credit card readers it was very cryptic and it is very hard for me to read and comprehend.
I have to figure out the menus and navigation and always get lost.
Learning is unending and when you utilize and use it, you get new set of wires inside your brain and go through the learning process and pretty soon enough, you will be a master.
It took for a while to get used to the cryptic menu on navigation.
The great thing about the Nayax debit credit card is that the customer support is lightning quick and very easy to access help and advise.
If you are located in Vancouver, BC or the lower mainland then it would be the best option !
You do not have to deal with basketball running around emails and waiting for a reply. There is no need for the waiting time from UPS all the way coming from the USA and get shocked on added $100 tax for one unit.
and easy and locally available with outstanding support.
I advise you not to get too excited in getting your Nayax debit credit card readers immediately. You have to figure out on how to install it first by yourself on a MDB capable vending machine. Perhaps buy 1 device and install it to your best location and observe it for 1 month.
For vending machine operators that works hard for the money, then maybe 1 or 2 nayax debit credit card readers will be sufficient until all your locations are installed.
You have to consider if the Nayax debit credit card reader will justify its cost.
Buy 1 at a time and observe.
Installing a Nayax Debit Credit Card Reader
I guess actions speaks louder than words. Simply have a magnetic screwdriver set with you and a small set of ratchet for the installation of a Nayax debit credit card reader.