Soda on credit
By upgrading its credit card reader for vending machines, USA technologies won a lucrative deal with Coca-Cola.
(FSB Magazine) -- The sixth time is a charm for USA Technologies (Charts), based in Malvern, Pa. This summer the company inked a deal to incorporate the sixth version of its e-Port device - a credit card reader for vending machines - onto 1,000 Coca-Cola (Charts) machines, the largest cashless-vending-machine rollout to date.
The firm, which has sold the e-Port since 2000, developed its new version in response to the invention of RFID-equipped touch-and-go credit cards, which allow for speedy, contactless transactions. "We anticipated the trend, then adjusted our technology to accept it," Jensen says. The e-Port 6 is the only device that accepts both magnetic strip and touch-and-go cards.
USA Technologies expects annual revenues to hit $19 million this year, up from $4.8 million last fiscal year. With ten million touch-and-go credit cards on the market and patents protecting its breakout product, the company is no longer a nickel-and-dime operation.
Vending machine technology that delivers fresh, custom-made, premium ice cream.To write a note to the editor about this article, click here.