5 Benefits of Implementing Mobile Payment at Vending Machines

Vending machines are convenient for taking a coffee or snack break while on the go. But, how many consumers decided not to use the machine after unsuccessfully searching for cash? And how many consumers like that have you lost? Buying vending products should be as easy as consuming them – don’t you agree? Luckily, many cashless options are available to vending businesses, including mobile payment as the growing method.

1. Competitive Advantage

Mobile payment vending solutions are an opportunity to provide quick, convenient transactions at your vending machines. Your customers might leave home without cash, but it’s safe to say they’re not going anywhere without their smartphones.

You can embrace those habits by installing Near Field Communication (NFC) payment readers to your machines so consumers can pay with their phones. Televend supports different mobile payments options for your vending business. You can offer paying with Google Pay and Apple Pay via our Televend Pay readers. On top of that, we have made our own digital payment solution – Televend Wallet mobile app.

Using mobile solutions, you will gain a competitive advantage and establish status as a company that keeps up with the trends.

2. Consumer Loyalty

Vending businesses can go even further and offer mobile payments from wallet apps, QR code systems, or vouchers to your customers. Using these methods, your customers can target employees as a part of employer branding initiatives or a broad audience in open-loop environments for different promotional campaigns.

For instance, you can offer our Televend Wallet so your customers can combine mobile payment vending options with vending loyalty incentives for closed and open-loop environments. Your customers can push different promotions and rewarding campaigns, letting the consumers use points instead of cash, earn points, enjoy discounts, and receive free vends.

Consumers can pay and recharge their balance through Televend Wallet mobile app. The app is available through Google Play or App Store. Once installed, consumers can add their credit card information to the app, add the desired cash amount, and connect to the closest machine with Bluetooth. Simple as that.

3. Consumer Safety and Health

Visa’s recent Back to Business Study found that, since the pandemic started, 68% of global consumers prefer safer and more touchless ways to pay for goods. Visa’s research also found that 52% of vending businesses believe their consumers “will continue to expect most or all of the measures they implemented during COVID-19, including contactless payments.”

Vendors should approach the pandemic as an opportunity for their company to take their work to another level and diversify their offerings. With the previously mentioned Televend Wallet mobile app, users can pay and select products with a phone, allowing fully safe contactless vending. Read what lessons vending businesses have learned due to the pandemic in our comprehensive whitepaper.

4. Cost-Effectiveness and Profitability

Mobile payment can positively influence the profitability of vending machines. Vendors can sell more to people who would not have bought if only the traditional payment options were available. By implementing mobile options, vendors can also receive the payment in near real-time and have a more fluid cash flow for daily operations.

Moreover, you can save on operational and hardware costs. For example, the price of an NFC reader is much lower than the standard POS terminal with a PIN pad. On top of that, you can save on man-hours by taking fewer tips to machines to collect cash or fix technical issues such as a coin or banknote-related malfunctions.

5. Saving Time

Mobile payment vending is an excellent option for consumers who are in a hurry. They can’t afford to lose time searching for or counting cash when they need a hot drink or snack in airports, buses, or train stations. They might not even have the cash in the correct currency if they’re traveling internationally. A quick tap on their phones can make all the difference.

Cashless vending is not only convenient for consumers – but it’s also a time saver for operators. You can spend less time collecting and counting cash and replacing coin tubes. And take fewer trips to the bank.

We hope we have demonstrated the benefits of implementing mobile payment options. If you’re ready to take your vending business to the next level, don’t hesitate to schedule a demo to see our intelligent vending solutions in action.