MALVERN, Pa.--(BUSINESS WIRE)--USA Technologies, Inc. (NASDAQ: USAT), a leader of wireless, cashless payment and M2M telemetry solutions for self-serve, small-ticket retailing industries, today announced a new agreement with Unified Strategies Group (USG) to provide the USG membership with USAT’s industry leading cashless payments and wireless telemetry solution. USG has indicated to USAT that it is a buying consortium of over 700 vending companies representing more than 500,000 vending machines, generating over $3.0 billion in annual vending sales, and that its membership represents approximately 33% of the U.S. vending industry. This agreement establishes USA Technologies as an integrated provider of cashless payments and DEX telemetry services to all USG members.
USA Technologies intends to work with USG to market USAT’s cashless payment and wireless telemetry solutions to its membership base under the Company’s Jump Start program, which allows USG members to install USA Technologies’ ePort solution with no upfront capital costs. The USA Technologies’ ePort solution for USG has been designed to accept multiple forms of cashless payments, which include credit and debit cards and proprietary cards such as the Sprout Pre-Paid Loyalty card, in addition to providing wireless telemetry services that enables USG members to optimize their route scheduling and pre-loading of their trucks.
Maeve McKenna Duska, VP Marketing, USA Technologies, Inc., said, “We are very pleased to have been selected by a great organization like USG. This relationship will allow USG member operators to benefit from our industry-leading ePort cashless payments and wireless telemetry service, and the team at USA Technologies looks forward to delivering maximum value to USG and its members as we proceed. We will also work with the USG operators to take advantage of our ability to accept the Sprout card for payment—a testament to the open and flexible nature of our ePort devices and ePort Connect Services network.”
USA Technologies’ ePort cashless payment system is supported by the Company’s ePort Connect service—a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of the self-service retail industries such as vending, kiosk, amusement and gaming. ePort Connect enables self-service terminals to accept credit, debit, contactless cards and other cashless forms of payment, handles all elements of transaction processing, and allows customers to monitor and manage their terminals online, truly making USA Technologies an integrated aspect of vending technology.
About USA Technologies:
USA Technologies is a leader in wireless, cashless payment and M2M telemetry solutions for self-serve, small-ticket retailing industries and energy management. USA Technologies provides wireless, cashless products and services in the vending, commercial laundry, hospitality and digital imaging industries. The Company has been granted 79 patents and has agreements with Verizon, Visa, Compass, Crane and others. Visit our website at www.usatech.com.
Forward-looking Statements:
"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 financial position, anticipated connections to our network, business strategy and the plans and objectives of the Company'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 the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company'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, business, financial market and economic conditions, including but not limited to, the ability of the Company to retain key customers from whom a significant portion of its revenues is derived; whether the Company’s customers continue to operate or commence operating ePorts received under the Jumpstart program or otherwise at levels currently anticipated by the Company; the ability of the Company to compete with its competitors to obtain market share; the ability of the Company to obtain widespread commercial acceptance of it products; whether the recent significant increase in the interchange fees to be charged by Visa and MasterCard for small ticket debit card transactions would adversely affect our business, including our revenues, gross profits, and anticipated future connections to our network; whether not accepting any debit cards with interchange fees that are higher than the rates provided under the Visa Agreement would adversely affect our business, including our revenues, gross profits, and anticipated future connections to our network; and whether the Company's existing or anticipated customers purchase ePort devices in the future at levels currently anticipated by the Company. 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, the Company 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.