MALVERN, Pa.--(BUSINESS WIRE)--USA Technologies, Inc. (NASDAQ:USAT) ("USAT"), a payment technology provider of cashless and mobile transactions in self-serve retail, today announced that Sneaker Syndicate, a high-end athletic shoe boutique in Orlando, Florida, has launched a series of self-serve amusement kiosks that allow consumers to win sneakers, which leverage USAT’s ePort Connect® cashless payment systems.
According to AnythingResearch, the amusement arcades market is approaching being a $2 billion industry, and cashless payments represent a huge growth opportunity for the still largely cash-based market. With what we believe to be a low barrier to entry, this is an industry ripe with opportunity. Sneaker Syndicate has deployed USAT’s cashless payment technology on an amusement “Crane Game” as part of a marketing strategy for its retail location. For five dollars, shoppers could test their luck at winning high-end footwear such as Adidas Yeezy Boosts or Nike Air Jordans - sneakers that range in value between $300 and $2,000.
One month after installing USAT’s state-of-the-art ePort Connect cashless payment systems onto a small number of the store’s amusement machines, sales nearly doubled, with cashless transactions accounting for about 45 percent of the machines’ intake. Given the positive results, the company now plans to expand its business over the next two years with additional machines at a variety of East Coast locations.
“Because of USA Technologies, we are developing franchise agreements with companies across the East Coast for our popular high-end shoe amusement machines,” said Stewart Bryant, owner, Sneaker Syndicate. “The ability to easily accept payments using the ePort platform has made a critical difference for us. This technology has opened the door to a new world of amusement and vending games.”
Implementing ePort Connect on its kiosks has given Sneaker Syndicate the ability to track the acceptance of cash, credit/debit cards, NFC and mobile wallet payments such as Apple, Android and Samsung Pay. The connected nature of the devices also gives the growing company critical remote access to sales and payout data for all of its machine locations.
“The opportunity for the unattended retail market is greater than ever. In the amusement and gaming industry, going cashless not only enables more payment options, and increased revenue potential, but also allows for the sale of game credits. Additionally, the MORE loyalty program facilitates repeated sales of games,” says Maeve Duska, senior vice president of Sales and Marketing, USA Technologies. “More and more consumers are also going cashless simply recognizing that the convenience of paying with their mobile wallet is as simple as tap and go.”
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About ePort Connect®:
USAT's ePort Connect service is a PCI-compliant suite of cashless payment and telemetry services specially tailored to fit the needs of self-serve retail industries. Designed to be a "one-stop shop," services offered through ePort Connect include wireless and merchant account setup, simplified processing rates, settlement and reconciliation, 24 x 7 customer service and a host of value-added services, including mobile payment, loyalty programs and integrated payment services for micro-markets and other POS devices.
About Premium Support Services:
USAT's Premium Support Service bundles USAT's best-in-class services to ensure the most effective deployments of USAT's cashless technology through cohesive planning that maximizes returns. Services include USAT's Model Market program for planning, project management, installation support, and marketing support; integration of deployment planning, installation and performance optimization; access to USAT's flagship Knowledge Base data; and customized reporting in support of deployment, inventory and DEX project management. USAT's Premium Support Service is available to customers that have made a commitment to connect a significant portion of their locations to USAT's service.
About USA Technologies:
USA Technologies, Inc. is a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market. The company also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G-series, ePort Mobile™ for customers on the go, ePort® Interactive, and QuickConnect, an API Web service for developers. USA Technologies has 77 United States and foreign patents in force; and has agreements with Verizon, Visa, Chase Paymentech and customers such as Compass, AMI Entertainment and others. For more information, please 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 predict future market conditions and consumer behavior; the possibility that all of the expected benefits and efficiencies from the use of the ePort, including increased revenue potential and marketing opportunities, will not be realized by all amusement kiosk operators and on all amusement kiosks, or within the expected time period; whether our customers’ business growth will match their projections; the accuracy of third-party estimates of the size of the amusement and arcades market; and the accuracy of our estimates regarding the extent of the barriers to adoption of cashless payments faced by the amusement kiosk industry. 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.