In this era of convenience, our use of cash is fading fast.
Card payments have been rapidly growing in popularity, overtaking cash in the last few years as the most popular form of payment. Mobile app payments are gradually becoming commonplace too. It’s the digital era, and we all need to keep up.
Three main factors are driving our love for cashless, including changing consumer preferences, technological developments and innovations in payment methods. The decline of cash is set to continue, from 28% of sales in 2018 to as low as 9% by 2028. We need to stay ahead of the curve.
We fit all our Doozy machines with card readers as standard, but some sites are going a step further – by only offering completely cashless vending machines.
We’ve broken down the benefits.
1. Keeping up with the customers
Current trends show that we are turning our backs on traditional ways of paying, in favour of cashless. Shockingly 1 in 10 of us has cut cash out of our lives altogether. People just don’t carry cash around anymore. We have seen a change in the number of Doozy customers reaching for their card, over 70% now choose this method. In universities, this figure is over 80%. It is only likely to rise.
And card isn’t the only payment method to see an increase. This leads us to…
2. Meet expectations with mobile payments
Convenience is key and there is now an expectation that we should be able to use our phones to pay everywhere. From small market stalls to vending. Installing vending machines with card readers ensures an organisation meets these customer expectations.
Mobile payment apps are fairly new, having entered the market in 2011. Already people are adapting to this method of paying and it is only likely to increase. Around 24% of adults now use their phones to pay for items. Our Doozy data saw a massive increase of 1064% for mobile payments from 2016 to 2017.
It is very rare for anyone to leave the house without their phones, therefore allowing for mobile apps to be used is essential. Particularly if someone wants to make an impulse purchase. We use mobile even for the smallest of items, be it a can of drink or snack.
3. Transactions are faster
Card and mobile payments are generally processed quicker than cash. Quicker transactions ensure reduced queues and happy customers.
4. Security
As a vending operator, security is an important issue for us. Coin mechanisms sometimes encourage opportunist thieves to break into the machines. Not only does this mean that cash can be taken, but these break-ins also cause extensive damage to the machines. In most cases, the repairs are worth considerably more than the cash.
In terms of security for card payments, our card readers are supplied by a well-regarded payment provider, Nayax. Mobile phones have security measures too, protecting personal details through apps such as Apple Pay or Samsung Pay.
5. Customers have a record of what they’ve spent
Keeping track of spending is tough, but the introduction of mobile apps has simplified it. Even small purchases, such as snacks, soon add up. With both app and card payments, we can track our spending through our phones.
6. Super easy refunds
We use the latest machines on the market, yet still, there can be issues. Technology eh? The good news is that reporting faults and refunds are super easy. If there is an issue, we can digitally send a refund. This can be reported on our website at www.doozy.life/oops.
7. No one has to deal with the annoyance of coins!
Do you hate it when you put a coin into a machine, and it pops straight out of the reject slot? Card eliminates this problem. Where a coin can get stuck, a card can’t. And if something goes wrong, the card reader can be reset from Doozy HQ.
8. A more finished look
Card readers add a sleek look to the machines. When cash is included, it can look a little messy. As cash is only used on occasion anyway, it makes sense to use card readers only.
9. Opportunities to vend higher-value products.
Some organisations wish to sell more than refreshments. Our hospital sites often have a machine with fresh food/wraps. This means staff working overnight have access to nutritious food when the main cafes/shops are closed. Universities will sometimes include vending with higher value choices instead of a shop. For example, university accommodation may want to sell toilet rolls or even toothbrushes for their students. Cashless vending machines make this possible.
10. Possibility for the use of loyalty apps
Vending has been late to the party with apps. The first smartphone was launched in 1992 by IBM with 10 inbuilt apps. The evolution of smartphones has developed dramatically ever since.
We can’t live without them nowadays; apps enrich our daily lives. Cashless vending machines fit in with our love of smartphones. Card readers can work with apps to increase customer loyalty and engagement. They offer the opportunity to provide a discount or send a free birthday coffee. Apps are a relatively new addition for vending companies, taking an industry that previously focused on B2B clients to directly interact with customers. At Doozy, we can’t wait to see where it takes us.
Modern life is shaped by ever-developing technology and the convenience it offers. Vending machines cannot risk being left behind. With the development of excellent machines, innovative card readers and exciting new vending apps, we don’t have to. There are many benefits to cashless vending machines. Above all, it is about providing absolute convenience for today’s modern, fast-paced society.
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