Smart vending machines can take any type of payment depending on what you want to handle operationally.
These types of payments include:
- cash and coin
- credit card
- debit cards
- digital wallets
- Apple Pay
- Google Pay
- Bitcoin or Cryptocurrency
- Pre-paid cards
- gift cards
- employee accounts
- token-based systems
Tradition methods such as cash and coin are becoming less frequent. Fraud and service calls for stuck currency are expensive overhead costs that can be completely eliminated with electronic payments.
Cash and Coin
While not the ideal future payment method as they phase out physical cash, about 80% of the traditional snack vending machines are still cash-only. Don’t want to deal with bill jams or stuck and bent coins? A service call to deal with these formats very well may kill this month’s profits.
Fixed merchant rates make this method extremely flexible for consumers. Ever see that signup table for your “first card” at the university or college campus? You can be sure most students and adults are card-carrying members of this payment method.
Direct pay from a fixed chequing or saving account is the most fiscally strategic for value-based shoppers. Having access to pay instantly at smart vending machines will get you a fast-pass to retail therapy, even for the cost-minded.
Tap and Pay with the device that rarely leaves your customer’s side. These consumers are more likely to lose their car keys than misplacing this key to digital banking success. Every major brand of smartphone is compatible with this feature, you can be sure smart vending is going to close the deal for the fast-paced buyer – no matter the payment method programmed under the hood.
Sets up in seconds and it’s simple to use. Just add your favorite debit or credit card in the Apple-branded wallet and you are ready to go. This service replaces your physical cards and cash with an instant, safe and private payment method. It’s money, made modern.
Start paying with your phone in stores and comes through at smart vending machines. Google Pay is the fast, simple way to pay from a brand you trust with your search history and many other aspects of their data-focused business model.
Bitcoin or Cryptocurrency
Are your clients on the decentralized edge? Digital currency doesn’t get any better than this for your consumer peer-to-peer network. Since Bitcoins can be exchanged for goods and services, this convenient payment method can fluctuate in real-time. This very aspect of appreciation and depreciation cycles may be the ultimate volatile payment method for “right place at the right time” consumers. Just don’t pay $200MM for a pizza!
Some consumers shop on fixed means to pay and branded pre-paid cards are similar to credit cards which provide convenient payment options. More choice to pay is never a bad decision on smart vending machines.
Brand-centric and aligned payment methods may be the tipping point in customers deciding to make a purchase. If your brand is the source of those funds, create brand loyalty with an engaging customer experience that will bring them back once the gift card is depleted.
Who took the last pack of staples, computer mice, or keyboards? Tracking purchases from employees ensures accountability and oversight from a largely overlooked opportunity. Smart vending in offices provide real-time feedback for reordering and even reserving an item from your desk.
The very first vending machine was created in Egypt around the first century. You might not be dispensing holy water from your location, but your clients might have a pocket full of gaming tokens that can be used for purchase in a smart vending machine.