USA Technologies, Inc. (NASDAQ: USAT) announced today that over
20,000 ePort cashless payment terminals have been shipped or
verbally committed to by customers under the JumpStart program.
JumpStart was originally launched in January 2010 to help
vending operators and bottlers acquire the ePort EDGE cashless
terminal at no cost, paying only a low monthly service fee, and
avoiding the need to make a major upfront capital investment. The
ePort EDGE, which accepts swipe cards only, is the only one-piece
cashless reader and controller combo on the vending market, with
PCI Level One compliant security.
The program was recently expanded to include the company’s
top-of-the-line ePort G8 terminal, which accepts contactless cards
in addition to traditional magnetic swipe cards as well as the Get
One/Buy One (GoBo) option—which enables a customer to get an ePort
under a rental agreement if they commit to buying one by December
31, 2010.
“As of today, we have shipped to our customers approximately
15,000 devices and our customers have committed to take another
5,000 devices under the JumpStart program. And interest in the
program continues to grow,” said Stephen P. Herbert, President
& COO, USA Technologies. “In these challenging economic times,
operators responded swiftly to the program. We believe that
cashless payment systems are proving to be an important tool in
combating the decline in margins that the vending and self-service
industries have been experiencing. We also believe that with the
upfront capital cost eliminated, the decision to implement cashless
becomes an easy one.”
Under the JumpStart program, customers keep the JumpStart
devices as long as they are activated on USA Technologies’ ePort
Connect Service. JumpStart includes the ePort Connect services
package for wireless connectivity, card processing, consumer
services, online reporting, machine alerts and ‘over-the-air’ (OTA)
software upgrade capability, all with the highest level of PCI
security.
In addition, customers who acquire at least 25 ePorts through
the JumpStart program are eligible to participate in USAT’s
Business Deployment Planning program to help them deploy their
cashless machines for the best financial returns. (For more
information on ePort Connect, visit
http://www.usatech.com/eport/eport_connect.php )
“USA Technologies has helped us from beginning to end with our
cashless experience providing us with the hardware, the wireless
technology, through payment each week on all the cashless sales
that we have,” said Tom Beals, Director of Operations, Southern
Refreshment Services. “It’s easier for us to deal with one company
from beginning to end. With USA Technologies it’s a one-stop shop
for us.” http://www.usatech.com/eport/eport_testimonials.php
“We take care of everything for our customers, from
installation, merchant account set-up, and wireless SIM activation,
to business deployment planning and 24x7 customer service and
support,” concluded Mr. Herbert. “We believe we have the most
extensive industry experience and a unique ability to bundle our
solutions as well as tailor them to individual customer needs—a
combination unmatched in the vending market. Our customers value
our service for its ease of implementation, our experience from
over 12 years specializing in the small-ticket, unattended space,
and our wealth of knowledge and data to help guide them towards
success. The JumpStart program is just another way we are
empowering our customers to go cashless.”
The JumpStart program has contributed to the number of cashless
connections USAT has added to its service. As of June 30, 2010,
there were over 82,000 devices connected to the Company’s service.
The Company expects to reach its goal of at least 100,000 devices
connected to its ePort Connect service by December 31, 2010, and
achieve positive EBITDA (Earnings before Interest, Taxes,
Depreciation and Amortization) for the quarter ended December 31,
2010.
The Company recently announced that it believes that the
acceleration of cashless payment technology is based in part on the
fact that vending operators using the USAT cashless solution are
recognizing the positive impact that cashless vending is having on
sales, margins and net operating profit, in addition to the
operator’s customers requesting the technology.
The Company believes that positive customer results paired with
current industry dynamics and the success of the JumpStart Program
has helped to accelerate the successful rollout of cashless
vending.
To learn more about the JumpStart Program, contact a USA
Technologies, Inc. representative at 800-633-0340 or online at
http://www.usatech.com/eport/eport_jumpstart.php.
About USA Technologies:
USA Technologies is a leader in the networking of wireless
non-cash transactions, associated financial/network services and
energy management. USA Technologies provides networked credit card
and other non-cash systems in the vending, commercial laundry,
hospitality and digital imaging industries. The Company has been
granted 76 patents and has agreements with AT&T, Visa, Compass
and others.
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; 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 Company's existing or anticipated
customers purchase ePort devices in the future at levels currently
anticipated by the Company; or whether our shares or publicly
traded warrants would continue to meet the eligibility requirements
for continued listing on The NASDAQ Stock Market, LLC. 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.
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