Bad Idea or Good idea? Vending Machines Accepting Credit Cards
As everything we purchase these days has seemed to go up in price, credit card processing services have become more necessary in all restaurants, retail stores and other establishments. But another place where credit cards are being accepted may seem a bit more strange: vending machines. So really? No one has 50 cents in their pocket to grab a can of soda anymore? Well, the problem is that inflation has hit vending machines as well, and that soda that used to cost 50-75 cents, now costs upwards of $2.00 in some locations.
So why would anyone pay that much? Well, convenience is still very important to people, and all things considered, if you are standing in front of a machine that wants to charge you $2.00 for a soda, but if you got in your car and drove 5 minutes to a nearby store to get it for a $0.75, you still have to consider the extra time you’ll need to waste, gas money, money to park, etc. Because of these other factors, people will continue to pay well over face value for the convenience of a vending machine.
This doesn’t change the fact that many people carry little-to-no cash anymore and would prefer to use their credit/debit cards. So, especially considering how much the prices of drinks and snacks in a vending machine have risen, offering potential customers the option of paying with a credit card is going to give vending machine companies more business.
Now, the question posed to vending machine companies is whether the price of getting credit card processing services for each of their machines is worth it in regards to the return on investment, or ROI. For most companies, it probably is. However, if you are a vending machine company looking to implement credit card processing services on your machines, be sure to complete a detailed financial analysis of your costs versus average sales before taking the plunge.
Skybank Financial offers credit card processing in Miami to small and medium sized businesses and also in cities across North and South America.