USA Technologies, Inc. (NASDAQ: USAT) (“USAT”), a software and payments company that provides end-to-end technology solutions for the unattended retail market, today announced the general availability of Seed Cashless+. This next generation in vend management and logistics offers customers an updated experience with additional features at their fingertips and is part of the Company’s best in class Platform as a Service (PaaS). It’s tailored to small and medium businesses (SMBs) with under 400 devices and provides enhanced insights for scheduling, pre-kitting, merchandising and real-time alerts, along with a streamlined user interface for better efficiency and ease of use.
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“Being able to do our daily tasks quickly and accurately is becoming more and more important to successfully operating small businesses like ours. We are realizing that in order to continue growing our business we need a solution that goes beyond pen and paper, and excel spreadsheets,” said Ricky Tenney, owner of A.R.T Vending, an independent Louisiana operator. “USA Technologies has paid close attention to the needs of its smaller business customers. The improvements made with this Seed Cashless+ upgrade are essentially modernizing our operation. We can now address issues in the field more quickly and effectively, which in turn streamlines how we run the business, which then helps drive sales.”
Seed Cashless+ utilizes telemetry connected directly to the credit card readers on the operator’s machines to collect, transmit and analyze necessary sales and product-level data directly into their online platform. With this real-time information, customers can receive enhanced insights for scheduling, product merchandising, pre-kitting and machine-level alerts. By basing their decisions on their machines’ real data, and not relying on best-guesses, SMB operators can significantly cut down the time it takes them to manage their business.
This next generation solution is enabled for mobile or tablet access. For the first time, Seed Cashless+ users can take advantage of Seed Mobile, USAT’s iOS app that integrates seamlessly with the browser-based platform of Seed Cashless+. Operators can now track which machines they scheduled for the day, quickly take on-site inventory and add notes about individual machines to review back in the office. Seed Mobile automatically updates the new data via cellular or WiFi connection at the end of the day and eliminates the need for drivers to carry pen and paper in the field.
Seed Cashless+ key features:
- QuickPicks – Uses machine sales data to enable operators to prioritize visits to machines that are running low, and just bring the necessary product to restock them
- Real-time Alerts – Proactive maintenance alerts that inform operators of machine malfunctions, loss of connectivity or low inventory
- Seed Mobile – An iOS app that allows drivers to review all the machines selected for their daily route, and quickly inventory machines that need to be serviced
“Seed Cashless+ is a very powerful tool for our SMB customers, and further proof that we continue to set the standard for vending management systems, as we develop our platform to give our customers the tools to maximize operations of all sizes,” said Ravi Venkatesan, chief technology officer, USA Technologies. “USA Technologies has a history of helping operators with their digital transformation, by bringing technology to market that is easy to use, cost effective and provides rapid ROI. Seed Cashless+ offers more advanced tools and capabilities. These enhance our existing vending management solution and boost efficiency for our customers, especially when out in the field, essentially helping modernize their business.”
The cost for new customers is $3 per device, per month. Current Cashless+ customers can upgrade to Seed Cashless+ with Seed Mobile for an extra $1 per machine per month.
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About USA Technologies
USA Technologies, Inc. is a software and payments company that provides end-to-end technology solutions for the unattended retail market. USAT is transforming the unattended retail community by offering one integrated solution for payments processing, logistics and back-office management. The Company’s enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. As a result, customers ranging from vending machine companies, to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably and competitively.
All statements other than statements of historical fact included in this release, including without limitation USAT’s future prospects and performance, the expected proceeds of the private placement, the intended use of the proceeds of the private placement, the closing of the private placement, the business strategy and the plans and objectives of USAT’s management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “guidance,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, as they relate to USAT or its management, may identify forward-looking statements. Such forward-looking statements are based on the reasonable 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 incurrence by USAT of any unanticipated or unusual non-operational expenses which would require us to divert our cash resources from achieving our business plan; the uncertainties associated with COVID-19, including its possible effects on USAT’s operations, financial condition and the demand for USAT’s products and services; the ability of USAT to predict or estimate its future quarterly or annual revenue and expenses given the developing and unpredictable market for its products; the ability of USAT to retain key customers from whom a significant portion of its revenues is derived; the ability of USAT to compete with its competitors to obtain market share; the ability of USAT to make available and successfully upgrade current customers to new standards and protocols; whether USAT’s existing or anticipated customers purchase, rent or utilize ePort or Seed devices or our other products or services in the future at levels currently anticipated by USAT; disruptions to our systems, breaches in the security of transactions involving our products or services, or failure of our processing systems; or other risks discussed in USAT’s filings with the U.S. Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the year ended June 30, 2020 and its Quarterly Reports on Form 10-Q for the quarters ended September 30, 2020 and December 31, 2020. 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. If USAT updates one or more forward-looking statements, no inference should be drawn that USAT will make additional updates with respect to those or other forward-looking statements.