1. Cashless Payment Chain
Vending Operator
Hardware
Merchant Acquirer
Payment Gateway
Payment
Processor
Card
Association
Role: Purchase the cashless hardware; choose a merchant account provider
Role: Enables card acceptance and data encryption
Role: Provides Vending Operator the Merchant Processing Agreement; establishes the merchant bank account; provides the monthly processing statement & merchant level reporting
Role: Manages transaction traffic, provides authorization of cards, secures card data, and creates reports
Role: Receives & sends the transaction data from payment gateway to the card brands; also sends final settlement info to merchant acquirer so funds can be deposited into the vending operator’s merchant bank account
Role:
Performs final settlement process, sends deposit amounts (minus interchange) back through processor to merchant acquirer so funds can be deposited into the vending operator’s merchant bank account
Sample Providers:
CoinCo
Crane
InOne
MEI Group
Nayax
PayRange
USA Technologies
ViVOtech
Bank of America
Chase Paymentech
EMPS / First Data
Heartland
Moneris
Apriva
USA Technologies
Elavon
First Data
TSYS
Amex
Discover
MasterCard
Visa
October 2018
© Michael Kasavana