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Published byJuliana Hood Modified over 9 years ago
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Success thru Payment Technologies Chuck Reed- Marketing
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© 2010 MEI. All rights reserved. www.meigroup.com 2 Remind you of anyone?
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© 2010 MEI. All rights reserved. www.meigroup.com 3 YOU DON’T HAVE TO TAKE IT ANYMORE!
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© 2010 MEI. All rights reserved. www.meigroup.com 4 SO, WHAT SHOULD YOU DO?
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© 2010 MEI. All rights reserved. www.meigroup.com 5 Choose a path
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© 2010 MEI. All rights reserved. www.meigroup.com 6 Choose a path
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© 2010 MEI. All rights reserved. www.meigroup.com Why should you care about investing in payment technology? You think you are doing everything right?: -Right vending machine -Right product selection in the machine -Right price points for those products -Right service strategy so the machine is always full -Clean, filled, and working, yet…….. …You forgot the most important step 7
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© 2010 MEI. All rights reserved. www.meigroup.com Can the consumer make the purchase? When they want it, can they buy it? Probably not if your only accepting $1 bills and coins. Your customers have evolved They like to choose how they pay For low ticket transactions, they use cash a lot. When they choose cash, can your machine complete the sale? 8
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© 2010 MEI. All rights reserved. www.meigroup.com What consumers carry Over 80% carry $1 bill or the equivalent in coins Only about 50% carry $3 in bills/coin 60% carry a $5 note 40% carry a $10 note 65% carry a $20 note 72% carry at least 1 Credit Card At prices above $1, only accepting $1 notes decreases your sales Current US bills in circulation 9 Circulation $146% $24% $511% $108% $2031%
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© 2010 MEI. All rights reserved. www.meigroup.com Consumers do not carry a large % of $1 notes or coin. Therefore a significant % of vends are lost thru coin and $1 acceptance only. Enabling $5, $10, and $20 acceptance captures these lost sales by matching the retail experience -Operators no longer need to be concerned with change starvation -End customers do not receive ‘cascade of coins’ As price increases consumers ability to make a purchase decreases Bill Recycling Value Proposition Lost sales Expected sales lift, by unlocking the consumers wallet, has been confirmed in field trials Note- using $1.25 price Lift from $5 acceptance 12.4% Lift from $10 acceptance3.2% Lift from $20 acceptance3.5% 15.7% 23.0% 33.6%
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© 2010 MEI. All rights reserved. www.meigroup.com Bill Recycling value to vending patrons Current Bill Acceptance and Change $2.00 Vend Price $5 inserted $2.00 Bills In Bills Out Future Bill Acceptance and Change… Bills In Bills Out $5 inserted $20 inserted Increase sales by allowing consumers more payment options.
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© 2010 MEI. All rights reserved. www.meigroup.com 12 SUCCESS IS A CHOICE, NOT A CHANCE!
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Thank you
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