Source: USA Technologies Inc. | Released July 29, 2013
MALVERN, Pa.-- (BUSINESS WIRE) -- USA Technologies Inc. (NASDAQ: USAT), ("USAT"), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, today announced that it recently celebrated its 5,000th customer milestone with New York vending operator and Pepsi bottler, Fitzgerald Brothers Beverages, Inc. ("Fitzgerald Brothers"). Crossing the 5,000 customer mark translates to a compound annual growth rate of 69 percent for USAT, from approximately 1,000 customers three years ago.
Fitzgerald Brothers recently became a USAT customer in response to increasing demand for debit/credit card acceptance by its consumers and encouraging data regarding the sales uplift a cashless payment platform can deliver to traditionally cash-only businesses. As USAT's 5000th customer, Fitzgerald Brothers will receive a free personalized loyalty and prepaid program, a new addition to USAT's ePort Connect® solutions suite that enables customers to build on their cashless payment platforms to differentiate and expand their brand.
"Fitzgerald Brothers is delighted to be part of USAT's growth history as their 5,000th customer," said Fitzgerald Brothers' vending sales manager, Curt Kingsley. "Until recently, we had remained on the sidelines regarding cashless adoption. We now view cashless as a competitive tool and open-ended opportunity to drive future growth. The data regarding potential sales uplift is compelling and more importantly, our customers are asking for it.
"In selecting a cashless partner, we have always recognized USAT's leadership role and vision for this industry," continued Kingsley. "And with our busy schedules, we appreciate USAT's one-stop shop -- from hardware to gateway to website to support. Our USAT sales rep also helped us understand the potential benefits of a cashless payment platform, down to the multiple channels that we serve.
"The ability to fast-track to a personalized loyalty and prepaid program as a result of this award is an added boost. The more we can raise consumer awareness and excitement for cashless, the greater the upside, in our view. We are truly appreciative of this customer recognition award and extend our heartiest congratulations to USAT," said Kingsley.
USAT's chairman and chief executive officer, Stephen P. Herbert, commented, "We are especially proud of this 5000th customer milestone since we believe it reflects the confidence customers continue to place in USAT's comprehensive cashless payment offerings and the technologies and business processes we have refined to make the transition to cashless easy, reliable and scalable for the unattended, small ticket market. We are very grateful to all of USAT's customers and business partners that have contributed to our leadership role and look forward to their continued contributions in our innovation process."
About USA Technologies:
USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company's flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of small ticket, self-service retailing industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G8, ePort Mobile™ for customers on the go, and QuickConnect™, an API Web service for developers. USA Technologies has been granted 85 patents; and has agreements with Verizon, Visa, Elavon and customers such as Compass, Crane, AMI Entertainment and others. Visit www.usatech.com.
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