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USA Technologies And Chase Broaden Cashless Vending Reach

Posted On: 4/28/2015

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TAGS: vending, cashless vending, USA Technologies Inc., Chase Commerce Solutions, payment processing, JPMorgan Chase & Co., USAT-Chase multiyear agreement, self-service retail markets, USAT ePort Connect, Dave DeMedio, Kimberly Fitzsimmons

MALVERN, PA -- USA Technologies Inc. and Chase Commerce Solutions, the payment processing and merchant acquiring business of JPMorgan Chase & Co., announced a new multiyear agreement. The deal is intended to benefit self-service retailers with USAT's cashless payments and M2M/Internet of Things service combined with the added security and reach of Chase's payment processing.

The companies said their relationship brings greater opportunities for USAT to scale more rapidly, and to expand its product lines into new domestic and global verticals and markets, while providing Chase Commerce Solutions inroads into the self-service retail markets. USAT estimates the market size at more than $120 billion in annual transaction volumes, and 13 million to 15 million potential merchant locations in the U.S. (including vending machines).

USAT's ePort Connect service is a PCI-compliant suite of cashless payment and telemetry services specially tailored to fit the needs of self-serve retail industries.

"There is an evolution happening in the way that both consumers and merchants handle money and it begins with mobile and cashless payment technology," said USAT chief financial officer Dave DeMedio. "We have helped thousands of small-ticket self-serve retail merchants to seamlessly make a transition to cashless payments, and there is still much growth opportunity in the space. This strategic relationship represents the first step with Chase Commerce Solutions toward expanding our footprint through leveraging inherent economies of scale."

"We continue to enable commerce through a simple, secure payment experience for consumers and for our business clients," said, U.S. market president for Chase Commerce Solutions Kimberly Fitzsimmons "We are pleased to work with USA Technologies, a market leader in this important and rapidly emerging space to accept all types of payments easily and securely."

Separately, USAT said it has reached approximately 9,000 customers and that connections to its end-to-end ePort Connect service crossed 300,000 during its third fiscal quarter, ended March 31, moving the company closer to reaching its three-year goal of 500,000 connections.