Boston, MA 04/04/2014 (wallstreetpr) – USA Technologies, Inc. (NASDAQ:USAT) is involved in the provision of electronic transaction solution, mostly targeting vendors. The sector of cashless transaction is growing rapidly as vendors seek to seize efficiency and security which comes with cashless payments. Yet, the challenge for providers of electronic payment solutions remains winning clients and launching products which go into the heart of the market needs. And there is also the issue to do with market competition as rivals sprout from every corner.
That being said, it is easy to appreciate the effort being put by the management of USA Technologies, Inc. (NASDAQ:USAT) in order to win business deals with major clients such as Pepi Companies.
The company just announced that it has entered into an exclusive agreement with Pepi, which will bring its cashless payment solutions into the heart of vendor operations of Pepi. The latest agreement will cover all business aspects of Pepi, which include mobile payment and all vending networks of the business at different scales.
Pepi Companies is a leading provider of coffee, food and vending services, based out in Alabama. The company was the first among adopters of USAT’s cashless payment solutions in vending machines. The previous project for cashless vending transaction between the companies was completed in 2012. And the latest exclusive agreement comes to expand that relationship.
According to Pepi CEO Vic Pemberton, integration of USA Technologies, Inc. (NASDAQ:USAT)’s transaction solution into their system is just beginning to take shape, meaning that more uptake of the technology is yet to come.
Expanding relationship with repeat clients is very important for USA Technologies, Inc. (NASDAQ:USAT). It not only mean that its cashless payment solutions are working and are loved by those who have tried them out, but also serves to promote the technology to other vendors seeking cashless transaction solutions.
New products and good management
Doing business in technology industry can be both rewarding and punishing. It is rewarding for companies which are able to refresh their line of products to align with emerging market needs. And lack of fresh and innovative products always invites trouble in business. That USA Technologies, Inc. (NASDAQ:USAT) is able to bring new products to the market and ink exclusive deals with high-profile companies is indication of the hardworking management team in the company.