Transactions processed up 81%, Dollar Volume up 71% from a Year Ago
MALVERN, Pa.--(BUSINESS WIRE)--USA Technologies, Inc. (NASDAQ: USAT), a leader of wireless, cashless payment and M2M telemetry solutions for self-serve retail industries, today announced that for the month of August 2011, the Company’s ePort Connect® Service processed a new high of 8.4 million transactions representing $14.1 million in small-ticket transactions, increases of 81% and 71%, respectively, compared to August 2010. The Company also reported that on September 6, 2011, it set a single day record by processing 375,000 transactions. These latest milestones put the Company on an annualized run rate of approximately $170 million in processing volume.
“Activity levels in August continue at a record pace with a sequential increase from July’s processing activity of 7.8 million transactions and $13.4 million in small ticket transactions”
“Activity levels in August continue at a record pace with a sequential increase from July’s processing activity of 7.8 million transactions and $13.4 million in small ticket transactions,” said George Jensen, Chairman and CEO of USA Technologies. “USA Technologies’ePort Connect Service operates on a scalable and flexible platform which is capable of processing increased numbers of transactions at a low incremental cost. Our unique, one-stop service continues to deliver superior performance to our customers. Combine all of this with the low up-front capital cost available through our JumpStart program, and it becomes clear why USA Technologies offers the solution of choice for the small-ticket, unattended cashless payments space.”
The ePort Connect Service is a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of self-service, small ticket retail industries. ePort Connect enables self-service terminals, such as vending machines and kiosks, to accept credit, debit, new contactless cards and other cashless forms of payment, handles all elements of transaction processing, and allows customers to monitor and manage their terminals online - all with the highest level of data security.
The Company recently announced that it had added approximately 4,000 new connections during July 2011 and added 105 new customers to its ePort Connect Service bringing the totals to 123,000 connections and 2,079 customers, and making this the fastest start to a fiscal year for the Company in three years.
Pursuant to its processing agreements with its customers, the Company earns transaction processing fees equal to a percentage of the dollar volume processed by the Company, which fees are included as licensing and transaction processing revenues in its Consolidated Statements of Operations. The Company’s transaction processing volume is not indicative of the gross profit from license and transaction fees.
About USA Technologies:
USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries. The Company has been granted 79 patents and has agreements with Verizon, Visa, Compass, Crane and others. Visit our website at www.usatech.com.
