USA Technologies

USA Technologies Inc.
Public
Traded as NASDAQ: USAT
Industry Point of sale software
Founded Pennsylvania, 1992
Headquarters Malvern, Pennsylvania, United States[1]
Key people
 Stephen P. Herbert President, Chairman and CEO[2]
Products ePort
ePort Mobile
ePort Online
MORE, a loyalty and Prepaid Consumer Engagement system
Quickconnect Web Services
EnergyMiser
and more...
Website www.usatech.com

USA Technologies Inc. is an American company known for its work with ePort cashless acceptance technology running on their patented ePort Connect service a PCI compliant, comprehensive suite of services designed specifically for the self serve, unattended market. ePort Connect wirelessly facilitates electronic payment options to consumers (so that payment can be made with credit, debit, or NFC enabled electronic wallets like Apple Pay and Android Pay) while providing operators with both telemetry and machine-to-machine (M2M) services. ePort technology is primarily found in vending machines, kiosks and point-of-sale (POS) terminals, but the ePort Online and ePort Mobile products have extended the network to accept recurring payments from a PC or retail outlets and the taxi industry through smartphone devices. The company also produced other technology to address needs within the unattended industry such as the More Prepaid and Loyalty consumer engage program, ePort beacon, facilitating Bluetooth payment options, and the EnergyMiser, a device that reduces the energy consumption of vending machines.[3][4][5][6]

History

USA Technologies was founded in 1992 and holds more than 87 patents on their products and services. USAT's patents pertain to all aspects of their industry, ranging from payment processing, transaction methods, and terminal connection methods, to energy management and telematics.[7] There currently are over 250,000 connections to its ePort Connect Service.[8] More recently, the company was named to Deloitte L.L.P’s 2014 Technology Fast 500 List of the fastest growing companies in North America.[9] they worked with Setomatic Systems to be the first to bring NFC technology in the Self Service Laundry market [10] The Nilson Report ranked USA Technologies 6th in US (and 28th Worldwide) in POS shipments [11] and they received the 2014 Frost and Sullivan North American Customer Value Leadership Award in Financial Services and Retail M2M Communications.[12]

In 2010, a proxy fight for the company's board of directors took place with shareholder group SAVE Partners.[13] This proxy fight ended with the addition of two SAVE Board candidates and modification of company policies.[14] In 2012, there was another proxy fight involving SAVE, but this dispute resulted in no change to the board.[15]

USA Technologies' CEO George Jensen resigned in October 2011 after he was revealed to be posting company information to an investor board.[2][16] Stephen Herbert was subsequently appointed as CEO and has been spearheading USA Technologies subsequent growth.[2][17]

Products

USA Technologies' primary product is the ePort, a cashless payment terminal for vending machines, kiosks, and POS terminals. The ePort EDGE accepts magnetic swipe cards, and the ePort G8 & G9 series also accept contactless cards, FOB, PIN, and virtual wallets such as Apple Pay and Softcard.[18][19][20][21][22][23]

In 2010, the ePort EDGE won the National Automatic Merchandising Association (NAMA) award for innovation in cashless vending technology.[24][25][26] NAMA is the vending industry's national body.

Recently, the company was ranked once again among the leading shippers of point-of-sale terminals by The Nilson Report, a source of news and research on consumer payment systems worldwide. In 2013 the report ranked it 6th in POS shipments in the United States and 28th in the world.[11](In 2009, they ranked 6th in the US and 31st in the world) [27][28][29]

The company started the Business Express, an online business center service for hotels and convention centers.[30][31]

References

  1. ↑ "Contact USA Technologies". USA Technologies. Retrieved 15 November 2012.
  2. 1 2 3 Peter Key (14 October 2011), "USA Technologies suspends CEO over alleged Internet posts", Philadelphia Business Journal, biz journals.com, retrieved 18 February 2013
  3. ↑ "USA Technologies :: Energy Management". Usatech.com. Retrieved 2010-10-23.
  4. ↑ "Article: USA Technologies: EnergyMiser 'hot green' product as nation turns to... | AccessMyLibrary - Promoting library advocacy". AccessMyLibrary. 2009-02-01. Retrieved 2010-10-23.
  5. ↑ "EnergyMiser for Vending Machines Cuts Energy Costs, CO2". GoodCleanTech. 2007-10-10. Retrieved 2010-10-23.
  6. ↑ "EnergyMiser, A 'Hot Green' Product As North America Turns To Intelligent Solutions To Conserve Energy | Electrical Line Magazine - Canada's Electrical Trade Publication". Electricalline.com. Retrieved 2010-10-23.
  7. ↑ "USA Technologies :: Company Overview". Usatech.com. Retrieved 2010-10-23.
  8. ↑ https://www.vendingtimes.com/ME2/dirmod.asp?nm=Vending+Features&type=Publishing&mod=Publications%3A%3AArticle&mid=8F3A7027421841978F18BE895F87F791&tier=4&id=A71A7D15362A4CF78E97DC2C84322D28
  9. ↑ "USA Technologies Ranked On Deloitte's 2014 Technology Fast 500™". Retrieved 5 January 2015.
  10. ↑ "USA Technologies, Setomatic Systems Bring NFC-Based Mobile Payment and Loyalty Program to Commercial Laundry Market". Retrieved 5 January 2015.
  11. 1 2 "The Nilson Report Ranks USA Technologies 6th in U.S. and 28th in Worldwide POS Terminal Shipments for 2013". Retrieved 5 January 2015.
  12. ↑ "USA Technologies Receives Frost & Sullivan's 2014 North American Customer Value Leadership Award in Financial Services and Retail M2M Communications". Retrieved 5 January 2015.
  13. ↑ Armstrong, Michael (23 May 2012). "USA Technologies faces second proxy fight in three years". Philadelphia Inquirer. Retrieved 12 November 2012.
  14. ↑ "USA Technologies and SAVE Announce Settlement of Proxy Contest". Bloomberg. 5 February 2010. Retrieved 12 November 2012.
  15. ↑ Key, Peter (28 June 2012). "Shareholders group disputes USA Technologies' proxy victory". Philadelphia Business Journal. Retrieved 12 November 2012.
  16. ↑ Booton, Jennifer (19 October 2011). "USA Technologies Says CEO Dismissed Over Online Posts". Fox Business. Retrieved 12 November 2012.
  17. ↑ US Securities & Exchange Commission. "USA Technologies Form 8-K". Edgar Online. Retrieved 18 September 2014.
  18. ↑ "USA Technologies :: ePort". Usatech.com. Retrieved 2010-10-23.
  19. ↑ "USAT Enhances ePort Connect, Launches Deployment Consulting Service | Articles | Vending Times Inc". Vendingtimes.net. 2009-04-22. Retrieved 2010-10-23.
  20. ↑ Levere, Jane L. "USA Technologies Inc. News - The New York Times". Topics.nytimes.com. Retrieved 2010-10-23.
  21. ↑ "USA Technologies launches ePort wireless test kit". Finextra.com. 2010-03-31. Retrieved 2010-10-23.
  22. ↑ "Mastercard and USA Technologies bring contactless payment to Cadbury Schweppes vending machines". Finextra.com. 2006-12-21. Retrieved 2010-10-23.
  23. ↑ "Vending Times Features USA Technologies and Pepi Food Services". TradingMarkets.com. 2010-10-11. Retrieved 2010-10-23.
  24. ↑ "NAMA Lauds Creativity With iSpot Awards For OneShow Exhibitors | Articles | Vending Features | Vending Times Inc". Vendingtimes.com. 2010-04-19. Retrieved 2010-10-23.
  25. ↑ "ePort EDGE, Winner of the 2010 NAMA Innovation Award. - Free Online Library". Thefreelibrary.com. 2010-04-30. Retrieved 2010-10-23.
  26. ↑ "Smart Products | USA Technologies Selects Telit Wireless' Module For Vending Device". Smart-products.tmcnet.com. Retrieved 2010-10-23.
  27. ↑ "USA Technologies Improves Ranking as Leading Global Shipper of POS Terminals :: USA Technologies News". Usatech.com. Retrieved 2010-10-23.
  28. ↑ "Record Growth Ranks USA Technologies #6 in US, #26 Globally for POS Terminal Shipments in 2007 :: USA Technologies News". Usatech.com. 2008-10-24. Retrieved 2010-10-23.
  29. ↑ http://www.usatech.com/company_info/dl/USAT_Nilson_Report_Oct08.pdf
  30. ↑ "USA Technologies :: Business Express". Usatech.com. Retrieved 2010-10-23.
  31. ↑ "USA Technologies Inc: Information from". Answers.com. Retrieved 2010-10-23.
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