USA Technologies

USA Technologies Inc.

Type	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