Why not Plastic Cards for Vending Machines?

Question

I hate carrying around lots of loose change. It sure it would be easier to swipe a card then dig for change when I get my soda or candy bar. There are costs to everything but it is seems like technology could help. Any ideas?

I did not say existing technology or any anything specifically about curent debit or credit cards.

Answer 1

You have to understand how credit card processing works.

First the logistics. The vending machine would have to be fitted with a printer, card reader and modem. A phone line would need to be connected to the vending machine.

Second, the costs. Processing credit cards has a cost to the person that would own the machine. There is a monthly statement fee ($5-$10 per month), there is a transaction fee (could be 10 to 25 cents per transaction), then comes the discount rate (this could be 1.4 to 2.3 percent of the transaction).

That 75 cent candy bar probably has a cost of 40 cents, now you add about 25 to 30 cents for the credit card fees. Don't forget maintenance fees and any fees that vendor may pay to place their machine in that location.

There is no profit left. That is why you can't use a credit card in a vending machine and why many stores have aminimum amount when you use a credit card.

Answer 2

The only problem I see with this is that the vending machine would have to be set up with a phone line (like an ATM). The owners may decide the expense isn't worth it. But I, too, would love to see it happen.

I wasn't even thinking about the fees...

Answer 3

a similar element surpassed off to my brother - $5.00 charge + $a million.00 for the water he bought! there became no eating fountain and that's over one hundred tiers so he felt like he had no decision yet to purchase the plasticized water. It became a coke device. What a entire rip off!

Answer 4

I believe some machines already have this feature.