Setomatic to Transition Existing Cashless Service Base to
Under the terms of the three-year agreement, USAT, through its ePort
Connect service, will act as the exclusive service provider for all
credit/debit card processing for Setomatic's SpyderWash system.
Conversely, USAT will market its ePort Connect service in
Beyond the initial transition of Setomatic's existing cashless
connections, both companies will be joining forces to increase cashless
payment adoption in the largely untapped coin-operated commercial
laundry and multi-housing laundry markets. According to the
"We believe the laundry market is still at the early stages of
credit/debit card adoption, so this is a great time to join forces with
USAT in order to bring SpyderWash customers the most value as they
transition their machines to cashless payment," said Setomatic's
"USAT has done a great job of making it easy for our customers to accept credit/debit cards and their streamlined and improved rate structure was extremely important to us. In addition, we were attracted to the scalability of the ePort Connect platform and USAT's commitment to new services such as loyalty programs. We want to be able to pass on the benefits of those programs to our customers. We are looking forward to getting started on the initial transition and to working with USAT in the years ahead to transition the laundry market to credit/debit and mobile payments."
System is an advanced, wireless payment system that accommodates
credit, debit, loyalty cards and NFC enabled mobile payment, as well as
coin. The Coin Laundry Association's magazine, Planet Laundry, selected
Setomatic as their Industry Leader in the
USAT's ePort Connect service is a comprehensive suite of payment services specifically tailored for the needs of the unattended, small-ticket market. Designed to meet the unique needs of customers in the unattended, small-ticket market, ePort Connect provides cashless and contactless payment acceptance and processing via a simple and competitive blended transaction rate, 24 x 7 customer service, web-based reporting, and new consumer engagement services such as loyalty programs.
"We are looking forward to welcoming Setomatic's existing cashless
customers and working with Setomatic to target substantially more
cashless connections over the three year agreement period," said USAT's
Chief Executive Officer,
Setomatic is a privately owned and operated developer and manufacturer
of both open and closed loop card payment systems, drop coin meters and
electronic timers for the commercial laundry industry with manufacturing
and engineering facilities in
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the anticipated connections to our network, business strategy and the plans and objectives of USAT's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate," "believe," "estimate," "expect," "intend," and similar expressions, as they relate to USAT or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of USAT's management, as well as assumptions made by and information currently available to the USAT's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business, financial market and economic conditions; the ability of USAT to accurately predict future market conditions and consumer behavior; whether, and to what extent, existing SpyderWash customers will convert to USAT's ePort Connect Service; the accuracy of predictions regarding the level of cashless usage in the commercial self-serve laundry industry; and the ability of USAT to adopt new payment technology changes in the commercial cashless laundry industry. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, USAT does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
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