Cashless conversion

Definition

Fitting machines to take cards, which the trade's own census ties to higher spend per machine.

Why It Matters

The trade association's census ties card payment to higher spend per consumer and per machine, so the share of the fleet already converted is both a value driver and a read on capital you may have to spend. An unconverted route is upside with a bill attached: every reader is a purchase and every card sale carries a processing fee. Ask how many machines are converted, and what the seller's own data shows the lift has been.