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In early 2002, Atlas Food Systems and Services, Inc., a regional vending company in Greenville, SC. installed PAYKEY® as a cashless payment option at one of their customer locations, Faurecia, an automotive products manufacturer in Fountain Inn, SC.
Faurecia's 300 employees have been able to purchase with the traditional method of cash and coins along with PAYKEY® since then. Immediately, the employees began to enjoy using their Paykey more than cash and coins to make purchases. Employees realized how easy and convenient their Paykey was to use! |
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Neile Bramlett, Human Resources Director for Faurecia welcomed the convenience the PAYKEY® granted his employees and stated," I am confident that my employees will eventually welcome a completely cashless environment."
Just over a year later, on March 1, 2004, Faurecia and Atlas successfully transitioned Faurecia to completely cashless to the delight of the employees and management. Atlas offered a final sign-up period to give away Paykeys before selling Paykeys in the snack machines for $3. The response has been positive. They are accustomed to using Paykey as their only means of purchasing. |
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| Atlas has also leamed that, given time, employees will accept and even welcome a completely cashless environment! Ranson Anderson, an employee of Faurecia stated, "It seems like I'm spending more money, and that's what everyone else says, because it's more convenient. Plus, I don't have to worry about dropping my quarters under the machine!" |
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Valerie Byrd said that she usually puts $5 on her Paykey every Monday morning and uses it all week. She, too, enjoys its convenience and reliability.
Overall, the response to PAYKEY® at Faurecia has been overwhelmingly positive, and Atlas expects a general sales increase of around 5%, not including the "float", or the benefit of collecting future sales before they purchase. |
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Atlas' equipment cost conversion to all cashless can be calculated as follows:
| Recharge Station |
$ 2,600.00 |
| PKl Readers (5) |
$ 1,500.00 |
| Paykeys (300) |
$ 1,800.00 |
| Starter Kit (software, etc.) |
$ 500.00 |
| Total |
$ 6,400.90 |
| Removal of 5 coin mechs and 4 bill validators |
- $ 2,700.00 |
| Net Cost |
$ 3,700.00 |
Thus, at the net cost of only $3,700.00, Atlas Food Systems and Faurecia are benefiting from a unique, new payment system allowing the vendor to electronically control his money and his customers to have added convenience and reliability. |
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