First unattended payment solution provider to deliver EMV incremental authorization offers greater revenue opportunity to customers
HERZLIYA, Israel, February 2, 2022 – Nayax Ltd. (TASE: NYAX), the leading cashless payments provider, announced today that Nayax is the first cashless solutions provider to offer incremental authorization for EMV-compliant multi-vend transactions for food and beverage vending operators in the U.S. Incremental authorization allows multiple product selections at a machine with a single transaction, but unlike traditional multi-vend, the initial pre-authorized amount is only for the lowest priced item in the machine vs. what is typically the highest total transaction amount, and the transaction compliantly settles for the final amount. This will generate greater revenue potential for Nayax customers by making it easier for consumers to quickly purchase more with each transaction. Working closely with card brands and processing partners, Nayax addresses the need for operators to accept EMV-compliant, multi-vend transactions without large pre-authorization holds.
Incremental authorization transaction flows are commonly found in many industries, including fuel and parking. By incrementally adjusting a lower authorized amount upward to the final settlement price, it lessens the previous issues associated with multi-vend transactions that created overdrafts and confusion for consumers. Currently, the incremental authorization flow is available for tap and insert EMV credit card transactions on multi-vend capable food and beverage machines enabled with a Nayax VPOS Touch.
The advantages to operators implementing multi-vend with incremental authorization span the entire customer journey. With consumers spending more, operators benefit from an increase in revenue. Additionally, since incremental authorization eliminates the excessively high pre-authorization holds that lead to negative consumer experiences, operators benefit from reduced chargebacks and fewer unhappy customer service calls due to what are often perceived as overcharged purchases appearing as pending transactions on consumers’ credit card statements.
“At Nayax we pride ourselves on listening to the pain points of our operators and finding solutions to fix these problems. We are excited to be the first payment solution provider to implement EMV incremental authorization and solve the negative consumer experience historically associated with multi-vend transactions in our industry. This lets Nayax offer the potential for increased sales and revenue with little downside, leading to superior customer satisfaction and growth,” said Carly Furman, CEO, Nayax LLC. “Working with our talented technology and payment teams, we have continued to provide the most innovative, compliant and secure solutions our customers are asking for.”
For more information on Nayax and its product offerings, please visit https://www.nayax.com/.
About Nayax
Nayax is a global commerce enablement and payments platform designed to help merchants scale their business. Nayax offers a complete solution including localized cashless payment acceptance, management suite, and consumer engagement tools, enabling merchants to conduct commerce anywhere, at any time. With foundations and global leadership in serving unattended retail, Nayax has transformed into a comprehensive solution focused on our customers’ growth across channels. Today, Nayax has 10 global offices, over 500 employees, connections to more than 80 merchant acquirer and payment method integrations and is a recognized payment facilitator worldwide. Nayax’s mission is to improve our customers’ revenue potential and operational efficiency. Visit www.nayax.com for more information.
Forward-looking statements
The information included in this press release contains, or may be deemed to contain, forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law, 1968). Said forward-looking statements are subject to uncertainties and assumptions and the actual results may materially differ. All forward-looking statements in this press release are based on information available to Nayax on the date hereof. All written or oral forward-looking statements attributable to Nayax are expressly qualified in their entirety by the factors referred to above. Nayax does not intend to update these forward-looking statements.
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