Introduction

[CherryChillVending]

Hi everyone, I'm from New Jersey. I am going to be running a vending business with two close friends as partners*, and we're excited to be part of this forum to both learn and hopefully one day give advice to other aspiring vendors. 

I have been studying the basics of the industry for a while and formed the LLC in which we will operate on. The area our business operates has a high concentration of middle class neighborhoods. As such, I think cashless payment is going to be critical to get the most sales out of our machines. However, I've been finding it difficult to really understand how the credit card payment system works. 

One major concern is transactions, since a basic business checking account generally has a limit on transactions (100-200). We plan on using either Nayax or Canteloupe for the payment processor, and we're unsure if we should be concerned about the limit on transactions. Will each payment processed directly deposit into the banking account and count as a transaction, or will it be a lump sump deposit of all payments over a period of time? Or am I completely misinterpreting how such systems work? Any help would be appreciated, thanks!



 

[Gizmo Vending]

You’ll setup an account with one of these companies and regardless of how many payments are processed each day, you’ll get 1 ACH credit to your checking account.  

[CherryChillVending]

Oh, alright. Thanks for the clarification Gizmo.