On March 20, 2020, USA Technologies, Inc. (the “Company”), First Data Merchant Services LLC (“First Data”), and Wells Fargo Bank, N.A., entered into a Payment Solutions Agreement (the “Agreement”).
to the Agreement, and following the initial six month implementation period, First Data will be the Company’s primary provider (as such term is defined in the Agreement) of credit and debit card transaction processing services (including data capture, authorization, or settlement of transactions). The Agreement applies to payment transactions submitted from locations in the United States.
The term of the Agreement commenced on March 20, 2020, and following the initial six month implementation period, will continue for a five year period. The Agreement is automatically renewed for consecutive one-year periods thereafter unless the Agreement is terminated by First Data or the Company upon at least 90-days’ notice prior to the end of the initial five year period or at any time during a one-year renewal term.
The Company will pay to First Data the fees and charges set forth in the Agreement, including acquiring fees charged by First Data and fees imposed on the payment transactions by the payment organizations and networks and other third parties. The Agreement provides that First Data will provide certain incentive or other payments or credits to the Company during the term of the Agreement.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Agreement, which is to be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020.
About USA TECHNOLOGIES, INC. (NASDAQ:USAT)

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USA Technologies, Inc. provides technology-enabled solutions and value-added services that facilitate electronic payment transactions within the unattended point of sale (POS) market. The Company is a provider in the small ticket, beverage and food vending industry and is also engaged in offering solutions and services to other unattended market segments, such as amusement, commercial laundry, kiosk and others. It has designed and marketed systems and solutions that facilitate electronic payment options, as well as telemetry and machine-to-machine (M2M) services, which include the ability to remotely monitor, control and report on the results of distributed assets containing its electronic payment solutions. The Company derives its revenues from license and transaction fees resulting from connections to, as well as services provided by, its ePort Connect service.

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