nysava

Awareness

NAMA and the NYSAVA get many inquiries from individuals interested in setting up their own vending business. While there are many legitimate business opportunities in the vending industry, potential investors should investigate opportunities fully before entering into any agreements or making any payments.

Avoiding Scams

The Federal Trade Commission produces several pamphlets with important tips on investigating business opportunities. The following link will take you directly to their pamphlet titled, "Business Opportunities: Avoiding Vending Machine and Display Rack Scams."

TROUBLE GETTING GOLDEN DOLLAR COINS?

Vending machine owners and operators experiencing difficulties in receiving adequate quantities of the new Golden Dollar coin from their bank are advised first to contact their bank directly, and then to contact the National Automatic Merchandising Association (NAMA) if all else fails, NAMA Senior Vice President and Chief Counsel Thomas McMahon advised today. McMahon's advice comes after reports surfaced that banks were not supplying NAMA members with sufficient quantities of the new coin.

In making the recommendation McMahon said, "If you're having problems, we recommend you first take your complaint to the bank's branch manager. Oftentimes that's enough to solve the problem. If that doesn't work, call our eastern office in Herndon, Virginia at 703-435-1210. We have some experience in handling these problems." McMahon added that members should be sure to have the name of the bank, city, state and telephone number.

McMahon went on to explain that NAMA has other avenues available that might help members as well. Said McMahon, "NAMA is now a 'service member' of the American Bankers Association (ABA) so we have some leverage with the ABA. We also have contacts with the Federal Reserve System in Washington D.C. The Fed is responsible for overseeing the distribution of coin and currency, through the banks, to businesses and the general public."

The new Golden Dollar coin was first introduced into the currency stream last year and will save the U.S. Government about $500 million a year if it completely replaces the dollar bill. In addition, a widely circulating Golden Dollar coin will allow vending owners and operators to eliminate some bill changers, sell and give acceptable change for higher priced items and get more impulse purchases.
Concluded McMahon, "We'll do everything we can to help. Just give us a call. And don't forget: spend dollar coins instead of dollar bills in you everyday purchases. And ask for dollar coins in change!"