Nayax Review

Nayax is an Israeli payments and commerce platform built for unattended retail — vending machines, kiosks, car washes, laundromats, amusement machines, coffee service and, increasingly, EV charging. Founded in 2005 by Yair Nechmad and David Ben Avi and headquartered in Herzliya, it listed on the Tel Aviv Stock Exchange in May 2021 and on Nasdaq in September 2022. In the second quarter of 2026 it reported revenue of $122.6 million, up 28.2%, on total transaction value of $2.056 billion across 815 million transactions, 1.553 million managed and connected devices and 125,400 customers, at a blended take rate of 2.62%. Its US retail plan is published at $99 a month with no transaction fee on the first $5,000 of monthly volume. Against that: a February 2025 consent decree with the Israeli Competition Authority over its OTI acquisition, a July 2026 cloud security incident, 79 BBB complaints in three years and a 2.2-star Trustpilot.

Estimated annual cost at three realistic processing volumes, using Nayax’s published online rate plus monthly fees. Real costs vary with average transaction size, chargeback rate, and any negotiated terms.

What Nayax is

Nayax is a payments and commerce platform for machines nobody is standing next to. Founded in 2005 in Israel by Yair Nechmad and David Ben Avi to put card acceptance into vending machines, it now covers vending, micro markets, kiosks, car washes, laundromats, amusement machines, kiddie rides, office coffee service and EV charging. It is headquartered in Herzliya, listed on the Tel Aviv Stock Exchange in May 2021 and on Nasdaq in September 2022, and files a 20-F with the SEC — so unlike almost every competitor in unattended retail, its numbers are auditable.

The product's real origin, by most accounts of the company's history, was around 2010, when Nayax paired payment acceptance with a machine monitoring and supervisory system. That combination, not the card reader, is what the company sells. An operator gets acceptance, telemetry, fault alerts, stock levels, route data, loyalty tools and business intelligence from one system, and that is the reason Nayax became a category default rather than one reader vendor among many.

The numbers are public and they are growing

In the second quarter of 2026 Nayax reported revenue of $122.6 million, up 28.2% year on year, split between payment processing fees of $53.9 million, SaaS revenue of $33.8 million and POS device revenue of $34.9 million. Total recurring revenue was $87.7 million, up 24.0%. It processed 815 million transactions worth $2.056 billion, up 29.1%, across 1.553 million managed and connected devices for 125,400 customers, with average revenue per user of $251.

The most useful number for a prospective customer is the take rate: 2.62%. That is the blended rate Nayax actually earns across its entire book, and it is a better negotiating anchor than any published plan. Note also that the company is not yet profitable on a reported basis — a $10.1 million net loss in the quarter against $14.1 million of adjusted EBITDA — so it is growing into profitability rather than sitting in it.

What it costs

Nayax publishes exactly one plan. NayaxRun, the US attended-retail offer, is $99 a month with the handheld payment device included and shipped within 72 hours, no transaction fee on the first $5,000 of monthly processing, 2.5% plus 10 cents on volume above that, weekly payouts and phone support. Unattended pricing — the core business — is quoted per deployment and varies by machine type, ticket size and market.

The structural claim worth checking is that the processing fee is all-inclusive: Nayax states it covers bank interactions, terminal fees, interchange, acquirer processing, merchant account fees and chargebacks in one number. For an operator running hundreds of thousands of small-ticket transactions across a route, that is a genuine simplification, because interchange on a $2.50 vend is punishing to reconcile line by line. Because the promise is unusual, get it written into your agreement rather than relying on the published FAQ.

The support record is the problem

Nayax's Trustpilot score is 2.2 out of 5 across 474 reviews, and the complaints are specific rather than vague. Phone waits over an hour with promised callbacks that do not materialise. Emails unanswered for seven to ten days. Terminals that need rebooting daily or throw errors mid-transaction. Incorrect and duplicated charges. Settlement delays measured in weeks while monthly fees continue on non-functional devices. The single most repeated structural complaint is that service before the contract is excellent and service after it is not.

The BBB file for Nayax, LLC in Hunt Valley, Maryland shows an A+ rating with no accreditation, and 79 complaints in the last three years with 32 closed in the last twelve. Read that with the caveat Nayax posts on the profile itself: because Nayax is the merchant of record on machines its customers own, ordinary consumers see 'Nayax' on their bank statement and complain to Nayax about purchases at machines Nayax has never touched. A real share of the file is that. But the operator complaints that are published — a card unit transfer that took three and a half months, a vendor account that went silent for two months after signature, a $400 device that failed just past 24 months with a paid replacement offered — match the Trustpilot themes exactly.

The antitrust settlement

During 2023 the Israeli Competition Authority requested documents from Nayax relating mainly to its acquisition of On Track Innovations. On 3 February 2025 Nayax entered a consent decree settling allegations of anticompetitive practices and of failing to obtain the Authority's required consent for the deal. Nayax paid NIS 2.5 million, about $701,000; CEO and Chairman Yair Nechmad paid NIS 240,000, about $67,300, personally. Nayax also agreed to supply up to 6,500 OTI POS kits over five years to third parties who can rebrand and sell them in the Israeli market — a structural remedy, not just a fine. The Israeli Competition Court approved the decree on 4 June 2025.

Nayax states it does not believe the terms will have a significant adverse effect on its business, and on the evidence that looks right. For a US or European operator it is not a reason to avoid the company, but it is a data point about how the company approaches consolidation in a market it dominates — and Nayax has been consolidating steadily, adding UpPay in Brazil, Inepro Pay in Benelux and the EV charging platform Lynkwell during 2025 alone.

The July 2026 security incident

In July 2026 Nayax disclosed a security incident in which data was exfiltrated from a cloud account belonging to one of its subsidiaries. Nayax said the incident was contained to a non-core cloud account and that it does not believe it involved the disclosure of material information; its shares fell on the disclosure. A threat actor publicly claimed to have obtained a very large volume of card records. That claim is the threat actor's and has not been substantiated, and we are not repeating it as fact — but an operator evaluating Nayax should ask directly what the scope of the incident was for their own transaction data, and what changed afterwards.

Who should buy Nayax

Unattended operators, essentially. If your business is machines on a route, Nayax gives you acceptance, telemetry and management in a single system from a public company with 1.5 million devices in the field, and the alternatives either do payments without the machine layer or the machine layer without a credible acquirer. The published take rate and audited operating metrics also mean you can negotiate against real numbers.

Go in with the support record priced in. Negotiate a support SLA and a replacement-device turnaround, get the all-inclusive fee and the chargeback treatment written into the agreement, confirm whether device subscription fees pause while a unit is faulty, and hold a spare reader for your highest-earning locations. Nayax is graded B- because the platform is genuinely strong and the service around it, on the public evidence, is genuinely not.