One of the first critical decisions you will make as the owner of a laundromat is whether to use a coin or card-based payment system. Some laundromats require customers to bring in rolls of quarters (the old-fashioned way) and may install a coin-changing machine for convenience. Some businesses allow customers to pay for loads of laundry by swiping their credit or debit card. Still others incorporate both options, perhaps by asking customers to load money onto a loyalty card using cash or a credit card. Each payment system has its pros and cons, so the decision rests with you. Coin or card laundry systems: which best suits your business model?
Coin or Card Laundry Systems
Obtaining quarters may be frustrating for your customers. Most people don’t carry around quarters for other purposes, so they will have to make a specific effort to get rolls of quarters from their bank. In addition, carrying around the quarters can be annoying due to their weight. However, you can reduce the burden of obtaining and carrying quarters by installing a reliable change machine within the laundromat.
Most modern consumers use credit and debit cards more often than coins and will appreciate a card-based payment system. Implementing a card-based system might also give your business a modern, youthful edge. However, if your customers prefer to pay with cash or don’t have a credit card, you could lose business.
EASE OF USE
Coin and card payment systems can both be easy for customers to use. It all depends on the design of the product and the directions provided. However, customers are certainly more familiar with coin-based systems. On the other hand, cards are much easier for employees to handle. Assuming you select high-quality, reliable technology for your card-based payment system, it won’t require much from your workers. Coin payments, on the other hand, can be frustrating for staff members, who will need to collect all those heavy coins.
Card-based payment systems allow the manager to check the store’s revenue at any time of day, no matter what the time or their location. The manager can also track the store’s transaction history, making for more accurate and convenient accounting. Finally, with a card system, you can encourage customers to return by using loyalty programs, special offers, and promotions. Although you may be able to offer marketing specials with a coin system, they will be harder to implement. Accounting is also trickier with coins, and you run a greater risk of your profits being stolen by a thief willing to break the coin machines.
As you might guess, card systems cost more than coin systems. In addition, many laundromats currently have working coin systems, so implementing card payments would be an expensive upgrade. Whether it is worth the cost is up to you.
Of course, if you’re torn between coin or card laundry systems, you could also use a hybrid system that allows you take payment in both forms. This system is becoming increasingly popular, because it gives customers a choice.
Are you on the hunt for high-quality commercial laundry equipment? Whether you want a coin- or card-operated system, check out Laundry Solutions Company, a full-service provider of premium vended, on-premises, and multi-housing commercial laundry equipment.
We supply a variety of coin-operated equipment as well as payment solutions from Card Concepts Inc., including Cascard (which can be added to existing machines to accept both credit cards and coins) and LaundryCard (a holistic management system that incorporates a loyalty card). To learn more about our products and services, please give us a call at 800-383-9274 or contact us online. We look forward to hearing from you!