As a laundromat owner, you are probably no stranger to the hassle of coins. Of course, collecting them is time consuming, and dirty coins can cause the coin drop to malfunction. In addition, thieves can get away with hundreds of dollars worth of quarters in the night. With all of the negatives of coin-operated laundromats, upgrading to a card-only laundromat can be tempting. However, there are pros and cons to both types of payment methods. Coins or cards: which is best for a laundromat? Keep reading to find out.
Coins or Cards: Which Is Best for a Laundromat?
It’s easy to focus on the downfalls of using coin-operated machines, but there are reasons why business owners have been using this method for decades:
- People are accustomed to using coin-operated machines, so they usually require no training. This saves time for the attendant on duty, so he or she can focus on other important tasks like keeping the machines clean. It could also eliminate the need for an attendant.
- Most equipment is already made for coins, so you won’t have to pay for any upgrades.
- Many people come to a laundromat prepared with quarters in their pockets.
- You can avoid credit and debit card processing fees.
Loyalty Card Systems
With such rapid advancements in technology, it might seem like it’s time for a card upgrade. Most card systems only work with prepaid loyalty cards, but you can invest in a hybrid system that can take debit and credit card payments. Before you add card readers to all of your equipment, consider the pros and cons of converting to a card-only laundromat.
- Without the need to collect coins, you (or your employees) will have more free time.
- Card systems track all your transactions, which makes bookkeeping a breeze.
- Card-only machines have a slimmer chance of theft.
- You can monitor which machines attract the most customers, and which machines people avoid.
- With certain card monitor systems, you can even keep an eye on how busy the store is through a web application.
- Chances are, there will be a bit of a learning curve with your customers, so consider creating instructional signs or handouts. Make sure you have a friendly attendant on hand to help so customers will continue to come back despite the change.
- Converting to a card system is expensive.
- Since loyalty cards cost money, you might have to charge customers with an initial fee to load the card.
- If the card system experiences technical difficulties, you won’t be able to collect revenue until it is up and running again.
Hybrid systems can be considered a best-of-both-worlds solution for the laundromat operator who is considering an upgrade. Hybrid systems can take all forms of payment including debit cards, credit cards, and coins. Keep in mind you’ll still have to collect some coins at the end of the day, it is an investment to upgrade your machines, and you’ll want to budget for debit and credit card processing fees. However, fewer people remember to carry cash these days, so your customers will thank you for the convenience.
Coins or cards: which is best for a laundromat? The answer to that question depends on your personal preference. Both types of machines get the job done effectively.
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