If you’re thinking about upgrading your laundromat, investing in new commercial laundry equipment, or opening a laundromat, this is a question that’s bound to come up. Let’s take a look at some of the pros and cons that can help you determine if coinless laundry equipment is right for your business.
Pros of Coinless Laundry Equipment
We’ve previously shared some of the benefits of alternative payment methods (such as mobile payment systems and credit/debit cards), including:
Increased convenience for you and your customers.No carrying around bulky coins or making extra trips to the bank. Plus, coinless transactions are often easier to track and manage.
Increased revenue.Customers aren’t limited by the cash/coins they have on hand, which makes selecting upgraded services more tempting.
Flexible pricing.With mobile or credit-based payment, you aren’t limited by 25-cent increments like you are with coins.
More marketing opportunities.Since it’s a perk that customers want, upgrading to coinless laundry equipment or offering alternative payment methods opens the door for additional marketing efforts.
Better engagement overall.Alternative payment methods make it easier to offer loyalty programs and other perks that increase engagement.
Cons of Coinless Laundry Equipment
Likely, the main downside of alternative payment methods or coinless equipment will be the investment required — in terms of both money and time.
Cost.Whether you’re modifying existing equipment or financing new equipment, there’s likely going to be an investment here.
Time.Whenever things change or technology gets more advanced, there’s usually a learning curve. It may take some time for you to get to know the ins and outs of the new coinless equipment and train staff and customers to use it appropriately.
Questions to ask before purchasing coinless laundry equipment
As you try to determine whether coinless options are right for your laundry business, ask yourself the following questions:
- Is now the right time to make an additional financial investment in my laundry business?
- Are coinless laundry equipment and alternative payment methods something my customers have been asking for?
- Are my laundry competitors currently offering laundry equipment and seeing success from it?
If you answered “yes” to any of the above questions, then coinless laundry equipment may be the right fit for your laundromat.
Martin-Ray is a proud Speed Queen distributor, selling Speed Queen commercial laundry equipment throughout Colorado, New Mexico, Wyoming, west Texas, and western Nebraska. Speed Queen Insights allows customers to pay directly through the Speed Queen app on their smartphone, which makes all aspects of managing a business — from payment to reporting — effortless. Contact us to learn more.