When it comes time for customers to pay in our stores, the phrase "credit or debit" seems to ring out a lot more often than "cash or check" does, right?
We certainly live in a card age, but while checks are largely nonexistent in many facets of today’s society, there is still always room for cash. It may not be king anymore, but chances are it’s a lot bigger than you may think.
The role of cash and coins
So how big is cash? Research from the self-service coin machine provider Coinstar shows that consumers converted more than $3 billion in coin at Coinstar kiosks in 2015. $3 billion! And that’s just in coins and at Coinstar kiosks.
Yes, cash still has plenty of staying power, and if your store lacks self-service coin machines, you’re missing out on all of it.
Considering your options – turnkey solution or buy?
So is a self-service coin machine provider the right choice for you? It’s not necessarily a yes or no question.
For starters, if you’re open to the idea, you need to determine what such a system would look like in your store. Some grocers, for example, choose to contract with a company like Coinstar for a turnkey solution. Others choose to purchase their own machines and maintain total control over usage and revenue. The latter choice will require a larger capital investment but may be a better option if you’re looking for a revenue generator.
If you do decide to partner for a turnkey solution, there are still ways for you to make money off the conversion of coins in your stores or ensure that money stays in-house. It all comes down to how your vendor distributes the revenue collected. Topco Indirect’s partnership with Coinstar, for example, ensures that all guests who use a machine in our customers’ stores receive a scannable voucher as a receipt of their coin conversion. This voucher can then be redeemed at your registers so the money stays within your store as guests cash the voucher during bill pay.
Accuracy counts – choosing the right vendor
Finally, you’ll want to consider the accuracy of the machines and, ultimately, the partner providing them. Accuracy counts, particularly when it comes to money, and you’ll want to partner with a vendor who is reputable. Look for a vendor with a strong track record of performance and one that features built-in voucher security. It’s the best way to ensure your store and your guests get everything they paid for.
If you’re considering adding self-service coin machines to your store(s) and you’d like to learn more about your options, we can help. Contact us today and we can help you devise a strategy that makes cents ... and a few dollars as well.