The future of the Quarter is uncertain. Many laundromat owners fear that people will stop carrying coins because inflation is steadily chipping away at it’s value, and younger generations are in love with digital payment methods, and they often do not carry any cash to begin with.
But these are not the only reasons why the time to move away from the Quarter may have come. In this article, we describe seven reasons why Quarters are holding back your business, and we introduce one modern, low-cost solution for accepting smartphone payments that can be easily retrofitted to existing laundry machines.
Tenants Hate Getting Quarters
In today’s digital day and age, carrying change of any kind, let alone Quarters, feels like a huge burden. No wonder that so many laundromat users are annoyed by the fact that they need to go out of their way to get Quarters just to wash their cloths.
In contrast to the growing number of people who do not carry change, over a third of the world’s population is projected to own a smartphone by 2018, with the vast majority of people living in developed countries owning at least one already. Even the most basic smartphones come equipped with the technology necessary for making smartphone payments.
You Hate Collecting Quarters
Collecting Quarters from laundry machines takes time, and time costs money. It’s one thing to collect Quarters from just one or two laundromats, and it’s something else entirely to collect them from dozens and dozens of laundromats spread across several different locations. Successful laundromat owners often find themselves dealing with unexpected hidden costs associated with collecting Quarters, such as gas money and car maintenance.
Because a single Quarter weighs 6.25 gram, a thousand dollars in Quarters weighs 25 kg, or approximately 55 pounds. That’s a lot of weight to carry even for someone who is young and healthy not to mention the elderly or physically impaired.
Vandalization of laundry machines is a serious problem for laundromat owners as it’s not rare for a single case to cost thousands of dollars in damages. While some cases of vandalization lack any other purpose besides boredom, most are motivated by the possibility to make a financial gain. By removing the need for Quarters with a modern payment method, the main motivation for vandalism disappears, and laundromat owners can rest assured knowing their machines won’t be out of order on a regular basis.
The management of coin-operated laundry machines is a complicated endeavor, and it’s understandable that many laundromat owners pay someone to help them. By doing so, they become dependent on the honesty of their partner/employee. Modern coin-free solutions for accepting laundry machine payments
by smartphone greatly simplify the management of laundry machines, offering the ability to remotely set and adjust pricing, view each machine’s change capacity, and much more.
Wear and Tear
Most laundromat users would like to spread their dirty clothes across multiple machines to separate their whites, darks, lights, jeans, and delicates, as recommended by many professionals. However, they quickly realize that doing so would require a lot more Quarters than they have, so they simply put everything inside a single machine, overloading it and potentially causing it to break. Modern payment methods don’t suffer from this problem, making them far more suitable for laundry machines than Quarters.
Customers today expect convenience, and they are willing to go out their way to get it. Laundry machine payments by smartphone give laundromat owners the chance to differentiate their business and stand out from others. Those who act quickly and adopt a modern payment method while customers still see Quarters as the norm can capture the attention of those who are looking for better than average services.
According to a 2008 paper in the Journal of Experimental Psychology: Applied, consumers spend more money when they have the option to pay using a credit card. What’s more, a 2014 survey reported that 78 percent of consumers prefer to pay for things with a credit card, while only 9 percent of those surveyed prefer to use cash. As such, the laundromat owners who invest in a modern payment solution can expect their revenue to grow significantly.
We at ShinePay offer a low-cost solution for accepting laundry machine payments by smartphone. Our solution can be effortlessly retrofitted to existing machines, eliminating the need to purchase new, expensive equipment. Just open your machine and insert the connectors to interface with your hardware. Your customers can then simply scan their machine to pay—it’s that easy! To learn more about ShinePay and how it can save your business from Quarters, visit our website.