We don't know if you know this or not, but there's a nationwide coin shortage. Subsequently, if you own a coin laundry business, then the past year has been a challenge. While the U.S. Mint is expected to return to full operations, we're also finding that many people have moved on to using other forms of payment. As such, today we're going to revisit various commercial laundromat payment options available, including coin, credit, apps, and more.
Laundromat Payment Options: Coin
Once upon a time, commercial laundromats were a coin laundry operation. Customers kept quarters laying around for this exact purpose. And while there are other laundromat payment options available, coin payment is still a viable and widely used option.
Advantages of Using Coin Payment
If your equipment is already set up to receive coin payment, one of the biggest advantages to continue using coin payment is that you don't need to change a thing. Coin payment systems are also more suitable in communities with a lot of temporary residents such as seasonal workers, tourists, or college students who are only interested in using your services for a short amount of time and may not be interested in a loyalty program.
Disadvantages of Using Coin Payment
Pre-Covid and pre-coin shortage, cash and coins were readily available. That availability used to be a reason enough to continue using coin machines. However, with the current coin shortage, using coin payment may be a disadvantage. Furthermore, there are always concerns of security, vandalism, and maintenance that can cause frustration when using coin-operated machines. That said if you plan to use coin machines, make sure you also have a plan to regularly empty those coin boxes.
Laundromat Payment Options: Credit Card
If you've been using coin payment, an easy next step is to add card payment. Card payment systems typically arrive in two main forms. There are obviously simple card readers that allow your customers to pay with a credit or debit card. There are also systems that allow customers to prepay or reload to a laundry card. Either way, we recognize that customers like the ease and convenience of a credit card payment option. If you aren't already equipping your machines with a credit card system (at a minimum), you may see a downturn in business as customers seek other laundromats that offer this capability.
Advantages of Using Credit Cards
The reason so many people prefer card payment over coin is that our society is moving away from using cash altogether. Furthermore, most credit card companies offer incentives for every dollar spent, so your customers can earn points while they do laundry.
Disadvantages of Using Credit Cards
On the other hand, if you are opening a new commercial laundromat, installing coin machines or card systems may no longer be necessary. We are finding that more and more consumers are moving toward mobile payment options. As such, any expensive installs now may not ever pay off long-term.
Laundromat Payment Options: Speed Queen Payment Center
Speed Queen recently launched the Speed Queen Payment Center. This new payment option allows your customers can experience the most flexible laundromat payment methods available to pay for their cycles.
The Speed Queen Payment Center is an exceptional complement to the Speed Queen Insights mobile app. With this new tool, your customers can pay with cash, credit card, Speed Queen App, stored value card, or their mobile wallet. If your laundromat is registered as an approved EBT vendor, your customers can even pay via EBT. Furthermore, it seamlessly integrates with Speed Queen Insights.
Owners like that it gives access to payment center data, such as how much your customers are spending and how they are paying. And, because the system doesn't require a card reader on machines, your initial investment costs to use the Speed Queen Payment Center are low.
For your customers, the process of using the Speed Queen Payment Center is quite similar to using the Speed Queen App. They'll simply create an account, select their machine, cycle, any additional cycle modifiers, then choose their payment method.
If you want to know more about Speed Queen's Payment Center, click here.
Buy Commercial Laundromat Equipment in North Carolina With T & L
If you're opening a new commercial laundromat, laundromat payment solutions are just one of the things you need to consider. Call T & L Laundry Equipment for all your laundry equipment in North Carolina. We offer in-house financing and have been proudly servicing the laundromat and commercial laundry facilities in North and South Carolina for more than 40 years.