Commercial laundry equipment can be configured to work with either a coin payment system or a smart card payment system. One of the first decisions property owners face when opening a self-service laundry room is determining the type of payment system their laundry machines will use. While coin operated laundry machines are the traditional choice of laundry room owners, smartcard operated laundry equipment has become a popular option for many of today’s laundry room entrepreneurs, who appreciate the cashless convenience and other benefits this innovative payment system offers. The laundry payment system you choose will have a definite effect on your laundry room operations, so you should carefully consider your management style, the amount of time you will have to devote to laundry room operations, and the size of your laundry room budget. Other factors to consider are your tenants’ laundry needs and financial situation. By comparing the various benefits offered by coin and card washers and dryers and their effect on these factors, you will be able to choose the laundry equipment payment system that best fits your particular laundry room solution.
Laundry Room Operations
Coin operated washers and dryers require a certain time commitment from owners, who must spend time collecting and counting the coins from each machine. You will need to have one or more Change Machines in your laundry room, which will need to be periodically reloaded with quarters. Once you total your revenue, you will need to transport it to your financial institution for deposit. With card operated laundry machines, your tenants use cash or their debit/credit cards to put value on their smart cards using a central payment terminal, eliminating the need for you to spend time collecting or processing coins. The terminal even provides you with a clear audit trail of all transactions, a feature that is particularly useful if you are a property owner who needs to travel as it allows you to leave the operation of your laundry room in an associate’s hands without fear of financial misdeeds.
Laundry Room Revenue
Coin laundry equipment may be the best solution for owners with limited financial resources, since it requires a lower initial investment. There is greater opportunity for financial losses, however, from repair bills for jammed coin slides as well as from theft by unprincipled residents who may steal cycles using foreign coins and slugs; some thieves may even break into, or actually remove whole coin boxes. Smart card laundry technology offers greater long-term financial security, as there are fewer moving parts to break with card washers and dryers, and no cash is needed to operate them, which eliminates their vulnerability to theft. Card laundry machines can also generate more income because they include tiered pricing options and enable owners to enact incremental price increases of as little as a penny, which residents accept far more easily than they would a full 25 cent increase.
Some lower income residents may be reluctant to tie up their cash on laundry smart cards, preferring instead to deal with coins that they can spend as they choose; for these tenants, coin operated machines would be the best choice. For the majority of tenants, though, the cashless convenience of paying for laundry cycles with just the swipe of a laundry smart card and the clear audit trail this innovative technology provides are huge selling points.
At Commercial Laundries, we have more than 45 years’ experience in creating laundry room solutions in South Florida. Our wide selection of quality coin and card washers and dryers are available through competitive pricing and flexible financing plans, making laundry room ownership an affordable option for virtually all South Florida rental property owners!
Contact Commercial Laundries today at 1.855.254.WASH (9274) for quality coin and card washers and dryers that will create the ideal laundry room solution to meet your and your tenants’ needs!