In grocery stores, self-service coin machines—machines that count coins for consumers and offer cash in exchange—can be beneficial for the stores. But for retailers considering placing one in their store(s), the option to buy or lease the machine versus selecting a “free” placement machine can make a big difference in how big that benefit really is.
While a “free” placement machine may sound good in the short term, leasing or buying is actually the best financial option, although it costs more upfront. Here are four reasons why owning or leasing self-service coin machines is the better option.
1. Stores make more money.
The financial difference between owning or leasing and selecting a “free” placement machine is huge. Most grocery stores that have “free” placement machines receive between 1.5% to 3.5% of the coin revenue. When stores own or lease the equipment, however, they keep all the revenue. Stores will have some operating expenses, but evening considering this, the total revenue received can be over five times what would be earned otherwise.
2. Reduced reliance on armored carriers for coin.
When stores own or lease the machines, they also own the coins deposited in them. Many grocers recycle the coins deposited in the machines and use it in their stores, or sell it to consumers and small businesses, increasing store profits. Stores can also reduce pick-and-processing fees, further increasing margins. And, stores receive the reimbursements for their cash payouts much faster.
3. Better choice of equipment.
The choice of equipment matters to the bottom line. If a store’s coin machines aren’t working, the store isn’t making any money. And when stores outsource this operation, they’re at the mercy of the machines’ providers or maintenance teams—and thus aren’t in control of when the machines will be back up again. With ownership or a lease, however, stores are in charge. Cummins Allison’s machines are proven to have more uptime and deliver more revenue than other providers. Quite simply, they’ll make stores more money.
4. Increased customer satisfaction and loyalty.
When choosing a self-service coin machine, stores shouldn’t underestimate the importance of machine quality, accuracy and dependability. Machines that are faster, jam less often and are quieter, mean your shoppers complete their transactions quicker, increasing their satisfaction and giving them more time to shop.
With more than 28,000 coin counters in operation, Cummins Allison has a proven track record and has been a trusted partner to the grocery industry for decades. To learn more about leasing or purchasing a self-service coin machine, visit https://www.cumminsallison.com/go/change/
This post is sponsored by Cummins Allison