There are many pros and cons to using coin or card systems in your laundry room. Lets take a look at what some of those are below.
Coin System Pros:
1. Equipment is cheaper to purchase.
2. Better commission splits or bonuses from laundry vendors.
3. Don’t have to purchase a VTM machine. (value transfer from $ to card)
Coin System Cons:
1. You have to physically collect the coins monthly.
2. Vend prices must be adjusted in quarter increments only.
3. Tenants need to plan ahead by having quarters available.
Card System Pros:
1. No collecting and counting quarters.
2. Tenants don’t have to plan ahead by having quarters available.
3. Vend prices can be adjusted to the penny. (say $1.24 vs. $1.25)
Card System Cons:
1. Equipment is expensive.
2. Lower commission splits or bonuses from laundry vendors.
3. Tenants can lose their card and all the money that is on it.
Card systems are generally reserved for larger properties, for example 50 units or more, as the laundry revenue has to be enough to support the extra costs of the equipment.