Coin vs. Card/App Equipment
There are many pros and cons to using coin or card/app 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/App 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/App System Cons:
1. Equipment is expensive.
2. Lower commission splits or bonuses from laundry vendors.
3. For Card Systems, Tenants can lose their card and all the money that is on it.
Card/App 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.