The End of Cash – How Laundromat Owners Can Adjust

The End of Cash – How Laundromat Owners Can Adjust

Did you know, only 10% of consumers today make all of their purchases using cash? In fact, 80% actually prefer card payments over cash. This number is staggering, especially considering the credit card wasn’t invented until the mid-20th century and was met with some resistance from those who loved using cash. Habits like using bills and coins are hard to break but based on these trends, the new payment methods are here to stay. One industry that has historically been a cash driven business is the laundromat industry. At ESD® we actually invented the coin slide machines that you see all over the world and were the original payment methods for laundromats without attendants. While change can be scary, it can also be exciting and there are a few ways laundromat owners can adjust to this transition away from cash.

Laundromat owners should offer multiple payment options

While many people, especially the younger generation, prefer paying with cards and phones, there are some consumers who still love using cash (remember the 10% mentioned above). It’s important when building your laundromat and selecting a payment method that you find one that works for you.

Offering flexible options to your customers so they can pay for their laundry however is most convenient is a great way to help you gain new customers and keep loyal ones. Switching the payment methods you accept doesn’t mean you need to get rid of cash altogether. Actually, you can use this as an opportunity to give your customers more choices. At ESD® we manufacture a variety of payment systems because we know every business is unique.

If your business is located in a city center or near a college campus, it may be better to find a way to integrate a smartphone app or mobile payment option. Alternatively, if you are closer to an older neighborhood in a city or in a suburb, you may want to keep the option of cash and coins. Find the solution that works best for you and embrace it for the best way to adjust to this inevitable shift away from cash.

Include your payment options in marketing collateral

Since most laundromat owners don’t have a front desk attendant or person in their business at all times, marketing and signage are very important. These are also great opportunities for spreading the word about the payment options you offer. People like convenience and clear messaging. Add the different payment options and methods accepted to signage and help take out the guesswork.

While signage in the laundromat is great, don’t forget about the digital marketing collateral. Social media and your website are also great places to boast the different options you offer. Grab the attention of new potential customers and show them that you care about offering them choices to help drive new business. At ESD® we manufacture a variety of flexible electronic payment systems so you can choose the one that works best for you. Not only do our flexible payment methods help you gain the approval of your customers, but they also improve your revenue and help simplify laundry management. If you’re looking to add more payment options or learn more about making the transition to going cashless, we’d love to help! Give us a call at 215-628-0860 or visit us online today for more information.