National Coin Shortage Highlights need for Payment Flexibility

national coin shortage highlights need for payment flexibility 1According to the Federal Reserve, the coronavirus pandemic is causing a coin shortage. When the COVID-19 pandemic caused businesses to close, the flow of coins through the economy slowed, or even stopped. In addition, the U.S. Mint's coin production declined as a result of policies designed to protect its workers. The Federal Reserve sent out a notice in mid-June warning banks that it would start rationing coins to deal with the problem but ensured that it will not impact paper money.

Laundry owners must keep their companies flexible and efficient.  Offering different payment options mirrors owners offering varying washer capacities and machine options to appeal to all customers.   Owners planning to build a new site or retool a current location now must make decisions that align with recommendations for our "new normal".  One must consider a store layout that reduces touchpoints, allows for social distancing, and expands payment options.

Mobile pay solutions address coin shortages and reduce touchpoints. Customers using Card Concepts Inc applications like Fas Card or Flex can add value to their app before they arrive in store. For example, with Flex, customers are able to create an account, add value, remotely check machine availability, request cycle completion notifications, start machines, and more.  These apps streamline the way customers interact with machines and do their laundry. This improves customer satisfaction, increases revenue, and grows laundromat business.

Although some owners may not be prepared to go entirely cashless, offering mobile pay serves as another way to differentiate from the competition. Until the country recovers from the coin shortage, this mobile payment approach will give laundromat owners a clear operational advantage.   

 For more information on laundry equipment and mobile payment options, reach out to our team at AAdvantage Laundry Systems.