Mobile payment systems are still relatively new additions to the laundromat scene.
But we’ve worked with dozens of laundromat owners to install and manage mobile payment systems on their machines, and have discovered seven facts that we feel every laundry owner needs to hear:
Fact #1: They Deal With Fewer Coins
One of the biggest hurdles that most coin laundries face is simply dealing with all of the quarters. You have to collect them, roll them, and then take them to the bank if you want a payday.
Relying on mobile payment systems instead means you get paid as soon as a transaction is made. No coins needed.
Fact #2: They Have Lower Operating Costs
When you open a laundromat, it’s not uncommon to have to pay a ton of money for your equipment and installation. Coin machines are expensive, and it can take a while to dig you out of that hole.
But mobile payment systems are a cheaper way to get on your feet. You can cut some of the startup costs and be on your way to a profitable business in no time.
Fact #3: Sales, Promotions, and Specials are Easier
We live in a connected world. The vast majority of your customers own a smartphone, which is why mobile payments are on the rise to being with.
When a customer starts to use your digital wallet, that means you can send them push notifications about deals, promotions, or other events that might bring them back to your store.
That means you’re no longer relying on in-store promotions or social media engagement.
Fact #4: They Experience Faster Growth
When it takes less money to install a payment system, and money gets processed and sent to your bank faster, the natural result is that growth follows.
In our experience, new laundromats that implement customer-friendly mobile pay are profitable months before comparative businesses without a mobile option.
Fact #5: It’s Easier to Manage Multiple Stores
Keeping up with one store requires more time than most new laundry owners think.
And when you start to add one, two, three, or four more stores, the complexity can be overwhelming. You have to keep track of revenue, employees, and much more.
Utilizing a mobile pay option helps to simplify this process though.
For instance, if you’re having issues with a machine, it’s accessible through a web control dashboard that lets you assess the situation from wherever you are.
Fact #6: It’s Easier Come Tax Season
The old way of running a laundromat required detailed bookkeeping. Every quarter was counted, reported, and you paid your taxes after all the work was over.
It was tedious, tiring, and inaccurate.
With a mobile payment system, you keep track of all transactions through cloud-based reporting. That way you know just how much money you’ve made, and the reporting process is much simpler.
They may be new, but you can’t ignore the overwhelming success businesses are seeing with mobile payment systems. See how much it would cost your laundry business by clicking this link, and start experiencing these benefits for yourself.