NOVEMBER 27, 2012, MT. PROSPECT, IL— Steep competition and continual efforts to grow their customer base means that retailers must continually evolve and look for new ways to bring shoppers into their stores as well as keep loyal shoppers returning. Front-of-store solutions such as self-service coin counters can provide a solid return on investment (ROI) and complement high-quality customer service initiatives.
Cummins Allison, the leading innovator and provider of coin, currency and check handling solutions, explains the benefits retailers can achieve from owning a self-service coin counter; including maximizing their investment.
Ownership pays dividends
Ownership of a self-service coin counter provides the best ROI because owners keep 100 percent of the revenue generated from the coin counter and retailers have the freedom to set redemption fees. A third-party organization that places a self-service coin counter also collects as much as 98 percent of fee revenue – leaving stores to an average of less than two percent of collected fees. By owning a self-service coin counter, retailers control revenue by setting redemption charges.
“We were always interested in adding coin counters, but every coin program that was presented to us just gave a small percentage of the profit. That was never enticing to us,” said Clint Woodman, vice president, Woodman’s Food Markets. “Our space is valuable, so buying the machines and getting the income from them ourselves – and providing another service to our customers – really sold us.”
Ownership supports high quality service
There is a common misconception that ownership of a self-service coin counter adds service time to employee busy schedules. Yet, the Cummins Allison Money Machine with FastPay enables customers to collect their cash directly from the machine – a competitive advantage in terms of convenience and time saved for both customers and store employees. Retail staff can focus on value-added tasks instead of managing redemption or verifying customer coin redemption receipts.
“The Cummins Allison self-service coin counters at Woodman’s require minimal employee involvement. All the coin just goes into one bag and all they have to do is take the single bag out and then that’s picked up by the courier who picks up our normal deposit on a daily basis. We didn’t have to add anything,” added Woodman.
In addition to ease of operation, a high quality self-service machine can help enhance customer satisfaction and the value of the service. With consistent, positive interactions with the self-service coin machine, customers keep coming back and generate word-of-mouth advertising – helping to bring in additional customers.
“By owning a self-service coin machine, retailers have the ability to set redemption fees and run store promotions, which align with their branding. In addition, a profitable service on the fourth wall ensures the likelihood customers will return and it will draw in more foot traffic,” said Doug Mennie, president of Cummins Allison.
To learn more or to see the latest Cummins Allison Money Machine product promotion, check out http://www.cumminsallison.com/us/en/products/coin-handling/money-machine