It seems that not a day goes by that there isn't a story about another local bank eliminating its coin counting machine. Though these entities are making this decision under the impression that it's the most fiscally responsible decision for the business, customers are becoming frustrated because they now have to roll their coins to cash them. This can be a tireless task, especially for people who have been collecting change for years. This means that it's more important than ever for businesses like grocery stores to invest in a coin counting machine. Here's why:
Though most consumers are more than friendly with their plastic, many people still like to have cash on hand for small purchases. This is especially true during the holiday season, when 51 percent of consumers use cash they saved specifically for holiday shopping, according to Consumer Credit. Approximately 15 percent of American consumers still save cash for special occasions, as well. When purchases are being made in cash, that leads to an influx of coins being exchanged as well. Coins are heavy and a hassle to deal with, so most people put them in a jar at home, or even in the cup holder of their cars. People don't want to carry their change around, but they also don't want that money to go to waste. This is why coin counters are still so crucial for consumers.
Since so many financial institutions are eliminating their coin counters, customers who need to cash in their change will be likely to seek out other locations . This is a great way to bring in some extra business, especially if your area competitors don't have this feature at their location. Consider even advertising the fact that you have a coin counting machine in the front of the store, so people with an abundance of change can remember to bring it next time they come shopping at your grocery store.
January 11, 2017