How eliminating rolled coin costs in grocery stores increases profits
A self-service coin counting machine can reduce rolled coin costs and boost your bottom line dramatically. Here's how.
More and more banks are eliminating the teller function of counting coins for customers. It presents a great opportunity for grocery stores to invest in a self-service coin counting machine to meet those needs, providing a service customers can't get elsewhere. It enhances the customer experience, gives them another reason to come through the door, and studies have shown it even increases the amount of cash they spend in the store.
But there's another powerful benefit to installing a coin counting machine. It's all about coin management. It's a hidden cost in your operation.
The task of managing coins in your store or stores can include:
- Ordering rolled coin every day or week
- Managing the coin in the tills
- Filling the coin hoppers in self-checkout lands
- Providing rolled coin to customers as a service
- Processing coin from store-owned vending machines
With your margins razor-thin, grocers need to search for any area of the budget that can be trimmed. Rolled coin is one of those areas. When you buy or lease a self-service coin machine, you're not only gaining the revenue that comes with the fees you charge customers for redemption, but with a coin packing solution, you're recycling the coin back into your own operation. This reduces the pick-up and processing fees for redeemed coin and eliminates the cost of buying rolled coin from banks or armored carriers.
How much can you save? Here's a typical scenario:
- Tills per week: 140
- Coin rolls per till: 6
- Coin rolls per week: 840
- Coin roll cost per roll: $0.13
- Coin orders per week: 1
- Fee per order: $2.50
- Saving from rolling your own coin for one store per week: $111.70
- Savings from rolling your own coin for one store per year: $5,808.40
- Savings from rolling your own coin for 10 stores per year: $58,084
It adds up quickly. With those numbers, it's easy to see how one simple coin counter can boost your bottom line.
April 18, 2019