Cashless Laundry: How Payment Systems are Transforming the Industry

Laundry payment systems have come a long way from the days of metal tokens and coin slides. As shopping trends and consumer preferences change, so too has the commercial laundry industry. New payment options are available to laundromat owners and multi-housing laundry room managers to help us keep up. 

Coin-O-Matic has been at the forefront of vended laundry technology since the beginning. Our team of laundromat and multi-housing laundry equipment specialists are here to help you upgrade your laundry business with the latest and greatest technology. Contact us today to learn more about how we can help you increase revenue with better technology! Let's take a look back at the journey from coin-operated systems to today's modern, cashless payment solutions.

A History of Laundry Payment Systems

The Coin Era: Tokens and Metal Slides 

Back in the 1960s, metal tokens were the most common form of vended laundry payment options. These tokens eliminated the risks associated with cash but still required manual collection from laundry machines. Some systems used single-use plastic tokens, but metal was favored due to its durability and security. One clever solution, known as the "slide," would break the tokens as they were inserted, ensuring that nothing of value was left inside the commercial washers and dryers. This meant less frequent emptying of broken token containers and added peace of mind.

Card Systems: The Digital Leap 

In the early 1990s, the industry began transitioning to card systems. Initially, all laundry machines were controlled by a central unit. Still, technology soon advanced to equip each washer and dryer with individual card readers. Here at Coin-O-Matic, we were pioneers in the field, installing our first card system in 1994. Over time, magnetic stripe cards gave way to smart chip tap technology, enabling real-time transactions and providing a more secure digital payment experience. However, one challenge persists: the need for a dedicated station to add value to loyalty cards.

Credit Debit Card Systems: Real-Time Convenience

Coin-O-Matic installed its first credit debit card payment system in 1995. However, early versions didn't verify cards in real-time—an obvious limitation. Today's credit card readers have evolved to accept a wide range of payment methods, including EMV, NFC mobile wallet payments, Apple Pay, and Android Pay. Curious about how this tech could change the game for your business? Let’s talk! 

Smartphone App-Based Systems: The Future of Mobile Payments 

The latest innovation in commercial laundry is smartphone app-based vended laundry payment systems. These use Bluetooth technology to connect your customers' phone to your laundry machine. This eliminates the need for separate internet connections. Customers can load funds using their cellular connection, pay for their laundry with mobile payments, and even receive notifications when their laundry is complete. The ease of use and modern feel make these digital payment systems increasingly popular among customers. Contact our team today to learn more!

READ MORE: Finding The Right Laundromat Payment System For Your Business

How Payment Solutions Are Changing the Game

The shift to cashless payment and card-based systems has led to significant revenue increases for laundromats and multi-housing laundry rooms. Customers really appreciate the convenience of using credit and debit cards for mobile payments.

Challenges and Recommendations

While these payment methods offer convenience, they're not without challenges. Handling cash remains problematic as fewer banks work with cash-heavy businesses and some older laundry equipment may not support modern cashless payment systems without upgrades.

Coin-O-Matic partners with leading manufacturers like PayRange, Kiosoft, Spyderwash, and ESD to provide cashless payment options. App-based systems like PayRange offer flexibility, while card readers from Kiosoft and Spyderwash integrate seamlessly with most commercial laundry equipment. Choosing the right laundry payment system all depends on how your business is set up, and what level of convenience you want to provide.

Enhancing the Customer Experience

Modern payment solutions don't just make transactions easier—they enhance the entire customer experience. Features like live machine availability and cycle notifications help customers plan their day more efficiently. Additionally, the vast amount of data collected through these systems can help owners identify peak usage times, track machine performance, and market their facilities more effectively.

A Smart Investment

For those considering an upgrade, investing in modern payment systems often pays off through increased revenue and improved customer satisfaction. Coin-O-Matic and its partners provide comprehensive support and training to ensure a smooth transition. Plus, with some systems reporting a 20-30% revenue increase after adopting credit debit card acceptance, it's no wonder more laundromats are going cashless.

Are you thinking of upgrading? Reach out to Coin-O-Matic to discuss your payment solutions and find the perfect fit for your business. Your customers—and your bottom line—will thank you.