Multi-Housing
Laundromat
On-Premises
Both property owners/managers and tenants want to save time and money. Efficient payment systems on vended laundry equipment at your properties can help you and your renters do both!
As a top Midwest laundry equipment distributor, the team here at Coin-O-Matic knows the ins and outs of modern laundry payment options.
There are three common payment methods used in apartments, condominiums, and other multi-housing facilities today — cash/coin, card payments, and a smartphone app payment system. Let’s discuss the pros and cons of each.
Cash/Coin Payment
Residents pay to use the machines with coins or cash, and property managers collect the money regularly.
This payment method is what most people think of when they think of vended laundry and shared laundry rooms in apartments. We’ve been installing coin meters since the 1930s.
Cash has always been king in the laundry industry, but we’ve found that businesses generate the most revenue when they offer cash payment options in combination with one of the more modern laundry payment systems.
Card Payment
With card payment systems, customers can use a credit card, debit card, or designated smart card to pay for their laundry. Coin-O-Matic installed our first credit card reader and smart card system in 1995.
We’ve found credit card readers on each washer and dryer to be a great option for large high-rise apartments that have a shared/common laundry room with tons of foot traffic — much like the ones we work with in urban areas of Chicago, Milwaukee and Indianapolis.
Pros of Credit Card Payment Systems for Apartment Laundry Rooms
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Customers and tenants widely accept them for familiarity and ease of use. More than 80% of adults have at least one credit card.
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Your tenants don’t have to go to the bank or save up quarters to use the machine. That added convenience can help your facility stand out to potential tenants, which helps you fill vacant rooms quickly.
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You can typically charge higher vend prices for the cost of that convenience, which ultimately means more revenue for you.
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Easier to manage and make refunds compared to cash payments.
Remember that you will have to pay processing fees, so you need many renters using the machines to stay competitive.
App Payment
With the invention of smartphones and apps, laundry technology continues to evolve. Now tenants and property managers can manage all laundry needs and payments via an app on their phone that’s connected to a credit card.
We installed our first app-based payment system in 2017, and they continue to gain popularity — especially among multi-housing facilities.
We’ve found that smartphone app payment systems work well in smaller laundry rooms, typically in small apartment or condominium buildings. We recommend smartphone payment systems for 95% of multi-housing communities.
Pros of App-Based Payment Systems:
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No connectivity cost. The system uses the user’s cell signal for connectivity.
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Apps easily integrate with cash payment options, providing flexibility for your residents.
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You can typically charge higher vend prices for the cost of app convenience. Tenants generally have their smartphones on hand — no need to run to the bank or search for their wallets.
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There’s a lot of added security, which helps your business and your renters.
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They’re relatively inexpensive to install at about $150 per washer and dryer.
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App systems have low processing fees than credit cards — Flat 3.49% + $.01 +-
Contact the Professionals at Coin-O-Matic Today!
If you need help determining the best laundry payment option for your Midwest apartment building or condo, or want to update your commercial laundry equipment to meet tenants' expectations, contact our team today.
Our laundry experts can help you to understand what payment system is right for your business. We can also help you find the right laundry equipment and payment systems to help you generate the most revenue.
