Coinstars "Coin to Cash"

[Parker]

I have seen these units at supermarkets and was thinking it wouldn't be bad to have on at a car wash. People could run their spare change through to turn into cash to use at the wash and in most cases you can keep a certain percentage of the coins deposited. Security I would imagine being the biggest problem.

Was just wondering if anyone has any experience with them and any other thoughts about it

 

[Bubbles Galore]

You would have to have staff there to cash in the receipts. The machine itself doesn't dispense cash, it just gives out a receipt to cash in.

 

[Parker]

hmm sounds like more of a pain then I would want to deal with....

 

[johnny]

i have standard coin changers
they have a coin mech setup that takes nickles,dimes dollar coins ans gives out quartes
its mounted behind the standard emblem next to bill acceptor
i get about 300.00 a month in odd change

 

[Sequoia]

In theory, it sounds plausible.

In reality, I'll tell you what I witness. I take ALL the quarters from the wash and deposit them into a similar type machine. The machine I use automatically deposits the $$$ into my bank account.

The machine is constantly breaking down, or getting full and stopping. When it's full, an attendant has to come and "change the bag" before it starts up again. If it stops mid-way in your deposit and if no attendant is handy, you are out of luck.

And, it jams all the time. When I watch them clear the jams I see them pull out paper clips, tokens, peanuts, screws, washers, etc. The woman who clears the jams told me they found some teeth once.

Good luck if you try this ......

 

[MEP001]

The Coinstars also give you the choice of a cash voucher or a gift certificate for the full value of your coins which you can use at Amazon.com. If the units could be connected to a loyalty card dispenser somehow it might attract customers, but at your typical car wash I don't really see it as anything more than a risk. At least at grocery stores and WalMarts there are always people around and they're unlikely to be broken into.

I noticed an automated DVD rental station at a McDonald's the other night - it was 2 am and someone was at the station renting movies. I also don't see this as a huge profit center, but if someone would install and maintain the machine and just pay rent for the use of land it would be relatively risk-free income.