Optimum times for startup and bonus promotions

[I.B. Washincars]

Those laws must vary state to state. About 20 years ago we had stations here in Ky. offering discounts for cash. That went away after a very short while. I haven't seen ANY business offer different pricing structures since.

 

[Bubbles Galore]

Last time I was at the bar they gave me an extra shot in my drink because I was paying and tipping with cash

 

[JMMUSTANG]

Last time I was at the bar they gave me an extra shot in my drink because I was paying and tipping with cash

Did you pay in Quarters?

 

[Bubbles Galore]

No. I should have paid with quarters, I rolled about $2000 last night.

 

[JMMUSTANG]

Your bank makes you roll them not just bag them?

 

[Bubbles Galore]

They will roll them for a 10% fee. All of my local banks adhere to that policy, so I just roll them myself.

 

[MEP001]

Our bank takes them in bags of $500 without charge.

 

[JMMUSTANG]

Our bank takes them in bags of $500 without charge.

Are they using the clear plastic bags or the cloth bag?
My bank has been making everyone switch over to the plastic bags.
So when I make a deposit I make the bank dump my quarters into the plastic and give me back the cloth bags.

 

[MEP001]

Are they using the clear plastic bags or the cloth bag?

I get the plastic ones from www.banksupplies.com, specifically this one:

http://www.banksupplies.com/catalog/product_info.php/cPath/651_655/products_id/62

They hold 50 pounds of coins ($1,000 in quarters). We fill and seal them, the bank accepts them that way and counts them later and only charges if the count is off.

 

[Sequoia]

I don't roll quarters nor bag them in $500 or any increments. A local bank has a coin machine that you just pour your coins into, and it counts them up and auto-deposits the money into your account. If you maintain a $500 balance there is no fee for using it.

He he. I now deposit quarterly--- and they have never said anything but I know they hate to see me coming. I overload the machine repeated times and they have to come change out their own bags, but it's incredibly convenient for me.

 

[MEP001]

I don't roll quarters nor bag them in $500 or any increments. A local bank has a coin machine that you just pour your coins into, and it counts them up and auto-deposits the money into your account. If you maintain a $500 balance there is no fee for using it.

Very few banks around here even have a coin-counter. Most will only take them rolled or bagged, and they send off the bags to be verified.

 

[thoffmanjr]

We bring our quarters in the $1000 bag to a local armored car service center. They allow us to pull our vehicles into their facility out of site from anyone but them. They simply credit our bank account. Big burly guys with guns greeting you make it much safer too. We also purchase $1 coins from them the same way. They happen to be the same armored car service that our bank uses. Bringing them to a bank in full view of the public was a drag.

 

[JMMUSTANG]

Thom how much does the armored car service charge?
The reason I don't use the plastic is that anyone can see what you're carrying. With the cloth they can't tell if it's pennies or quarters.

 

[thoffmanjr]

The bank was charging us per bag we dropped off and per bag of $1 coin we picked up. The armored car company charges us $225 per month. No matter how many times we drop off quarters or pickup $1 coins it is a flat fee. We spend less than two to five minutes per visit which was way less than the hassle at the bank.

 

[MEP001]

$225 a month sounds like a lot - of course we only take 5 or 6 bags of quarters to the bank a month, and we don't buy any coins at all.

 

[Doug P.]

As I posted earlier all of my locations were at $1 for 2.5 minutes and 5 minutes of bonus time when you deposit a five . I changed one of my locations to $2 for 5 minutes and left the bonus time the same. The self serve income is up 6.1% year to date at the location I raised the startup price at. The automatic at this location is down about ten percent ytd. I have three locations in the next town over and the self serve income is down 8.3% ytd when you combine these locations. I guess I am going to raise the startup price at a couple of more locations.

Doug P.

 

[Bubbles Galore]

What kind of response did you get from your customers after you raised the price? There are two other competing washes in my town, but they are not well maintained or as nice as mine. I would like to raise the price, I am just concerned how my customers might react.

 

[pitzerwm]

Look at the poll on raising the prices.

 

[Doug P.]

Bubbles,
I had a few people complain and leave when they saw the new price. A few complained and went ahead and washed. Most never said a word. I am a little more nervous about the price change where I have more competition but I am going to give it a try.

Doug P.

 

[Bubbles Galore]

Anyone have any updates on how their pricing adjustments have done over the summer?