Recently my bank stopped supplying me with $1 coins and soon I will run out of them to fill my $1 coin tubes. I was told that the mint has stopped shipping them. I need them because some of my busiest locations use $5 bills alot and the dollar coins provide enough change to prevent change starvation. I thought of getting bill recyclers, but at $600+ a pop, it's a bit too pricey for me. I read another post that suggested putting $5 (4 ones and 4 quarters) in small envelopes and place them in one of the candy slots of a snack machine. The customer, realizing that using a $5 bill will return a ton of quarters in change, will have an incentive to buy the $5 with a $5 bill and then use the ones and quarters to pay for another selection (thereby helping to prevent change starvation). Well I thought about this idea long and hard and I came up with a detailed strategy that might solve my problem. After you read it, let me know if there are any flaws in the strategy.
STEP 1 --> Convert all my coin mechs to have at least 3 quarter tubes.
STEP 2 --> Place a sign near the bill insertion hole that says "$5, $10, and $20 bills also accepted; change given in coins. DOLLAR COINS NO LONGER GIVEN IN CHANGE. Change can be purchased at Selections D6, D7, and D8."
STEP 3 --> Place in one of the candy selection columns envelopes containing $5 in cash in the form of 5 nickels, 7 quarters, and 3 ones. Sell this for $5.
STEP 4 --> Place in another one of the candy selection columns envelopes containing $20 in cash in the form of 5 nickels, 11 quarters, 7 ones, and 2 fives. Sell this for $20. (Because this entails quite a bit of cash, limit the number of envelopes to just enough to cover what is needed between vending runs.)
STEP 5 --> Place in another one of the candy selection columns envelopes containing $1 in cash in the form of 5 nickels and 3 quarters. Sell this for $1.
THOUGHTS ON THE STRATEGY --
1) By accepting tens and twenties as well as fives, I think the sales lift would be noticeable. I don't know how noticeable, but I have a hunch that it would be substantial. I've had it happen to me on many occassions that while at a location, a customer would ask if I had change for a $20 so that he can buy something from the machine.
2) With the three candy selection columns selling change amounts of $1, $5, and $20, anyone seeing the "Exact Change Only" indicator can buy the change he needs and proceed with his purchase. Providing nickels in the change packages will insure that the customer will have the exact change needed.
3) Providing more coins than bills in the change packages will make it more likely that the customer will use the coins to make his purchase and thus help to replenish the coin mech.
So that's it. Do you think this will actual work or is it too crazy?
2 replies to this topic
#2
VendingPro
-
- Banned
-
- 24 posts
Member
Posted 04 March 2012 - 12:43 PM
My first thought would be that its dangerous having that much money sitting in the machines. People might get it into their heads to steal some by vandalising the machine.
Second, the hassle involved with preparing those envelopes would be a lot.
Third, my recomendation would be if you have MDB machines, then get the Mars CF-7512 coin changer with 3 quarter tubes, and you should be good. Three tubes of quarters should last a week easy. If your machines aren't MDB, there is a kit you can get that makes them MDB for about $180-$200 a machine. Its some money to put down, yes, but its cheaper than a recycler, and you will avoid the hassle and dangers of having that much money on display in each machine.
The CF-7512 can be bought on eBay for about $140-$150 each refurbished.
Second, the hassle involved with preparing those envelopes would be a lot.
Third, my recomendation would be if you have MDB machines, then get the Mars CF-7512 coin changer with 3 quarter tubes, and you should be good. Three tubes of quarters should last a week easy. If your machines aren't MDB, there is a kit you can get that makes them MDB for about $180-$200 a machine. Its some money to put down, yes, but its cheaper than a recycler, and you will avoid the hassle and dangers of having that much money on display in each machine.
The CF-7512 can be bought on eBay for about $140-$150 each refurbished.
#3
H4UV
-
- Members
-
- 358 posts
Advanced Member
- Gender:Not Telling
- Location:Grand Junction, Colorado
Posted 04 March 2012 - 12:44 PM
My first thought would be that its dangerous having that much money sitting in the machines. People might get it into their heads to steal some by vandalising the machine.
Second, the hassle involved with preparing those envelopes would be a lot.
Third, my recomendation would be if you have MDB machines, then get the Mars CF-7512 coin changer with 3 quarter tubes, and you should be good. Three tubes of quarters should last a week easy. If your machines aren't MDB, there is a kit you can get that makes them MDB for about $180-$200 a machine. Its some money to put down, yes, but its cheaper than a recycler, and you will avoid the hassle and dangers of having that much money on display in each machine.
The CF-7512 can be bought on eBay for about $140-$150 each refurbished.
What he said.
