18 replies to this topic

[BVI]

This is both my favorite and least favorite day of the week. My favorite because of the obvious reason, but also my least favorite because it is about a 14 hour day for me this time of year (because of collecting AND restocking same day).

Basically, I go in and pull up my sales info on each machine. The machines I own are easy since they have resettable counters. My 3rd party machines require me to keep a running total that I subtract last week's numbers from to calculate this week's sales. Either way, I find out what each machine did for the week, and that's the exact amount I collect.

Of course, the money I collect from each machine is in both cash and change. What I do is grab the cash from the DBV and hand-count it so I know how much change to dump from the machine. For example, if a machine did $150 for the week and there is $110 cash in the DBV, then I know I need to collect $40 in change. If I set my coin floats right when I installed the machine, I should have more than enough change remaining in the machine to make change for customers once I've done my coin dump.

I've noticed that at some locations certain denominations of coins will migrate from one machine to another. For example, dimes will disappear from some of my soda machines and end up overflowing in my snack machines. Obviously, this is something I correct while I am there, along with other coin float imbalances.

I have found that bundling my cash in stacks of $100 on location as I count it ultimately saves me time. My bank requires it, and since my counts are accurate, it's a good double-check for making sure the bank deposits the correct amount.

However, I was wondering if anyone out there has any shortcuts they'd like to share, because all of this can be time consuming, especially at the busier locations.

[coinvestor]

This is both my favorite and least favorite day of the week. My favorite because of the obvious reason, but also my least favorite because it is about a 14 hour day for me this time of year (because of collecting AND restocking same day).

Basically, I go in and pull up my sales info on each machine. The machines I own are easy since they have resettable counters. My 3rd party machines require me to keep a running total that I subtract last week's numbers from to calculate this week's sales. Either way, I find out what each machine did for the week, and that's the exact amount I collect.

Of course, the money I collect from each machine is in both cash and change. What I do is grab the cash from the DBV and hand-count it so I know how much change to dump from the machine. For example, if a machine did $150 for the week and there is $110 cash in the DBV, then I know I need to collect $40 in change. If I set my coin floats right when I installed the machine, I should have more than enough change remaining in the machine to make change for customers once I've done my coin dump.

I've noticed that at some locations certain denominations of coins will migrate from one machine to another. For example, dimes will disappear from some of my soda machines and end up overflowing in my snack machines. Obviously, this is something I correct while I am there, along with other coin float imbalances.

I have found that bundling my cash in stacks of $100 on location as I count it ultimately saves me time. My bank requires it, and since my counts are accurate, it's a good double-check for making sure the bank deposits the correct amount.

However, I was wondering if anyone out there has any shortcuts they'd like to share, because all of this can be time consuming, especially at the busier locations.

I use the zipper money bags from walmart and bring an empty one into each location. I pull all dollars from the DBV and throw them in the bag. I check my changer to see that all denominations are full or darn close, then dump the change in the bag too. If the changer is not full I just fill it with change prior to dumping. I write the location and date on a sticky note or scrap of paper and throw it in the bag. At the end of the day (sometimes a couple days later) I run it through a counter and record the total for each location

Jeremiah

[coinvestor]

How often do you guys collect money? I used to do it every visit. Now I do it once a week (I go to one acount 3 times a week). I was thinking I may start pulling the change every other week. Also, do you make a special trip just for the money or get while you are servicing?

Jeremiah

[kevin]

How often do you guys collect money? I used to do it every visit. Now I do it once a week (I go to one acount 3 times a week). I was thinking I may start pulling the change every other week. Also, do you make a special trip just for the money or get while you are servicing?

Jeremiah

We collect every time. We are about to start using handhelds from inone. You plug it into the the dex phono and hit a button and it takes about 3 seconds. Then you plug ii into you computer and it uploads to their website with all totals. Ive used other handhelds in the past and they make your work harder. I think the cost is around $80 a month for about 150 machines. Depending on the amount of amchines it gets cheaper or more expensive.

[BVI]

I always collect once a week. I don't collect more than once per week because of the time it takes. I never go any longer than a week because cash flow is very important.

I also always collect just what the machine did in sales. Never more, never less.

I would be interested in using a DEX system but don't feel I'm big enough yet. Kevin, let us know how it works out for you.

[coinvestor]

I also always collect just what the machine did in sales. Never more, never less.

I don't see why you do this. As long as there is sufficient change in the changer to make change it will fill back up. If my changers are with in an inch or inch and a half of being full then I don't fill them. Someone will come along with a pocket full of change and do it for me.

If I take alittle more than the sales this time (ie change that should be in the changer) then my next visit I will pull that much less because it will have stayed in the changer instead of dropping into the collection bin.

I'm just wandering if my method is flawed?

Jeremiah

[BVI]

Actually, Jeremiah, I've been thinking long and hard about your method, and I think I'm going to give that a try.

The way I've been doing it, I collect an amount equal to that week's sales. Nothing wrong with that, other than that it requires counting money onsite so that I know exactly how much money to pull, and it allows me to keep less change in the tubes. My frame of reference is what the machine tells me it had in sales.

The way you're doing it, your frame of reference is a full coin tube. If you think about it, if your coin tube is full, then when someone buys something the money is will either end up in the DBV or the coin box (not the coin tubes because they are full). So it stands to reason then, that in order to find out what your sales were for that machine, you simply dump the coins out of the coin box and pull your cash from the DBV. That amount should equal whatever the amount of sales the machine says was generated.

So the sales numbers you log is actually the amount of money you collecct, not the number the machine gives you. As long as your tubes are full, both numbers should be equal, except the way you're arriving at the number is much faster.

I can't imagine having twice as many machines out there as I have now and still be counting money onsite. This has to be the easier (and better) way to do it.

[BVI]

One other thing... Jeremiah, doing it this way I can definitely see why you have dedicated money bags. Do you keep a money bag for each machine so you can track collections per machine, or do you just do it per account (meaning money from all machines go into the same bag a particular account)?

[tedk]

We collect every time. We are about to start using handhelds from inone. You plug it into the the dex phono and hit a button and it takes about 3 seconds. Then you plug ii into you computer and it uploads to their website with all totals. Ive used other handhelds in the past and they make your work harder. I think the cost is around $80 a month for about 150 machines. Depending on the amount of amchines it gets cheaper or more expensive.

I collect once a week when I service. If a machine is on a two week cycle I collect then. I take in bag for each machine at the location and dump everything from the machine in it's own bag. Pre-label them or drop a note in iwith the name f you need to.

I record the coins I put in the changer to start and if I have to add any I record that, but I never reconcile the amount. I only put $34.00 in the changer to start so I'll never be too far off that. (Note in Canada we $1.00 and $2.00 coins so bill changers aren't as necessary). If I move a machine or lose an account I can reconcile at the end.

I never like to make a show of how much money I am collecting. I try to dump it quickly when no one is around and get on with the filling.

Tedk

[coinvestor]

I never like to make a show of how much money I am collecting. I try to dump it quickly when no one is around and get on with the filling.

Tedk

Same here. Sometimes I don't collect just because there are too many people around.

"Jeremiah, doing it this way I can definitely see why you have dedicated money bags. Do you keep a money bag for each machine so you can track collections per machine, or do you just do it per account (meaning money from all machines go into the same bag a particular account)?"

I keep enough bags for all accounts. I don't label the bags. I used to but it became too frustrating trying to find the right one and the marking tend to wear off. I just drop a slip of paper in the bag or a post-it note with the location and date. I use one bag per location as I don't really care if they are buying more drinks or snacks as long as they are buying. If I needed a break down of what they are buying I can always check the internal counters.

Here is my thoughts:

What do I need to know from my location?

My gross sales minus refunds for each individual location (I say location because if I sold the route they would look at location income not per machine income). Or more simply put for tax purposes how much money did I take out of the location that year.


I will be putting in two snack machines this week. The first thing I will do is fill the changers completly to the top with money from my bank account. This is my money and I will not account for it again (ie won't count it as income if I ever pull the machine) I would simply stick it back into my account. If I did pull the machine the first thing I would do would be to make sure the change was full before dumping the change from the box.


When I come to service the account I can balance the changer if needed, dole out any refunds that I owe and take whatevers left home to count as gross sales. I do not keep track of refunds seperately. I have one account that depending on what time I service I will do $15-$20 in sales while I'm servicing. I through this money in the bags to be counted as income and because of this my income for this account is a good bit higher then the counter in the machine.

I started by using the internal counters but it just seemed like to much trouble subtracting for a test vend, reund, or the quarter that somehow jumped out of the coin track and fell into a crack in the inside of the machine.

Jeremiah

[Eman]

Same here. Sometimes I don't collect just because there are too many people around.

"Jeremiah, doing it this way I can definitely see why you have dedicated money bags. Do you keep a money bag for each machine so you can track collections per machine, or do you just do it per account (meaning money from all machines go into the same bag a particular account)?"

I keep enough bags for all accounts. I don't label the bags. I used to but it became too frustrating trying to find the right one and the marking tend to wear off. I just drop a slip of paper in the bag or a post-it note with the location and date. I use one bag per location as I don't really care if they are buying more drinks or snacks as long as they are buying. If I needed a break down of what they are buying I can always check the internal counters.

Here is my thoughts:

What do I need to know from my location?

My gross sales minus refunds for each individual location (I say location because if I sold the route they would look at location income not per machine income). Or more simply put for tax purposes how much money did I take out of the location that year.
I will be putting in two snack machines this week. The first thing I will do is fill the changers completly to the top with money from my bank account. This is my money and I will not account for it again (ie won't count it as income if I ever pull the machine) I would simply stick it back into my account. If I did pull the machine the first thing I would do would be to make sure the change was full before dumping the change from the box.
When I come to service the account I can balance the changer if needed, dole out any refunds that I owe and take whatevers left home to count as gross sales. I do not keep track of refunds seperately. I have one account that depending on what time I service I will do $15-$20 in sales while I'm servicing. I through this money in the bags to be counted as income and because of this my income for this account is a good bit higher then the counter in the machine.

I started by using the internal counters but it just seemed like to much trouble subtracting for a test vend, reund, or the quarter that somehow jumped out of the coin track and fell into a crack in the inside of the machine.

Jeremiah

I use a an army surplus ammo box for eack location. I put two large throw cups (Mardi Gras Cups) in each box, One for each machine. I dump the coins in seperate cups and put the bills in between. Works great the boxes are heavy duty and have handles. My bank has self service coin counters so I can walk up and get an exact read on each machine.

[BVI]

Well, I did it the fast and easy way this week... pull, dump and move on! I didn't have much change to collect at any of my locations because I'm letting my coin changers fill up. So far, it seems to have been easier. I'm going to try collecting twice a week and see how that goes. I'll have to next week like it or not because this week my collections were short since I left all that change in the changers this time and I don't want a "crash for cash" situation next week.

[coinvestor]

Well, I did it the fast and easy way this week... pull, dump and move on! I didn't have much change to collect at any of my locations because I'm letting my coin changers fill up. So far, it seems to have been easier. I'm going to try collecting twice a week and see how that goes. I'll have to next week like it or not because this week my collections were short since I left all that change in the changers this time and I don't want a "crash for cash" situation next week.

Is this still working out for you?

"crash for cash" - I am feeling this right now. I cleaned out the business account buying machines (I bought 4 machines in the last month). I planned for this and would have been okay since my product inventories where high. What I didn't plan for was the $400 for moving my machines around and dock fee, the couple hundred bucks in product that goes into each machine, the couple hundred in change to fill the changers (one came in with a bulk changer that holds about $120 in just one changer), the pay for my help while I'm on vacation, and the cost to recharge a cooling unit in one of my combos. I am broke as a joke My inventory level is way down as I keep pulling the cash out. I almost have to service one account so I can go buy enough product for the next account (exagerating but not by much).

Lesson learned! As a rule I will maintain a balance of at least 50% of the previous months sales to insure money for product cost.

Livin and learnin,

Jeremiah

[BVI]

Well, it's working out better this week since my coin changers are filling up.

Yeah, there are lots of extra costs when you add machines. Sounds like my situation is a little different because the machines I've bought have been brand new and bought on credit. I also am using some 3rd party machines where they make sense just so I'm not having to buy EVERY machine I place. It all seems to be balancing out. Unfortunately, when I have a mechanical issue, it's almost always with a 3rd party machine. I just have to watch how much my bills add up to in doing it this way.

[coinvestor]

Well, it's working out better this week since my coin changers are filling up.

Yeah, there are lots of extra costs when you add machines. Sounds like my situation is a little different because the machines I've bought have been brand new and bought on credit.

Are you using USI's financing? I try to only finance every other machine at the most. This insures that I stay cashflow positive. If you use USI's financing they state the APR at 11% but be careful the APY works out to about 21% because of the way they calulate the loan. I think they could probably get in trouble with the truth in lending laws as the APY is not mentioned anywhere in the loan doc's.

Jeremiah

[BVI]

Are you using USI's financing? I try to only finance every other machine at the most. This insures that I stay cashflow positive. If you use USI's financing they state the APR at 11% but be careful the APY works out to about 21% because of the way they calulate the loan. I think they could probably get in trouble with the truth in lending laws as the APY is not mentioned anywhere in the loan doc's.

Jeremiah

No, I have several low-rate credit cards that I've used. It's worked out okay, but some of the balances are higher than I'm comfortable with. Even with a couple of low-performing accounts, I'm definitely cash-flow positive, just not as big as I need to be.

It's kind of like trying to make a living of a dozen machines. Ain't gonna happen no matter how good the accounts are. You need to have a lot of machines out there and each one needs to make a meaningful contribution to your bottom line. In vending, the more machines you have, the more money you will make. Of course, they need to be placed well to be productive.

When I buy machines, I buy directly from the Wittern Group. Even though they give me good pricing on equipment, I don't use their financing because the interest rate is too high. However, they do make very reliable machines, and this is why I buy all new. In order to spread out my investment, though, I'm using some 3rd party machines when they make sense.

[coinvestor]

When I buy machines, I buy directly from the Wittern Group. Even though they give me good pricing on equipment, I don't use their financing because the interest rate is too high. However, they do make very reliable machines, and this is why I buy all new.

I also buy directly from Witern Group I just say USI because its easier and heck they go by so many names you can call them what ever you want. I give them a hard time when I talk them about what company they work for with their crazy corporate structure. I usually use their financing option because its 0/0 for 90 days then pay it off or transfer it to a low interest credit card before the first payment is due.

Jeremiah

[BVI]

I also buy directly from Witern Group I just say USI because its easier and heck they go by so many names you can call them what ever you want. I give them a hard time when I talk them about what company they work for with their crazy corporate structure. I usually use their financing option because its 0/0 for 90 days then pay it off or transfer it to a low interest credit card before the first payment is due.

Jeremiah

That's hilarious. They do have a lot of names. USI, Selectivend, whatever. That's an interesting point about getting free financing for the first 90 days and then transfering the balance to a low-interest credit card. I should do that next time I buy something. That would give me a chance to get the machine installed and a couple of months worth of business before having to pay anything. Great idea, man.

[coinvestor]

That's hilarious. They do have a lot of names. USI, Selectivend, whatever. That's an interesting point about getting free financing for the first 90 days and then transfering the balance to a low-interest credit card. I should do that next time I buy something. That would give me a chance to get the machine installed and a couple of months worth of business before having to pay anything. Great idea, man.

USI, Selectivend, Fawn, American Machine Corp, Wittern, National Vendors, U select it, Perfect Break Systems, and Vendnet. There are many more I just can't think of them right now. When I joke with the guys about this they say "why what card did I send you". Some of the people there have 3 different business cards with different company names

FYI..... Scott Madole (Probably spelled wrong) is very helpful there.

Jeremiah