Penny for your thoughts? If you’ve ever had to deal with the frustration of breaking your piggy bank, rounding up all your coins, and taking them to your local Coinstar just to get charged a 12% fee...well, you’re not alone. Maybe it’s time you looked into the benefits of a coin counter and why owning one for yourself or your business is a worthy investment.
Whether you’re a laundromat operator, arcade manager, or in any type of business that operates on coins heavily, getting your own coin counting machine is a no-brainer. We’ll go into the advantages of why a personal coin counter could be right for you.
Advantage 1: Accessibility
One of the major benefits of owning your own coin counter machine is that you can utilize it anytime you want. Let’s say you are an arcade owner. Your arcade closes at 1am and you’d like to take a quick tally of your profits for the night. Where can you find a coin counter at that time?
The two most conventional options for coin counters are banks and Coinstar kiosks. You’d be hard pressed to find a bank open past 6pm, much less after midnight. And most Coinstar kiosks are located in grocery stores, which are rarely open 24/7. In the case that you find a few that are open 24/7, or a kiosk located in a convenience store, you’d still have to make the drive out there and there’s no guarantee this kiosk is going to be close to you.
With your own coin counter, you can choose when and where to count--all at your own convenience.
Advantage 2: No Fees and No Mixups
Coinstar’s 12% fee is well-documented. If you’re taking a small amount of loose change, say $20, then losing a couple of dollars isn’t the end of the world. As you start to go up the ladder, though, you’ll see that 12% is a hefty chunk of your coinage. What is 12% of $500? $60. And if you’re dealing in the 3 comma club, you’d lose $120 for every $1,000 you put in coins. Some Coinstars will allow you to waive the fee if you use your balance toward a sponsored gift card (such as Amazon or Starbucks), but if you don’t frequent these businesses or if you’re not located near these special gift card kiosks, it’s a moot point.
As for banks, they will typically not charge you a fee if you’re a customer of theirs, but if you aren’t then you may have to pay a 5%-10% fee and there's a limit to the quantity of coins you can bring. Another issue is that many major commercial banks such as Chase, Citibank, Bank of America and Capital One don’t offer coin counting machine services. So you’ll need to research your local credit unions or small banks if you want to find a coin counting machine near you.
On top of coin counting kiosks fees, there’s the well-known reputation that these machines will steal your money. TD Bank’s ‘Penny Arcade’, for instance, shortchanged a Philadelphia family who had counted $248 in coins before usage. They ended up with $204. That’s an 18% loss. Thankfully, the bank refunded them but if they hadn’t had a coin counter to keep them informed, they would’ve been suckered. Perhaps it’s not common but it does happen, and it’s always best to err on the safe side when it comes to your money.
Keep in mind, once you throw your coins into their fray, they’re gone forever. But with your own personal coin counter, you’re able to count and recount coins if you’re not satisfied with the number you received.
Advantage 3: Low Labor Costs
As we mentioned earlier, one of the major pros of having your own coin counter is the convenience of being able to count and sort coins from the comfort of your own home, business, or office. Just like money adds up over time, time can cost you money in the long run.
For some, manual coin counting can serve therapeutic. It’s a meticulous task you can lose yourself to, similar to knitting or stamp organizing. However, for most of us who don’t have the time or patience to count coins, sort through them, and wrap them ourselves, a good coin counter is a suitable tool to take the stress off your shoulders. If you purchase a coin counter with roller capability, the transition from loose change to tight will be seamless.
As a business owner, if you’re putting employees to count coins by hand, a personal coin counting machine will increase overall efficiency. Your employees will have more time to help with more arduous tasks such as tech support or customer service.
Don’t Get Nickel and Dimed, Get Your Own Coin Counter
Just our 2 cents, but the benefits of a coin counter speak for themselves. Save time, save money, and have it your way with a coin counting machine of your own.