Laundromat Credit Card Processing
Did you know that the laundromat industry generates close to $5 billion?
Laundry is a never-ending chore in many households, and since many apartment complexes don't allow for in-house washing machines, laundromats are likely here to stay.
If you own a laundromat or are looking to purchase one, you may want to look for new and innovative laundromat payment systems.
Exceptional credit card processing can be the difference between locals making your laundromat the go-to option vs. leaving customers alienated and searching for a better option.
That is why Electronic Merchant Systems is dedicated to provided local businesses with the best and most intuitive merchant services solutions.
Keep reading to discover how EMS can help your Laundry Business thrive.
The Benefits of Cashless Laundromat Payment Systems
Compared to a traditional payment method, a cashless system features many additional benefits for both you and your client.
We have entered a world where coin machines are close to obsolete.
As a matter of fact, only 16% of Americans still carry cash. Finding enough coins to do a weekly load of laundry is inconvenient and sometimes problematic.
On the other hand, card payment systems ensure that anyone who has a bank account is always able to make a payment. Plus, because of COVID, it is preferred to use contactless payments to stop the spread.
As for you, the laundry business owner, there are many benefits as well. These benefits will allow you to set yourself up for success.
Automatic Filing
When your company accepts credit and debit cards, one of the most significant benefits is that the card systems automatically file the payment. As a result, it allows for cleaner books, accounting, and tax filing, as there is less room for human error.
It can save you time and money in the long run when it comes to filing your taxes or in the event of an audit. You can show the IRS that your books are in order with just a click of a button.
Web Reporting
Traditionally, with coin laundry machines, laundromat operators won't be able to access the books from home.
However, merchant services that integrate web reporting with their payment processing will allow you to access, edit, and file your accounting from anywhere in the world.
Self-service laundromats usually run themselves. However, with card payment systems, you can even do your paperwork from home, while traveling, or at your kid's soccer game.
Different Cashless Laundromat Payments
During your research, you likely have seen different options for payment processing. However, which one is the right one for your business? Let's find out.
Accept Credit Cards
The most common cashless payment option is credit card processing. This is an excellent option for average consumers. The convenience of using their own credit card goes without saying. In addition, it is a guarantee that they will return to the same establishment, especially if it is located close by.
However, the problem is that some customers may not have credit cards. This is especially true in low-income areas. So be aware of the location of your business and plan your payment process accordingly.
Mobile payments
Many businesses in the laundry industry are now accepting credit card payments. Laundromat customers enjoy the extra benefits of card systems.
EMSmobile is a simple, yet powerful mobile payment acceptance option for any business looking to get paid on the go. It's compatible with iOS and Android devices, with a card reader that connects to your device via Bluetooth.
With this solution you can:
- Dip, tap, or swipe credit cards.
- Create itemized or simple transactions.
- Accept tips and manage cash payments.
- Track and control inventory.
- Allow multiple users at the same time.
The convenience of mobile payments is quickly taking over how the world conducts business. However, surveys show that many people are still hesitant to use mobile payments. This is because there is a belief that mobile payments are poorly protected.
In truth, there are risks to every payment option, so the best thing to do is take steps to avoid those risks. These risks include:
- Stolen or lost phones
- Malware
- Stolen card numbers
These risks are also present in credit cards if you conduct your banking online, so therefore it is important to take preemptive steps as both a customer and a business owner.
As a business owner, it is important to monitor the card reader terminals, whether they accept mobile payments or credit cards. This calls for routine check-ups and 24-hour surveillance.
Prepaid Cards
Another option is prepaid cards or laundry cards. In this case, there is usually pos system present on the premise to reload the card.
At EMS, we can help you grow your laundromat business with a unique gift & loyalty card program. The benefits of this type of laundromat experience include:
- Building brand awareness.
- Attaining purchases at a higher volume.
- Increasing profit and cash flow.
- Driving consumers to your business more frequently.
The most significant benefit you will find with prepaid cards is customer loyalty. If your customers have loyalty cards that are specific to your store, you will build a strong base of returning customers.
The downside of laundry cards is that you will miss out on those who have an emergency and need to do their laundry only once or twice at the laundromat.
Perhaps their laundry machine broke, or they are visiting from abroad. If your company has only one payment option, you'll forego these occasions, however rare they might be.
An All-in-One Package
Alternatively, consider pos systems that accept credit cards, mobile payments, and preloaded loyalty cards.
With all-in-one credit card terminals, you eliminate the need for coin laundry machines. Which in turn reduces the chances of theft, fraud, and loss of customers. At the same time, you'll notice that you will receive all the benefits we mentioned above, without any of the drawbacks. Offering your customers different options will draw in people from every walk of life, and you will grow your customer base.
Additionally, an all-in-one package will allow your business to adapt to the future. Even though digital payments are still thought of as risky, as technology takes large leaps, you will find that many customers will opt for the convenience of mobile payments.
Offer Your Customers Simple & Efficient Payment Options
Is it time for your laundromat to make the switch to cashless payments? As you can see, it offers many benefits for both you and your customers.
A convenient, safe, and secure laundry experience is all your customers want. So why not give it to them today?
With EMS, seamless laundromat payment processing is a simple option. Fill out the form below for a free consultation to see what payment solutions are right for you.