Security while emptying coin/banking coin?

[KTA]

I am actively looking to purchase my first mat. I will admit I am probably caught up in analysis paralysis, but I just want to be sure I have a good understanding of what it takes to own/run a successful mat. I am planning to hire someone to clean daily and will take responsibility for the coin. Maintenance may/may not be done by my husband, not sure yet.

-What steps need to be taken to be sure I am safe while clearing out the coin? I am female.

-Also, does anyone track how much coin comes out of each machine and make a plan to rotate washers based on that to ensure more equal wear?

-Do you roll the coins or bring them in bags to the bank? (Clearly I'm planning on lots of bags ;)

Thanks! KTA

[Glenn]

Male or female, keep your eyes open while collecting. Better to collect when the laundry is busy or before opening, NOT after closing.
Rotating washers is only feasible if they are top loaders, Machines at the ends of rows get used more than washers in the middle. I personally wouldn't ever bother rotating washers. I know a guy who moves his dryers around ever 2 years. Too much time on his hands.
Not all banks will accept coin if not rolled.
Good luck.

[Anonymous]

A couple of comments from a new owner since October:

1. Most of what you take out of the store is bills from the changer. Most of the quarters just cycle back and forth from the washers/dryers, to change machine, back to washers..... etc.
Some people have a quarter 'surplus', taking some out each week (I do, about $100), others have a quarter 'deficit' because outsiders come in to get change.
Point being you aren't taking gobs of quarters to the bank. What little I take out is in one very manageable bag that the bank puts through it's counting machine

2. Keeping track of income from each machine would completely suck, way too much time to benefit from it. I do track each machine *type*, so I know how many turns my toploaders are doing, vs. 30 lb machines, etc.

3. If you want to track this way, get a scale. Decimal pounds * 20 = dollars, i.e. if you have 15 pounds 3 ounces in quarters, that equals (15 + 3/16)*20 = $303.75. Really fast to 'count' this way. You can get an expensive scale that does the conversion for you, or get a cheapy for about $60 and use a calculator.

My collection procedure goes like this:

1. tare out empty bag weight on scale (i.e. zero scale with bag on it)
2. Empty toploaders into one bag
3. Weigh and record
4. Empty 25 lb machines into new bag
5. Weigh and record
(repeat for machine types and dryers)
10. remove bills from changer1, record audit #'s of bills taken in/quarters out
11. Fill changer with quarters
12. Repeat for changer #2

This whole thing takes about 30 minutes for 22 washers and 20 dryers, plus the soap machine, snack and pop machine. I much prefer doing it when the store is empy, either early in the morning or late at night. But then I'm in a good area so I'm not afraid of getting held up.


Ok so this is probably too much info. Just something to add to your analysis paralysis !

[anonymous]

Runchman is correct on everything. I have to purchase about $400 in quarters per week because people come in just for change. Sort the income per machine type so you can calculate your turns per day. Do not under estimate repairs! I budgeted $300 per month for repairs and sometimes I spend almost twice that amount and I do all the repairs myself. Service calls are very expensive.

[pete f]

I would worry more about how to keep the place maintained than how to get money out. The posts for collecting and tracking are right on. I only seperate by washer and dryer. After a few collections you can clearly see which machines have more coin, as was stated. There is much more to running a mat than collecting coins...just read from the start of this thread for the tip of the iceberg! Still, the business can be run more or less on a flexible scheduale, though plan to skip out on planned dates, dinners, etc on emergency issues. From what I have noticed, woman are at a disadvantage becuase they lack the skills to repair equipment, which can be daily at times. It is machines, like your car, break down. Multiply that by 30 or 40 machines. I have gone weeks without a call, then have to work days straight fixing stuff. If you pay for a cleaner and repairman it may not be worth it to own. This is a hands on business to maximize return.

[anonymous]

I am with pete on this one couldn't have said it better.