Extra Income Source?

[Buddy_Amoroso]

What do you think of having a bill payment center a your store?

I have found a company that will setup my store as an agent that will allow my customers to pay their bills at my store. Bill Payment Service Center is the company their web site is http://www.payallbillshere.com.

The bills are paid over the internet-customer pays you cash and your bank account is debited for the payment of the bill. There is a small setup fee of $50.00 and an annual fee of $100.00.

Bill Payment Service Center charges you a service fee of .50 per transaction and you mark up that fee to your customer, example you charge your customer $1.50 per transaction.

The only equipment you need is a computer, printer and a fast internet connection (cable or DSL).

I think this is an opportunity to draw more people into my store and increase my revue without having to spend a large amount of money.

I am very interested in getting everyone’s input on this opportunity.

buddy amoroso
baton rouge, la

[DuboisLaundry]

for someone in the right location, this is a great idea!
i.e. close to low/middle income residents and far from utility offices.

Just have to make sure customers understand that shut-off notices really have to be taken directly to the utility company - even if it is across town. Even if the utility and the intermediary say they act immediately, I wouldnt want myself or an attended to have to deal with an angry customer because the cutoff lineman didn't get the message in time.

it won't work for me due to my close proximity to both banks which accept payments for water, phone, and electric. propane & cable TV don't allow agents so they are out too - at least for me.

[TLR]

Sounds like a nightmare waiting to BLOW UP. If you are not using online bill pay already - do it first for a while before taking on this new task. Yes OBP is easy - but doing it for low income and trying to keep up with it and their changes of address every 6 months would not be fun.

I have heard of laundromats in South Atlanta with a large Hispanic population having a wire transfer service for wages earned in US being transferred back to Mexico.

TLR

[Ken]

If you are in your store all day and has good security,maybe ok.
Maxican store next to my laundromat used to do West Union and some wiring money deal to Maxico,they had a lot cash in store,the store got broke into by their emplyee,they lose over $30,000.
I only want to go to my store once ,twice a week.
Bank and harward store will take payment for free in my area.

[Buddy_Amoroso]

If you are in your store all day and has good security,maybe ok.
Maxican store next to my laundromat used to do West Union and some wiring money deal to Maxico,they had a lot cash in store,the store got broke into by their emplyee,they lose over $30,000.
I only want to go to my store once ,twice a week.
Bank and harward store will take payment for free in my area.

Great points. I am always looking how to make my store more profitable.

buddy amoroso

[Ken]

Do you have all the extra stuff like vending,arcade games,phone card,drop off...? If you do,that is not too much you can do about since your main business is still coin laundry.
Selling video arcade and parts is my other business ,I have enough games to fill a small arcade but I don't trun my stores into an arcade ,cross my mine many time.I only have 2-5 games in my stores.
I tried no to deal with a lot cash,food or too much training for the emplyee,that was the main reason I got out drycleaning business,too many emplyee training and problems.

[pete f]

you may be on to something, though I am not sure I would mess with it.
There are pay stations for the local elctric company, I guess the retailer gets a small fee for collecting the bill. Maybe contact the local utilites and see if a program exists. You could simply offer to pay bills online for a small fee for customers, never have to pay a clearing house.

My somewhat order of incomes:
washer
dryer
snack/soda
soap vendor
pacman
payphone
lint tray from dryer

If attended I might try
bulk soap.supplies
mailbox
lotto tix
ice cream
tanning
discount cigerette sales
beer
wash dry fold
dry clean

[Buddy_Amoroso]

Do you have all the extra stuff like vending,arcade games,phone card,drop off...? If you do,that is not too much you can do about since your main business is still coin laundry.
Selling video arcade and parts is my other business ,I have enough games to fill a small arcade but I don't trun my stores into an arcade ,cross my mine many time.I only have 2-5 games in my stores.
I tried no to deal with a lot cash,food or too much training for the emplyee,that was the main reason I got out drycleaning business,too many emplyee training and problems.

I would like to get out of the dry cleaning business because it only contributes 20% of my income but it contributes 95% of my problems. (but it does pay for my employee's saleries).
That is why I am considering other sources of income. I never have tried the arcade games because I am concerned that it would draw to many young people.

I was thinking about having a "financial center" with an ATM machine and Bill Pay - this is a real need for the area my store is in - But security is my BIG concern.

In all reality I should rip out the area that I have the dry cleaning (about 400 sq ft) and put in additional washers and dryers.

buddy amoroso
baton rouge

[Kitty]

WDF in the right location with the right employees,marketed correctly will take off. This is an excellent way to generate additional revenue in self service stores, especially already attended stores.

Today's dry cleaners have costs that have gone through the roof, thus their cost have been passed to their customers. Many times customers simply drop items that may be laundered at the dry cleaners that could be dropped at the local laundromat but yet many do not know about the local laundromat because their is little marketing done to attract this type of customer.

If you have the space and you can hire and retain good help a wdf service can be a great profit center. Marketing can start simply from you store window, a few flyers and then great service will be spread word of mouth...

You may want to look at the demographics of your area and the amount of space you will have to accomodate the over flow, see if your attendant has the "winning" customer service smile and attitude that is necessary to market and promote thid type of service. You and this employee will be instrumental in making this service profitable or not. You can market to the residential and the commercial segments of your community. You'll be surprised with the amount of business you can uncover.

[BKB]

We have an ATM which generates about $600-$1000 a month income. I own the machine and charge $2.00 per transaction. And yes, we're in a heavily-populated area where Latinos predominate. Don't listen to the naysayers about this revenue source which has been in place for almost five years without a hitch! Feel free to email me if you want additional info at BEVERLYKAY@ATT.NET

[Ken]

I had full service drycleaner for over 10 years,closed it 5,6 years ago ,sold all the machines for $3000,it was my 95%'s problems too.
It depent on your area ,do you have attendant and what games you put in your store,most people play games in my stores are the laundry customers anyway,very few people go to laundromat just to play video games.
Classis games design in the 80s still earn good money,30-50 years old play those games,not many young people.

[Ken]

If you have space,one kidde ride will make some extra money,those machines almost never brake down.You can find cheap used one.