Is coin circulation declining?
The piggy bank isn't dead yet. Contrary to what you might believe in this age of digital everything, Britons still use cold hard cash, and we collect coins, too. When the old pound coin was discontinued last year, Go Compare Money told The Telegraph that there was an estimated £420 million in coins collecting in jars or piggy banks around the country. Whether it's saving the change from the bottom of your handbag or pocket in a jar for a trip or a purchase, or using a piggy bank to teach a child to manage his or her pocket money, this country is still awash in coins. The question becomes, when the jar or piggy bank is full, what do you do with it?
The majority of people haul those coins to their nearby bank branch, but as changes in the financial industry are seeing fewer tellers with even less time to serve customers, it can take a while to get those coins processed. As a result, many people — 34 percent of redeemers, not an insignificant number — are increasingly turning to the convenience of redeeming those coins at their local grocery store.
That's why it makes sense for grocers to have a self-service coin counter like the Money Machine 2. Not only will it add to your foot traffic, but it will be one more way to serve your existing customers and attract new ones. Coin redemption is a great business tool. Studies show that over £8 billion in coins are redeemed annually. That's a lot of spare change! And a lot of opportunities to serve customers.
The decision to offer a self-service coin counter seems easy with numbers like that, but deciding whether to lease or buy a machine is — like any business decision — based on what makes the most sense for your needs.
Bottom line? Whether you rent or own, offering a self-service coin counter just makes good sense.
September 27, 2018