As the ‘credit crunch’ takes hold and prices rise, CoinCasher™ comes to the rescue, helping the public and retailers to keep going in these times of financial uncertainty. Although CoinCasher™ was only launched in April, by the end of 2008 it will have helped put over a quarter of a million pounds into retailers’ tills. Also, it will have helped many families achieve the ‘treats’ they thought they would have to forego as belts are tightened.
The Royal Mint estimates that there are more than £600 million hoarded in jam jars and moneyboxes – that’s £27 of forgotten cash for every household in the country. In a recent survey, most people agreed that if there was a simple, convenient way of cashing in these coins, they’d use it. As the credit crunch bites, that’s exactly what they are doing.
Customers bring in their collection of coins and tip them into the machine. It automatically counts the coins and prints a ticket, which they can then exchange at the till for goods or cash.
“Retailers can boost their profits by as much as £5,000 a year,” says Steve Fitton, SCAN COIN’s Sales Director. “It’s self-service, easy to use and takes up only 0.34 sq m of floor space, so it’s ideal for even the smallest shop. We have developed the machine especially for small to medium size retailers so that they can earn extra revenue with very little extra effort. If the machine is used only a couple of times a day, it should more than pay for itself.”
Customers are charged a small commission to use the machine – the retailer decides how much. This is shown on the customer’s printed receipt, which they use to exchange for cash and goods in the shop.
Where similar machines have been used in other countries, research indicates that when customers turn their hoard of coins into cash they treat it as ‘new’ money and are more inclined to purchase higher value goods in-store.
The machine automatically sorts coins by denomination into cloth bags ready for banking. Alternatively, the cash can be used to replenish tills, which reduces the need to purchase coins from the bank.
The fully branded machine is supplied with promotional point-of-sales material, eye-catching logos and window stickers. SCAN COIN can also supply additional marketing material including coin bags, promotional leaflets and artwork for local press advertising. The company also provides comprehensive technical support, which includes a telephone help-line.
Tel: 0161 873 0505