Investor · Bothell, WA · Member since 2015 · 88 posts · 55 votes
I have a small multifamily with a coin washer and coin operated dryer. I would like to convert them to card machines. Does such a conversion exist? Would it be brand specific?
Rental Property Investor · Jamaica Plain, MA · Member since 2015 · 60 posts · 88 votes
10y
If your tenants are the type to drill out the coin drawer lock you may have bigger problems to worry about. Perhaps a hidden surveillance system to catch the culprit will be money better spent. Just saying...
@Sam R. I'd love to hear more about your installation. You said said about $5,500. Is that 1 washer/1 dryer or 2? ...and are you still finding it profitable? We have a 12 unit with 2/2 and just like you are sick of dealing with counting coins, coin accepters breaking and so on.
Investor · Bothell, WA · Member since 2015 · 88 posts · 55 votes
5y
@Tony Sehy It was $5500 for one set. I think I put the details in previous comment. You could get cheaper machines, but I like Speed Queen. It is not really profitable, it is more for tenants to have a place to do laundry and me not having to count quarters or worry about theft of quarters. Everything has pretty much been hands off (no maintenance) since I bought it.
@Peter Mosites, I bought Speed Queen washer/dryers with a card system called Spyderwash. Tenants can use credit cards or their phone to pay. A complete setup for each location including washer, dryer, card readers, bluetooth hub, and installation was $5500. Monthly per location I pay $20 for internet and $10 for the card service. My locations are a 10-unit building and a 7-unit building. I do make profit. Unless your triplex has bigger units with families, it would not be worth it for a financial investment. Maybe just consider it just for a tenant amenity and relieving you the hassle of quarters.
Hi Sam. I just pruchase a 7un building in Maryland, and also I want to convert their coin-operated dryer and washer to a ccard and/or app operated one. Not sure yet if replacing the machines or just changing the payment system. Based on your experience on this journey, any particular advice/recommendations? Many thanks
Not sure if you have an answer or not, but my company actually does this with apartments, so I have some unbiased opinions:
1. The best company to incorporate is PayRange. It's relatively low cost, has lower CC % fees, and extremely easy to install.
2. Credit card readers at machines are hardly ever worth it since they're expensive per card reader, have ongoing monthly fees for support, and additional CC % fees
3. Laundry Card is my favorite since it usually means people spend more. They have to populate the card with either cash or CC/DC, and then once it's on the card, they use it to start the machine. This way, you hold onto the "float" or the money left over on the card after they spend the initial amount.
- Example: I (the tenant) put $10 on a card. I spend $2 on washer and $2 on dryer. If I was doing #1 or #2, you would receive the proceeds of the $4 after fees, but with #3, you would receive $10 less fees (if they paid with card), and then the remainder $6 would stay on their until they use it, or redeem. Think of it as a gift card for the laundry room.
However, BIG CAVEAT, with only 1 set of equipment, I would suggest #1 highly. As long as your tenants have a smart phone, they'll use it. #2 is a close second, but #3 is really only for big apartment complexes.
Not sure if you have an answer or not, but my company actually does this with apartments, so I have some unbiased opinions:
1. The best company to incorporate is PayRange. It's relatively low cost, has lower CC % fees, and extremely easy to install.
2. Credit card readers at machines are hardly ever worth it since they're expensive per card reader, have ongoing monthly fees for support, and additional CC % fees
3. Laundry Card is my favorite since it usually means people spend more. They have to populate the card with either cash or CC/DC, and then once it's on the card, they use it to start the machine. This way, you hold onto the "float" or the money left over on the card after they spend the initial amount.
- Example: I (the tenant) put $10 on a card. I spend $2 on washer and $2 on dryer. If I was doing #1 or #2, you would receive the proceeds of the $4 after fees, but with #3, you would receive $10 less fees (if they paid with card), and then the remainder $6 would stay on their until they use it, or redeem. Think of it as a gift card for the laundry room.
However, BIG CAVEAT, with only 1 set of equipment, I would suggest #1 highly. As long as your tenants have a smart phone, they'll use it. #2 is a close second, but #3 is really only for big apartment complexes.
Hope this helps...
AERC Laundry Solutions
Very interesting. Does Pay Range require an internet connection? Is there a way to convert existing machines to cards or do I need to buy new machines?
There are a few brands that do this that will work wirelessly between a dedicated router and each machine. This also allows the existing coin slots to be used so if the card reader or wireless has a problem you can still run.
The card reader will keep track of the coins deposited so you know if the coin boxes are filling up.
Some brands link everything together and eliminate the coins altogether but it may be all or nothing if it fails.
How many machines do you have?
Send me a message and I can connect you with someone local that can get you connected.
Ken
You wouldn't happen to know anyone in Melbourne, Victoria?
Rental Property Investor · Morgantown, WV · Member since 2018 · 57 posts · 24 votes
3y
There is a company called PayRange that makes products to help convert your coin operated laundry and vending to card/mobile app, which could be useful. For us, we found a good deal on a change machine being sold as part of a car was demolition, so that seemed like a better option. Could be worth looking out for as well
There is a company called PayRange that makes products to help convert your coin operated laundry and vending to card/mobile app, which could be useful. For us, we found a good deal on a change machine being sold as part of a car was demolition, so that seemed like a better option. Could be worth looking out for as well
Thanks for replying. I should Clarify, I'm in Melbourne, Victoria (Australia) - Right down the bottom of the planet ;)
Consider mobile systems which work with an app keeping the cost really low. The user brings the internet connection, the screen, and the payment processing. They provide the same benefits of card systems with the additional benefits:
That would have been really helpful...2 years ago. I ended up getting card readers right on the machines which connect to a bluetooth hub requiring internet access. I bought machines that don't even accept coins. So far it has worked out quite well and sure beats counting coins. The tenants have been enjoying the convenience as well.
Would you mind sharing where you got your machines with the cards? Looking to get a washer and dryer.
PayRange has been easy to use and install for me. One laundromat of mine has Spyderwash that charges 3% per transaction on top of a $40 monthly fee and requires card readers being drilled into the machines (The install price was high). Payrange was $20 per machine for the machine but $15 was refunded once the machine was used once with the Payrange app. There is no monthly fee, but they also charge a 3% transaction fee its more plug and play especially with speedqueen machines (IPSOs required tapping in to power lines and the wires from the coin reader). They do not require internet connection, they use bluetooth and the user pays with the phone.