Just Wondering If There Is A Way To Beat Coinstar At Its Own Game

[Pennyworth]

Just Wondering If There Is A Way To Beat Coinstar At It's Own Game

Would there be a way to invest in a machine or process that you can run and advertise in your
local newspaper or make flyers up and hand out,where you only charge 4-6%(something lower
than Coinstar)to accept loose change?? ?

This way you could corner the market on all of the coins,and people would be more apt
to use yours instead of Coinstar.? ? Even if you started out with just a few machines placed
in centrally located areas.

How about a business that comes to the customer within a ten mile radius,and you have a
process or machine to count all the change and deduct the 4% from their change.? Would there
be a way to get a coin counting machine that the bank uses and purchase it and set up in areas
at specified dates and times??

What do you think?

I did a quick ebay search and found this machine:? http://cgi.ebay.com/Self-Service-Co...ryZ67183QQssPageNameZWDVWQQrdZ1QQcmdZViewItem

Also found this website:? http://www.selfservicecoin.com/index.html

 

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[Jeffro]

Re: Just Wondering If There Is A Way To Beat Coinstar At It's Own Game

Competition is healthy- go for it!

 

[RON (PA)]

Re: Just Wondering If There Is A Way To Beat Coinstar At It's Own Game

Pennyworth,

I think that is a great idea. I roll my own because Coinstar is so high. I think the competetion with CoinStar would be a good thing..If you traveled, you could pay for your machine in no time...Good Luck and let us know what you decide.

RON(PA)

 

[littlehugger]

Re: Just Wondering If There Is A Way To Beat Coinstar At It's Own Game

Penny,
Well, its up to you.
Most of the grocery stores have a contract with Coinstar, and get a cut of the take. That $338 a week mentioned in Ebay is not the actual profit of the owner. I bet it boils down to about $200 a week, or less. Suppose your site is below average?
Even at $5500, not the $8000 retail, it would take a long time to payfor the machine.
Kind of like metal detecting.
I also wonder how reliable the machne is. No profit if its broken, plus repair costs. How easy is it to fool it with slugs, or foreign coins?
And while most banks will take their retail customers change, if you come stagering in with thousands of dollars in coins a week, they are going to start charging you for their services.
Years ago the manager of the cafeteria in our building was grumping that it costs $800 a month for an Armored car to pick up and bring money. Mostly change.
Everybody takes a bite out of you.
So, if you are looking to make an actual business of it, there are pitfalls.
Hugger