ilmscore | Prediction Details
"so right now what would you say is your coin operation versus uh wash dry fold zero zero zero wise drive folder pickup delivery we do all cell service we have no coins in our whole operation so we have our own proprietary payment system with grid so you don't do all cell service all self-serve no no laundry drama yeah a lot less uh if we had it like that my hair would look like leaves if we had that many stores with white stripe fold and pick up and delivery because this it's a trade-off yeah but it's uh you couldn't grow to 40 units that way yeah we reached a certain um a number of locations and we couldn't grow anymore on coins and we needed complete verifications and at the time there was the uh the payment systems out there that eliminated coins were just very dated and we talked to some of the manufacturers and they were they were really diving their investments into the hybrid system where you take a credit card on the reader or or on the machine is and you keep coins um but Lee calls that what do you call that when you keep going and it's a hybrid it's the worst of Both Worlds so it's uh what do you it's a Ferrari pulling a hornet it's a horse pulling a horse pulling a Ferrari so um but anyway we could not scale anymore so we needed verifications because Lee and I can be here and deposits can still be being made so can you have anybody like in-house that had at the laundromat right now like checking out things right now absolutely we've got about 75 employees there's different levels um so there's a regional manager and those are basically technicians most of those do five to seven locations and they cover over they do deposits so they collect and deposit it's all verified they take it straight to the bank well you know we never see a dollar you know all that's very very and it's all we just verify the deposits and that we couldn't do on old coins and and honestly you've got me out collecting quarters and I'm I just feel like my time is is uh better used because you could simply not get to that many locations and then when you hire somebody to do your coins for you you're gonna get stolen it's not if you will it's you will it and coin collections can turn an honest person into a crook and uh so so they'll do it to be there"
By Investment Joy | February 28, 2023 | Pending
From video
How to Stand Out as a Laundromat Owner 00:03:45 - 00:05:54
Interpreted Prediction
The transition to coinless, proprietary payment systems is essential for scaling laundromat operations beyond a certain point (e.g., 40 units) due to verification needs and the inefficiency and security risks associated with handling cash and coins.

Prediction Details

Topic
Laundromat Payment Systems

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