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Pile of change.

Coin Counting Kiosks, Worth It?

How accurate are coin-counting machines?

If you are like me you tend to question almost everything. So why not question the accuracy of a coin counting machine. It’s your money and it should be counted with as much accuracy as possible. I searched for articles or studies on just that and what I found wasn’t exactly what I expected.

An Action News Special Investigation done by channel 6 ABC tested 3 separate options for coin counting kiosks. They tested TD Bank, PNC Bank, and Coinstar kiosks. Out of the 3 only Coinstar gave back the exact amount. TD and PNC bank either gave back extra or shorted the customer. This may look like a win for Coinstar but even if they gave back the correct amount they also charge an 11.9% fee for exchanging your coins. So you either use an inaccurate machine or you pay a fee.

 

Why would a retailer or a consumer want a coin counting kiosk?

So with all the discrepancy in the accuracy of coin counting, why would a retailer want one in their store? The biggest reason is foot traffic. Taking your coins somewhere to exchange them is a planned trip. Not only that on average when a customer exchanges their change for cash 45% of all the money redeemed is spent in store. It gets customers in the door that are going to spend their money in store. Customers that use coin-counting kiosk use that money to buy their essentials (milk, bread, eggs) or upgrade an item, so instead of hamburger they buy steaks. Customers will enjoy the added convenience of a one-stop shop and your store will reap the benefits. Most coin counting kiosk offer some sort of revenue share for letting them set a kiosk in your store. The profit per square foot for a coin counting kiosk is very high for the small amount of space they require. Coinstar also offers a partner coin counting option and up to a certain amount will allow you to put the change from your register, soda machine, or a prize grabber into the kiosk and redeem your cash at no fee. The biggest take away for both a store or consumer is convenience. Customers will pay for it and your store will now benefit for offering it.

Here are a few tips to help insure a more accurate count from the kiosk:

  1. Make sure your change is free of lint and dust.
  2. Note that the machine will count any U.S. coin except for the Eisenhower dollar or silver dollar coins.
  3. Consistently add your coins into the counter once you begin, since the machine may complete your transaction if a time lapse occurs.
  4. If you have any questions or concerns, it is always a good idea to call the customer service line for whatever coin counter you are using.

I grew up in a small town in Northern Missouri that if you blinked while driving through you’d miss it. After high school I attended Northwest Missouri State University (OABAAB) where I graduated with a degree in Marketing & Management. Outside of work I enjoy all Kansas City sports teams (even though the Chiefs constantly break my heart) and going to any concert in KC area worth listening to. I also enjoy the outdoors, my animals, and spending time with my family.

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