Is Coin Recycling Right for Your Business?

    Apr 22 2014

    While the term "coin recycling" might bring to mind landfills full of loonies and pennies, there's actually a whole lot more to this concept than you might think at first. If you've seen a coin recycling machine around town – which isn't surprising, considering that the Royal Canadian Mint has been pushing this practice in Quebec and other areas for a little while now – then it's probably already crossed your mind whether or not this type of addition to your workplace is worth the effort. To answer this question once and for all, let's take a look at how it all works and if your company has anything to gain from giving customers a place to drop off their mountains of loose changes in return for a few lighter, more manageable bills.

    How Coin Recycling Works

    Recycling loose change isn't in quite the same ballpark as trading in used up plastics and cans for new items. This process is all about getting coins that would otherwise sit in homes forever back out into the marketplace by making it easier for customers who would rather not bother with the hassle of driving all this change down to their local bank and depositing it. A machine on-site turns your business into a far more accessible option for shoppers who'd rather have a quicker, more convenient way of sorting out change that's just sitting around the house anyways.

    What's in It for Your Business

    Of course, having a coin recycling machine on hand isn't only about making life a little easier for your regular customers who want to clean up an old draw or piggy bank; there's plenty of opportunity to turn this addition into a new source of revenue for your store as well. By setting up a recycling terminal at your shop, you'll be able to take advantage of service fees added into the counting, sorting and collection process. Basically, any time someone comes in to use your recycling machine, they'll be paying a premium to you for having such a convenient and helpful service on hand. The simple fact that these visitors can easily turn into paying customers once they're through the door – they did just load up on cash by using your machine – is a welcome benefit that's appealing to any retailer looking to pump up sales figures.

    Going Green's Never Been Easier

    Aside from increasing foot traffic in your shop and slipping in some extra business that might otherwise slip through the cracks, a recycling outlet on hand shares a major connection with the type of recycling you're probably already familiar with; it's great for the environment. For the eco-friendly owners and managers out there, simply offering this service to customers creates an opportunity for old change to reenter the market, cutting down on the need for the Royal Canadian Mint to press new coinage. Simply put, the fewer coins that the Mint needs to produce, the less of a burden this type of currency puts on the surrounding ecosystem. Even if you're not the biggest environmental buff out there, it's hard to argue with something that's not only good for your store, but for the environment as well.

    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3