Message to the guy using the Nelson "HA!HA!" Avatar. (I forget who you are)

Hey,

I remembered you telling me I could get an expert machineist that could make me vending machine coin acceptors that accept and dispense halves and pennies as needed. I'm possibly planning on trying to start my business after the holidays, in January, and am currently looking at buildings right now, and am going to want a few vending machines that accept and dispense ALL coin denominations (well, except for Eisenhower large dollar coins) as needed, however I need to know where and how to get ahold of these machineists that can make a few vending machine coin acceptor that have these capabilities, and how much it will cost. (You quoted $3,000-$4,000 for the first machine, then $1,000 for each additional machine, right?) Oh, and I also want these machines to accept $1, $2, $5, $10, and $20 bills. (Notice how I included the $2 bill in there?) I may also have a few of these vending machine acceptors made for machines for my brother-in-law's sister's small business as a gift to her, just to try to get her to circulate $2 bills and halves, like my business will. We are going to each share some ideas when or if my place opens up, and she says she is doing okay, so I should, too, I would think.

Thanks for any information you can provide.

 

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$3-4k???
Wow thats cheap lol
Are you sure he was serious cuz thats a lowball figure.

 

He quoted it as $3,000-$4,000 for the first machine, and $1,000 for each additional machine. As far as I could tell, he did not sound like he was joking, but I never know how to take anyone, so...

Low ball, huh? Well, what would you say? For one model being created then replicated, $3,000- $4,000 seems fair enough to me.

 

Well you have to understand how it works.
Vending machine coin acceptors read weight plus reeding.
And there are some machines currently taking halves. So all you would need is that unit.
With pennies since there is no reed, and it two different weights you would have to create the technology from thin air.
In addition small us dollar acceptors have already been made, but ironically its cheaper to accept ikes/morgans/peace than small coins since technology for that exists and is widespread.
For your $2 dispense and take in you need a computer programmer to adjust the settings, as simple as that.

The penny is intresting but no guarantees can be made, with the space requirements it has theres a chance it will never succed. Your looking at least 10k for the penny idea

 

I think you are looking for David or Davexxx

 

Well, it's DavidH, and here's the thread:

http://www.cointalk.com/t190780/

 

Man I hate to be rude, but it doesn't seem very practical to me. Interesting.. But practical? Who wants 20 dollars in change. My point is there are billions of dollars in vending machines, and I am sure these methods have been tested before. At some point the vending industry came to the conclusion that the current method is more practical.

 

Mister Naysayer here...

Have you done any market research? How many people do you think would use it and how do you expect to make a profit from it? We used to have a bill changer for our slot machines but now the slots accept notes or change (the high majority use banknotes). We couldn't even sell the changer because no one was interested in it. The only vending machines I see now are for canned drinks and those are fast disappearing. Payphones still take change but the days of the payphone on every corner is gone. Almost everyone has a cell phone.

I think it's throwing money away.

 

If you want those types of coins and notes to circulate, why not just give them out via your cash register? I'm not sure what your business will be, but I'd think that'd be the easiest route versus a vending machine set up.

 

Okay, thanks for teaching me. I had no idea.

I did read on one website about machines that DO take halves, and I would love to just get ahold of some of those for my vending machines. But if these machines do exist, I really wonder why vendors, and especially, self checkout vendors have not embraced these machines. How do I find these machines? Oh, and do these machines dispense halves as needed as well?

Well, I could always just price things by the nickel, so, who needs penny acception?

Yes, but most of those large dollars are out of circulation, and most vending machines made after 1979 accept and dispense small dollars, and I've never seen a vending machine that takes large dollars, nor do they fit in a slot of a self checkout machine.

"Paper" currency (the $2 bill included) would not be dispensed by my vending macines. Only accepted. I thought about $50 and $100 bill acception, but, who wants to carry $40 something or $90 something in small dollars home? :rollling:

Well, then, screw the penny idea. I'll just price things by the 5, and 10 figures. I just thought it would be cool to have vending machines that too ALL denominations, but now, I'm doubting pennies, and like I said, the machines will not accept $50 or $100 bills, because the machines would run out of payback change, and who wants to carry all of that change? But having $2 bill, half and small dollar acceptence is all I really need. I'm not so much interested in getting small dollars (or large dollars for that matter) into circulation until the $1 bill's fate is decided.

 

Oh, I know it would be easy to get these denominations into circuation via my cash registers, but I want to do BOTH. A few vending machines, AND the cash register, so that, if people get a half, small dollar or $2 bill and want to use it on the way out at the vending machines, they can just insert them.

 

Having a vending machine that accepts different coins is a pretty cool idea. But like others have said I just don't see a profit been made. If you want one just for fun I can see you getting one for yourself. The college I go to is quickly changing their vending machines to accept credit cards. And I see a lot of students swiping cards instead of using cash.
Also about the cost of a machine, it is possible that the $3,000 is only for the programming work. My brother works for Coke and I think he has said before that a single unit costs around $5,000 each.

 

Needless expenditures that early in the life of a business are sure to be a crippling blow unless you've got a few mill to chuck at it. Forget the stupid vending machine idea, and bank that money for when you'll need it... when you're close to breaking even, but still bleeding out a little money.

 

If you don't mind me asking, what is your business going to be, and what's going to be in the vending machines? If somehow coins/currency is related to your business, it might be worth pursuing, but if it's merely a novelty, it's going to be a lot of trouble (with little return). For awhile I worked taking tolls at a bridge (hundreds to thousands of transactions a day at about $3 a transaction). I think I saw maybe five 2 dollar bills, and only a handful of halves. They just don't really circulate anymore, and if you're giving out $2 bills and halves in change (which I've tried) a lot of people are either confused or don't want to take them.

Another problem I see is, you say your machine will take up to $20's, but only give change in coins (assuming dollars and halves?). Imo, if people are getting 15+ dollar coins they're not going to be happy, people used to complain all the time when they got over 10 singles as change. Don't want to shoot down your idea, but it seems like it's going to be tough to pull off.

My suggestion would be if you start the business first try incorporating the halves and $2 bills without the vending machine. This will give you a good idea of how your customer base accepts them, and if the response is positive, then look into incorporating them into the vending machines.

 

You should consider profability first then pursue these ideas.
I like them and encourage you to pursue them, but establish your business first, vending machines are not an easy market... But if you find your groove you can hit it big.

 

It might be safer and easier to ecome a follower rather than an innovater here. I mean, I have seen a LOT of money invested in different coin operated machines here in Vegas that have for one reason or another failed. Of course the people who lost lot of money on those machines could afford to take the hit.

Coin machines that were not popular were the dime slots. Don't as me why.
Half dollar slots. People didn't want to carry around heavy amounts of coins.
$25 tokens. People mixed them up with dollars and wanted chips instead.

Next look at what was successful for the Post Office. The dollars dispensed as change (SBAs) was a series that fell on it's face.

You have to do your own cost analysis of course, but please consider your demographics. Take a look at which vending machines are being used. What coins those machines accept. Go to local banks and aski about the coins they order. If the banks aren't ordering halves, how many of your customers carry them ?

I am not saying your idea is not well thought out. But I am wondering if it is worth the expense >

Just sayin'

gary

 

I don't mind you asking at all. It will be a small restaurant and ice cream shop, and the vending machine will be snack and soda machines.

Well, I'm determined to give it a whirl and start passing out $2 bills and halves as needed to try to boost their citrculation.

Are you saying there are vending machines that will give out "paper" money in change? Becaise I would much rather do that, if there were. But I just thought most, if not all vending machines dispensed only small dollars as change for bills bigger than $1. I would gladly use a bill dispenser on my machines if they were available.

I'm open to considering your ideas, but if I have the extra money when starting the business, I will do both ideas. But thanks for your suggestions.

 

No, I was just commenting on the problem of having to give out a large number of coins in change. But, a google search brought up a few examples (this is a random one: http://weymouthdist.com/dollar_bill/index.html). Also, all those new self checkout machines at the stores and supermarkets give back bills, so the technology is definitely there.

 

Originally Posted by Drago the Wolf
Okay, thanks for teaching me. I had no idea.

What kind of machines does NY Metro have? Vending machines, besides the parking machines?

Yeah, I agree. Who needs to have a vending coin tube that will be clogged up with pennies like crazy. Not to mention pennies are not worth enough for the trouble, if its tens of thousands, or even just thousands of dollars. If it would have been hundreds of dollars, than maybe, but not thousands.

I question whether or not it would be worth being tooled to accept large dollars. No offense. Even though Ikes are only worth $1, many people treat them like they are worth more than a dollar.

There was a machine up in northern Michigan that my brother pointed out to me, years ago, that said "Accepts $1, $2 and $5 bills" I wish I would have had a $2 bill to try in the machine. But still, I do think my machines, like the ones at the post office, should accept $1-$20 bills, just in case people only have a $10 or a $20, and do not mind breaking it, and possibly getting bombed with a ton of change in small dollars, halves, quarters, dimes, and nickels (whatever they are due back) unless I could install a mechanism that dispenses paper money in change. Like I said though, do they even have paper money dispensers for vending machines other than self checkouts? Because, if they did, I'd set my machines to accept $50s anbd $100s too, and even $200s, $500s and $1,000 bills if they issued them and I was doing so good, that I could keep that kind of change in the machines. Might have to take a few trips to the banks to exchange a few $100-$1,000 bills for more smaller bills but what the hey? (I am only assuming this large denomination acceptance idea IF I hit it off big)

I will be careful when I am starting out. The vending machines might not be a right away thing. I'm only getting a one year lease on a building to start out, then, if it takes off, I will see whats what.

 

While swipping cards seems cool that cool will bite us all when the goverment finds no one useing much cash so just make everything to use cards.
Then they will know every cent you spend and there will be no better deals because you are paying cash.
I think this is the end game they are already counting on.
No more fooling uncle sam as you are leaving a paper trail .
Keep useing that plastic.