RENT Magazine Q3 '21

for two loads of laundry.

With mobile payments, pricing can be increased

or decreased by any amount at any time.

Mobile Payments Offer the Solution Mobile payment is the fastest and most cost- effective way to add cashless and contactless payment to your existing vended laundry machines. You can maintain the convenience of onsite laundry and save yourself and your tenants the hassle of having to deal with coins by upgrading to mobile payment acceptance. Upgrading today is DIY easy and takes just minutes. You simply install a small hardware device into each machine using a provided wiring harness specific to your make and model of washer or dryer. Then you’ll register the device to an account with the company to receive payment, configure pricing, apply a few decals and it’s ready to go. Tenants then download the payment app onto their smartphone to

laundry. However, you don’t want to price the convenience of onsite laundry so high that your tenants leave your property for the local laundromat or a friend or family member’s washer and dryer, leaving your investment in equipment underutilized. Additionally, there can also be a psychological barrier to pricing that’s denominated in 25 cent increments. There is definitely a difference in perception between $2.50 and $2.75 for a wash, but there’s also the cumulative total to consider as well. If your tenants are getting $10 rolls of quarters from their bank, pricing the combination of wash and dry above $5 would require them to have more than one roll of quarters

Convenience Drives Consumer Habits Providing onsite laundry is a convenience to your tenants. Even if washer and dryer hookups are available in your rental units, many renters don’t own laundry machines. So having onsite laundry available in a shared space (if not in unit) makes properties more desirable. And that may be your sole goal with providing vended laundry to simply make your property easier to rent with the cost of use enough to cover the utility fees. But convenience is something consumers will pay a premium for -- so, you may very well be forgoing income by not factoring in a profit for yourself from your tenant P A G E 4 4 |

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