Up until recent years the only vending machines that would accept a $20 bank note was a change machine. You fed your bill into the machine and then enough quarters spit out to make you think you had hit Triple 7’s at a jackpot in Las Vegas. Similarly the only talk of recycling involved separating aluminum, plastic and paper.
Today $20 bills and recycling are being discussed in the same conversation along with meeting the needs of vending machine patrons.
In August 2011 Chuck Reed, the marketing direction for MEI, one of the world’s leading manufacturers of electronic bill acceptors, shared some statistics on currency carrying habits; they were as follows:
- 80% of consumers carry $1 in bills/coins
- 50% of consumers carry $3 in bills/coins
- 60% of consumers carry a $5 note
- 40% of consumers carry a $10 note
- 65% of consumers carry a $20 note
What does this mean? That often times when a customer (maybe your employee) wants to make a purchase from the vending machine, they can’t because their bank note is too high (average machines either accept exact change or offer change in coins for $1 or $5 bills).
That was until recent years when bill recyclers were introduced to the market. Bill recyclers allow vending machine customers to pay with higher denomination bank notes and receive change in bank notes, not just coins.
AKA if you want a granola bar but only have a $10 bill, now you can receive change that can fit in your wallet and not a bucket!
For more information on bill recyclers contact Mark Vend today at (847) 291-9216 and see if your machines meet the necessary requirements to have them installed.