ADVANTAGES OF USING TOKENS

·         Profits

 When you sell a token in your establishment you have your clients money and they have your token. Since they can not easily or legally use it somewhere else you have a “captive” client wanting to use all of the tokens they purchased before they leave whether it is for goods or services. When your customer does not use all of the tokens they purchased and leave with your tokens that is called “walk away profits” in the industry. Walk away profits benefit you the operator because the customer purchased your token at your price and never exchanged it for a product or service. That is pure profit less the cost to replace the token which has typically been sold and used numerous times before it walks away. Even if the customer redeems the token at a later date you still made a sale in the present date and have been able to turn that profit around in the mean time. Research has shown that in high traffic (especially tourist) locations that up to 5% of an establishments tokens can “walk away” weekly. Tokens make great low cost souvenirs and many customers will keep them for that reason, especially if you have an attractive or “cool” design and location on your tokens. If you use a cash only system customers would walk away with their own cash leaving you nothing.

·         Security and cash flow.

By having tokens in your equipment thieves are much less inclined to break into your equipment to steal what is in the cash box as it can only be used at your establishment. If you have a custom design your product will be easily traceable if it appears in bulk at another location, resale shop, or a scrap yard. Also by having tokens in your equipment instead of cash you can place the cash from token sales directly in to your bank account where it is ready for you to use instead of leaving it in your bill changers or equipment cash boxes. When you use tokens there are fewer cash collection points so less supervision of staff is required.

·         Price control

 A quarter is worth a quarter and a dollar is worth a dollar, but tokens you can value as you please. A tokens value can be changed for special promotions, or for certain times of the day or week to attract customers during “slow” times, or even for inflation at your discretion. Using tokens in your business is like having your own private money system where you control the rates of exchange. This has proved to be a great advantage for overseas clients with double and triple digit inflation as prices for tokens can be changed quickly at the point of token sale without having to reprogram all the equipment within the operators establishment. Regardless of the local currency situation a token is still good for a specific service or product.

·         Promotion & advertising

Custom tokens with your name, logo and / or contact information make excellent advertising and promotional items that could be considered an advertising expense for tax purposes (check with your tax adviser for details).

Promotional
Custom tokens make great promotional items as well. Whether you are self promoting or are in cooperation with other nearby businesses or organizations custom Moffatt & Co. tokens will direct customers to your business. A car wash operator can distribute tokens to local car parts houses that will give one to every customer who makes a purchase. A club operator can leave a good for 1 drink token in a conspicuous location attracting customers in to redeem that token and possibly stay a while. The possibilities are endless of how tokens can be used to promote your business or cause. For more ideas please call our sales staff who would be more than happy to discuss many of the creative ways tokens are used to promote establishments such as yours.

Advertising
How many coins have you ever thrown away?  Odds are that you have not thrown away any. Your contacts and potential clients will also not throw away your quality “business card” tokens and coins minted by Moffatt & Co. Paper business cards and flyers are easily disposed of. But when a potential client is given a promotional token with your attractive designs and logos it will be kept. Worst case scenario it might end up in a drawer or change bowl, but it will always be there to remind the recipient of you and your company every time it is found again.

There are many other reasons to use tokens instead of cash. Our managers have seen tokens used for untold numbers of different applications, from festivals to clubs to arcades, to political campaigns. The uses for tokens and medals are only limited by your imagination (and certain laws regarding counterfeiting).  Let us share our experience with you and help you make your token program a huge success.