Coinstar has leveraged Loomis Cash in Transit and Cash Management solutions to grow its business while reducing risks, increasing efficiencies and profits, and streamlining account management.
Coinstar UK, a subsidiary of Coinstar LLC, a global leader in self-service coin counting and kiosk solutions, operates self-service kiosks throughout the United Kingdom, enabling customers to convert their loose change into cash. The kiosks accept coins of various denominations and are found in supermarkets, convenience stores, and other retail locations.
The main challenge faced by Coinstar was its requirement for specialist equipment and machinery to collect and process a large volume and weight of coins on a regular basis. The business could not operate without a third-party collection service with the appropriate vehicles to transport the coin volumes across the UK.
In addition, Coinstar uses third-party contractors to process the coins in terms of counting and reconciliation, a task not to be taken lightly given the quantity of coins, and the spread of kiosks across the country.
Loomis has been the chosen service provider for Coinstar from the outset and the challenges became more apparent as the company added more sites and kiosks.
As the volumes of coin grew, specialist vehicles and counting equipment were required. Loomis recognised the opportunity to grow with Coinstar and invested in specialist HGVs and equipment to service the high volume of coinage. Today Loomis services 70% of the Coinstar estate in terms of coin collection and processes 96% of this coinage in branches at key locations across the UK.
Mitigation of risks due to robbery and injuries
Loomis made significant investments in specialist transport equipment, wich reduced the burden on Coinstar employees. Specialised equipment also reduces accidents and injuries, which protect Coinstar and Loomis employees.
Increased profits by reducing costs linked to inefficient cash handling processes and cash shrinkage
Loomis’s unprecedented investment in specialist coin-counting equipment based on its desire to grow in lockstep with Coinstar has prevented inefficiencies and shrinkage in a cash handling process involving the processing of huge volumes of coinage, proving mutually beneficial to both companies.
Streamlined account management and reconciliation
By partnering so closely with Loomis for both Cash in Transit and Cash Managementservices, Coinstar benefits from simplified account management and easy reconciliation. Particularly important for a company relying on a third-party contractor, Loomis’s responsive support service provides Coinstar with a detailed view of its business.
“Loomis has been a great service provider who genuinely listen to requests and always work together in partnership to overcome any requirements that may arise”
Managing Director Coinstar
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