If you’re entering the laundromat business with the concept that you’re going to sit on a beach and collect your money–this is a myth. Like most businesses, laundromats aren’t stocks–they are active investments. They require your effort. The great news is there are ways you can use technology and process to reduce the time spent. This will free up your time to work on other opportunities to get to the purest form of “passive income”–retirement.
In the past, managing your laundromat remotely implied self-reflection–do you treasure your limbs or freedom more? You could pay an arm and a leg for a card system or you could be a slave to your store. This changed with the invention of mobile payment technology.
Not all mobile payment technology is equal and I would recommend reading, “Are All Mobile Payment Systems Equal.”
Mobile payment technology combine the advantages of a card system with low-cost. You can purchase a mobile system for as low as $149 for one machine. Or you could do a large store for under $10,000. You can do a laundry room for as little as $300. This makes adding electronic payments to your store or laundry room a no-brainer.