Coinstar is a company that knows change is the one constant in life, and in their business. They pioneered self-service coin counting to provide people a convenient and innovative way to convert loose coins into paper cash quickly. Their coin-counting kiosks quickly convert heaps of change into vouchers for cash for consumers who deposit their loose change.
A Coinstar Center accurately counts up to 600 coins per minute. The company charges 8.9 cents per dollar as a fee for their service. It is one many consumers use so they don’t have to take the time and effort to count, sort, and roll their own storehouse of change. When a customer uses their service in a retail store, they get a voucher to redeem for cash at the store checkout, or to apply to their purchases.
Coinstar began in 1991. They are now a multi-national corporation trading on NASDAQ in the Business Equipment industry. Along with their self-service coin counting, Coinstar also provides electronic payment solutions to retailers, and money transfer services and DVD rental services for their many customers.
Coinstar also provides gift cards, prepaid products, skill crane vending machines, and bulk vending machines for the “front of store” needs of retailers. Their customers are supermarkets, drug stores, financial institutions, convenience stores, and restaurants. The company is working to develop new products for the financial institution segment of their business, as they see the potential for growth is this area.
Coinstar E-Payment Services, a subsidiary of Coinstar, Inc., has a set of Coinstar Pay As You Go products. This product set includes prepaid wireless, long distance, gift cards, financial services like prepaid re-loadable and one-time gift debit cards, and more. The company announced in May that these Pay As You Go products and services would be available in TravelCenters of America LLC full-service travel centers.
Coinstar’s goal is to be the world’s premier provider of business solutions for the retailer’s front-end shop. They know change is always in the air in the ultra-competitive business climate they operate in everyday. They hope to continue to change, and count change, for future growth. That’s because they and their shareholders know every penny counts when it comes to being a successful enterprise.
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