As they assert, everything old is new again. The corner store concept is making a resurgence as our pace of life quickens. People need convenience options altogether in areas of their lives and people stores that provide more of them have the most important opportunities to thrive.
One of the strongest ways to enhance pedestrian traffic and open up additional revenue streams is offering more financial services for your customers. believe the activity your ATM achieves.
Check Cashing Services
Technology now makes it possible to permit corner stores to maneuver beyond and offer check cashing, bill paying, money transfers, money orders, installment loans through referral (zero risk to the merchant), phone top up, open-end credit selling and reloading, and more to a gaggle of consumers that are trying to find faster ways to require care of those day-to-day chores and are willing to buy the posh .
Retail check cashing provides convenience for the buyer by offering vital financial services right where they’re already shopping. Redlining continues to plague low income neighborhoods, leaving them with little or no access to banking services. In neighborhoods where bank branches are scarce (or altogether absent), retail check cashers deliver financial inclusion. When these services are paired with another business, the convenience is doubled.
What Places Cash Checking Services Near Me
The consumers aren’t the sole ones who enjoy retail check cashing! The business owners themselves reap many rewards for offering check cashing services, including: increased pedestrian traffic to their location, improved customer loyalty, and therefore the ability to succeed in individuals who wouldn’t otherwise enter their store. As Amazon edges in on physical retail stores and FinTech companies vie to compete with check cashers, this diversification of services gives retail check cashers a foothold .
Check cashers also are experiencing increased competition from an unlikely source: big banks. Traditional financial institutions are extending check cashing services to non account holders so as to compete with check cashers. Why? It’s no secret that the unbanked and underbanked portion of the population is growing. Many millennials are eschewing traditional bank accounts in favor of Fintech options. Other working adults believe check cashing to bridge the gap between paychecks or buy unexpected expenses.
Convenience store check cashing is perhaps the foremost recognizable sort of retail check cashing today. because the Western Union and BP deal highlights, gasoline station retail check cashing is additionally popular. there’s a standard misconception that the sole people using check cashers are those without bank accounts. this is often far away from the truth! Actually , many of us supplement their traditional banking activity with check cashing services. As a result, retail check cashers are serving a various customer base.
This diverse customer base has one thing in common: they’re using alternative financial services and that they prefer convenience. As a retail check casher, you’re focused on reducing fraud while providing these convenient services to as many purchasers as possible! so as to juggle the stress of your business, it’s vital to possess a true check cashing business checking account . Within the US , many big banks are severing ties with the check cashing industry, terminating the accounts of their check cashing business clients.
Why Add Check Cashing Services to Your Business?
Stores striving to succeed in more of the lucrative millennial market got to look to adding financial services also . A recent Accenture report checked out alternative banking and the way it’s viewed across demographics found that overall 72 percent of consumers age 18 to 34 would be “likely” or “very likely” to bank with places they already do business with if they offered banking services. Even older customers, 55 percent of those age 35 to 54, and 27 percent of those ages 55 and older said an equivalent .
Once customers know you offer these services, they remember you as an attendant for quick financial assistance. And, once they sample your offerings, you usher in not just transaction fee income, but you create data touch points together with your customers that allow you to urge them to understand them in new, deeper ways. Just to offer you a thought of the potential, for each 350 checks, you’ll make $4,000 in profits off of the transactions.
We, at Digital Currency Systems, have developed our alternative financial service hardware and software systems, which are derived from over 50 consecutive years of experience. We started with a string of owned and managed check cashing locations in Northern Illinois. We saw the advantages of automating our processes early and have developed processes that have made standard industry procedures simpler, stronger and safer .
We offer a turnkey solution to retailers that want to feature these lucrative banking products to their stores. Our DCS cash machine System completely systematizes store operation from maintenance, to inventory, to supervision. It integrates effectively together with your current infrastructure, and since we provide the sole app based system available to MSB’s within the industry, your POS and transaction management are often customized to suit your unique needs.
Additionally, our systems offer a good better thanks to the influx of money exchanging hands. With our systems, merchants are easily ready to limit the quantity of money wont to conduct transactions by dispersing funds the customer is to receive to a prepaid card which will be used after issuing to get product in your stores or withdraw the cash they’ll need at your ATM!
All these transactions are often easily incorporated into your existing service counter where your existing staff is already positioned at today.
What to think about Before you’re taking the Leap
Adding services to your existing locations may be a big decision. As we’ve grown our business, we’ve learned what works. As you delve deeper to ascertain if adding financial services is true for your stores, here are some things we provide that you simply will want to stay in mind:
