Business Summary:
This is a franchised check cashing service offering individuals a way to cash checks. The company is a leader in non-bank check cashing services (money orders, bill pay, wire transfer, etc.) Most of the franchises are located inside convenience and grocery stores. Statistics show that approximately 28% of the population does not have a checking account or any bank relationship making it nearly impossible to cash a paycheck. Other services offered are money order purchase, money wiring service, and utility bill payment. Revenues are generated through fees charged for cashing checks; this rate is set by the franchisee with the rate typically based on a percentage of the check amount. Generally, franchisees can expect the highest volume months between January and April due to added revenues generated by cashing tax refund checks. This franchise has been in operation over 20 years and is innovative in providing support to the franchisees in every facet from training to equipment maintenance.
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| Year
Business was Established: 1980 |
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| Number of Employees:
1FT |
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| Facilities / Terms of Lease:
Kiosk |
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| Potential
Growth/Expansion:
The check cashing business is growing. Statistics show that approximately 28% of the population does not have a checking account or any bank relationship making it nearly impossible to cash a paycheck. |
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| Competition:
Several check cashing services in the area. All seem to be doing well. |
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| Owner
willing to train:
Franchise provides training, product development, marketing, and support. They provide free training classes on an ongoing basis for all employees and owners. |
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| Reason for selling:
Divestiture |
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Seller Reference Number: bm1264968118
BusinessMart.com Listing Number: 73403 |
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