We have the answers if you’re considering a CheckBoxx system.

It’s a win-win for your business and your customers.

Since the mid-90s, Americans have cashed checks at Alternative Financial Services (AFS) companies rather than and in addition to banks. Initially, only a small percentage used AFS locations. But that has changed dramatically. In 2013, the FDIC published a report for the year 2012 that showed:

  • 68 million Americans cashed checks at AFS locations
  • Over $55B dollars of checks were cashed
  • Over 128,000,000 checks processed
  • AFS companies earned over $1.6B in fees

We’re not coming to you with some crazy idea or unproven market. The facts above sufficiently beg your attention. The market is established and profitable, though fractured. It needs a big change – and automation is the answer. What our CheckBoxx system represents is a fundamental change in the way check cashing is accomplished, that is, the elimination of employee involvement, customer service counters, high overhead and risk associated with prevalent fraud and uncollectible checks. CheckBoxx kiosks represent the same change for the AFS industry. From a simple-to-use touch screen, consumers can easily cash checks of any type and take out cash advance loans with no employee interaction.

CheckBoxx kiosks:

  • Are fully automated, self serve systems
  • Eliminate the need for a check cashing clerk
  • Eliminate customers standing at checkout counters
  • Offer today’s time-starved consumers the ability to obtain their funds in less than 60 seconds!
  • Secure customer privacy
  • Generate Revenue for your store through fees and increased in-store product sales from your new check cashing customers

Today’s consumers are time-starved. They need fast access to their money. Standing in line waiting for someone to help them is painful as they think about being late for work, school, picking up someone, getting dinner made, whatever. The check cashing industry is intensely competitive but CheckBoxx has the sustainable competitive advantage – automation.

The retail price of a CheckBoxx kiosk system is $35,000 and is all inclusive with delivery, set-up by CheckBoxx technicians and training. There are 2 ways to start using CheckBoxx in your location: 1) We own and operate or 2) You own and operate. For a complete description and further details on these options, visit our pricing page.
The amount of money you earn from fees depends on the size of your market, store location, and marketing efforts. Stores that do check cashing manually find they have to pay employees, set aside valuable retail floor space and make a significant effort to learn and stay up-to-date on local, state and federal regulations.

For example, a location in Beford, Ohio has a three year history using our automated system. They actively promote check cashing through mailers, direct door programs and flyers, utilizing signage, giveaways and more. As of 2014, this location cashed an average of $1.16M in checks each month and earned over $18,700 in fees, less the electricity and internet connection costs.

Remember, CheckBoxx requires no people, has no major overhead and needs only 6 square feet. Plus, all local, state and federal regulations and requirements are built-in to the software. You are always guaranteed to be compliant, including FinCEN reporting.

You’ll need to sign a Purchase Agreement, pay the required down payment if you decide to buy outright or lease, complete a lease application if leasing, and we start the process. Your sales consultant will detail the process of getting a license from your State – all system owners must be licensed. We get your bank account information and assist in setting up for Check21 provisions to allow checks to be automatically deposited to your account. The CheckBoxx system is then programmed for your information and packaged for shipment to you.

While we’re doing that, you’ll need to get an electrical outlet established where the kiosk will be located. It requires a 110V, 15 AMP service – a dedicated line is preferred but not essential for operation. You also need to have Internet access for the CheckBoxx system – preferably high speed and wireless. Lastly, you need to set aside about 6 square feet of space with access for users to conduct transactions and some space for servicing the system if needed.

When CheckBoxx arrives, our technician will install it, test it and then demonstrate to you all of its features and the computer dashboard portal so you can get reports whenever, wherever you are. The dashboard portal is password protected for you and will give you listing of checks cashed, amounts, fees earned – these can be done by the day, week, month or any custom-period you choose. The portal also shows you (at any time of the day or night) exactly how much cash is in the kiosk and the quantities of various denominations of currency.

Every CheckBoxx system has a built-in advertising module that’s simple to program. While the customer is cashing his/her check, they can be offered “teasers” on screen and their receipt, like today’s special, or some loss-leader or special promotion. We can also offer a point-of-sale advertising system on the kiosk itself to further enhance your opportunity. Historically, we find 25% of CheckBoxx users remain in the store after cashing a check. These are prime customers to sell your store goods. With some clever ads, you can easily increase that number beyond the 25% creating more revenue and profits from in-store sales.
That’s right, no bad checks, no fraud to worry about, no loss of profits – ever! Here’s how. CheckBoxx contains a risk management algorithm that analyzes each check presented. The customer scans his check into the kiosk and within seconds, CheckBoxx compares signatures, company, check style, paper, color, and ink.

Next, the check is compared against national databases:

  • Terrorist lists from the U.S. government
  • Name verification services
  • State databases of bad checks
  • Driver’s License bureau
  • Our in-house database

From all these sources, CheckBoxx makes a determination. Suspicious accounts are routed to manual override service reps for further examination. It all takes place in seconds through our proprietary central server system (this is where the high-speed internet connection comes in). The customer is in and out in less than 60 seconds.

Of course, there’s always someone trying to beat the system, and some succeed. But we are so confident in our ability to eliminate fraud that we guarantee every check approved by CheckBoxx. If you purchase a CheckBoxx system and fall victim to fraud, we reimburse you fully. You will never lose money because of fraud. We are so confident of CheckBoxx’s programming, that we FULLY GUARANTEE you for every check that is cashed. If a check does go bad, we refund to your account the entire check amount, any bank fees you may incur and accept 100% responsibility for collections. Without CheckBoxx’s guarantee, one or two losses could cost you thousands of dollars.
In a word, yes! CheckBoxx has compliance with government and regulatory agencies for the Bank Secrecy Act pre-programmed.

  • CTR Report – Records cash transactions in excess of $10,000. Reports contain name, address, SSN, date of birth, transaction date, amount, serial number of transaction and type of transaction.
  • SAR Report – Reports to FinCEN suspicious activity, e.g., frequent cash withdrawals in short period of time or structuring of withdrawals.
  • SDN Report – Checks payee and maker of a check against a special designated list from Homeland Security and reports issues to system owner.
Unlike many check cashing systems and companies, CheckBoxx cashes all types of checks, not just payroll.

Check types accepted and associated fees chart graphic

Being able to process a variety of checks represents big competitive advantage over typical, manual-run stores that generally won’t cash:

  • Payroll checks in excess of $1,500
  • Business-to-business checks
  • Personal checks
  • Money Orders

All these represent a potential risk to check cashers – but not to you if you have a CheckBoxx system. CheckBoxx will cash them all. And, remember, no matter what type of check is presented, our GUARANTEE of no bad checks assures you of no losses.

It’s a win-win for your store and your customers.

Look in the mirror – you could easily be a potential CheckBoxx user. It has little to do with race, sex, income, occupation, location, marital status, or even age. More and more, people are moving away from banks for check cashing. Let’s explain: More than 43% of the unbanked do not have bank accounts because they no longer feel it is necessary to have one. Others struggle with the minimum balance requirements or would rather pay one fee to cash their check and not have to worry about excessive NSF fees. They are of all races, equally divided between men and women. They have been steadily employed at the same job for more than two years and tend to rent rather than own homes.

Why don't they have checking accounts? graphic

  • 50% are Caucasian
  • 25% Hispanic
  • 20% African-American
  • Average Income is $30,000
  • 40% earn over $40,000
  • 33% are College Grads
One of the largest segments of the AFS market is the millennials, that is, the generation born after 1981. Millennials are the generation that will shape our economy for decades to come. The challenges their generation faces offer opportunity as well. Digital literacy is among their strongest traits and their push for social media connectivity provides the best avenues for our company to grow by serving this market segment more fully.

For example, millennials search and locate products and services online. Once they have tried a product or visited a store, they are very apt to rate and recommend it online to friends.

We highly recommend you have an online site devoted to check cashing, provide incentives for customers to recommend family and friends, and to make local search engine optimization a priority.

Each CheckBoxx is backed by a one-year hardware warranty and a five-year software warranty which includes all updates at no cost.

Any other questions?