We have the answers if you’re considering a CheckBoxx system.
It’s a win-win for your business and your customers.
- 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.
- 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.
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.
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.
- 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.
- 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.
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.
- 50% are Caucasian
- 25% Hispanic
- 20% African-American
- Average Income is $30,000
- 40% earn over $40,000
- 33% are College Grads
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.