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When your check cashing outlet is running smoothly, however, it is all worth it.You become a community center, bringing financial inclusion to those who are excluded from the traditional banking system.And some have graduated to mainstream banking connections," he says.
"There have been a handful of developers of automated check-cashing machines that will begin to influence the industry," says Marion.
These machines decrease operating costs for check cashers, and offer another alternative for consumers to access their finances."These machines also may allow those who don't specialize in financial services -- like 7-Eleven, which is testing the technology in their Texas and Florida stores -- to gain a foothold in the business," says Marion.
-- basically all the high overhead costs of business," Marion explains.
"Partnerships with check cashers allow banks and credit unions to make a profit and meet their obligation under the CRA."Similarly, check cashers benefit from these partnerships because they are able to offer a greater span of services to consumers that they could not do on their own."A second driving trend for the check-cashing industry is the use of technology.
are alternative financial services for the underbanked, the unbanked, and even the fully banked.
These services bridge the gap in access to traditional banking or a gap in available funds.
Operating a check cashing business is a complex endeavor.
When you start your business, you have to choose a location, pick which services to provide, and write a business plan.
The main reasons for the industry's rapid growth include: The check-cashing business is a niche business, says Mike Regimbal.
He is the director of operational support for a large check-cashing company.