Check Cashing in 2005

John Harte Check Cashing in 2005

By John Harte

Back in 1996 I got into check cashing and started with one store. Our filing system for customers was a 3 x 5 index file card, which I alphabetically filed in a large cabinet. As time went on, the file grew to over 4,000 cards. It was getting to be a chore to take out cards when I did not know a customer or a maker. Updating these cards became increasingly difficult if one of my employees took out a card and did not put the customer card back in alphabetical order. Around 1999 I purchased a POS system for 2 stores. The system had check scanners for each teller, which read the MICR line only on a check. It also kept the customer’s file in alphabetical order with their picture and transaction history. Let me tell you, it was the best money that I ever spent. My employees loved it. Not realizing at the time, the Patriot Act which took affect in 2001, my POS system made me compliant with the Act. Many check cashers today don’t understand the Patriot Act and how it affects their business.

Today I work for Family Financial Centers which is a franchise check cashing / payday loan company. I sold my stores in 2004 because I wanted a change from the daily grind of running 3 stores 6 days per week. One of my first projects with Family Financial Centers was to select a POS system. Since I used a POS system for 5 years, I felt very comfortable picking out a system. Some of the features that I was looking for in a POS system was check scanning ability, customer file with picture, and many other bells and whistles. But more important was having a system that will work with multiple stores and deal with compliance issues. I spent almost 3 weeks looking at POS systems that deal with check cashing and payday loan in one system. It is clear to me that the Answer’s Etc. is the best. This company offers a great POS system that I recommend to anyone who is looking for a POS system for this industry.

If you are a storeowner who is looking to get out of the business due to the Patriot Act, compliance issues, banking problems, or you just don’t want to spend the money to computerize your business, Family Financial Centers can help you. Family Financial Centers is looking aggressively to buy chains of stores throughout the United States. Have you thought of selling your business, but don’t want to deal with a broker? Family Financial Centers can evaluate your store or stores and give you a fair price for your check cashing or payday loan business. I understand selling your business is a big decision. I have been there. I took the route with a broker and it was not a good experience. If you are considering or want to sell, please look at Family Financial Centers as a solution. To further investigate Family Financial Centers, please go to www.familyfinancialcenters.com. The website will give you more information with contact information.

About the Author

John Harte is Director of Operations for Family Financial Centers. He has more than 10 years of experience in the check cashing industry. He owned and operated 3 stores for 9 years