|
|
|
Check Cashing Kiosk Solutions
Question: We are a small thrift operating in New Jersey. A couple of our branches are located in areas with large Hispanic populations that do a lot of payday check cashing. Are there any affordable kiosk solutions out there for check cashing?
Answer: First off, congratulations for reaching the right conclusion: Regardless of any regulatory shakeout, it makes good business sense to perform this service for your merchant clients and their employees.
On the affordability question, it is hard to answer without knowing how many branches are impacted, integration requirements, et cetera. But aggregators are now coming to market (using solutions from companies like us) that provide turnkey services for check-cashing. The ROI for this approach may be better if we are talking about just a handful of stations.
Something else to keep in mind: Under-banked Hispanics conduct many other in-person transactions such as bill payments and international wire transfers, and they are willing to pay for these services. Versatile, multi-lingual kiosks could provide you with new revenue streams, and who wouldn't want to increase retail traffic with this fast growing demographic group?
Source Technologies
Founded in 1986, Source Technologies provides integrated solutions for managing financial transactions and other secure business processes. Products include MICR printers and consumables, secure disbursement software, and the groundbreaking concourse™ self-service banking kiosks. Source Technologies has created over $400 million in economic value for customers in the last ten years.
First published on BankersOnline.com 2/7/05
Privacy Policy Disclaimer Recommend This Site ! Contact Us
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
|
|
|
|
Print Friendly!
Email This Article!
Discuss NOW!