Q How do CASH RECYCLE differ from their competitors
Some of our competitors tie you down with clauses that prohibit you from cashing cheques for a year or so if you leave them. It seems they want to tie you down. We do not. We want you to stay with us because we give you a good service not because we have clever lawyers.
Some of our competitors only guarantee cheques between £100 and £1000. In our business around a sixth of cheques cashed are for £100 or less and a sixth of our business is with cheques £1,000 or above.
Some of our competitor charge high initial fees up to £2,500. We don't charge you any initial fees.
Some of our competitors charge £1,500 just for the software and £300 per day training. Our software is FREE and we provide training.
Some of our competitors require you to fax them the cheque, the entitlement document and the three forms of ID. When they have checked the documents they fax you back with authorisation or otherwise. This can take half an hour or more, and you still don't know if the person cashing the cheque is the person to whom the ID relates to.
We offer different packages so you can choose the one which suits you at any given time.
Q What is the best location or type of business to incorporate a cheque cashing outlet
A We believe you should be based on the ground floor in an area where there is plenty of passing trade. Typically the High Street. But Cheque Cashing can be a valuable add to any business that attracts the public. Cheque Cashers are operating at Insurance Brokers, Post Offices, Garages, Late Convenience Stores etc. In the USA they even have mobile Cheque Cashers that go around factories on Pay Day!
Q How much time is taken to cash a cheque.
A This depends on whether it is the first time or a repeat visit by the customer. A repeat visit will take around two minutes. A first time visit will take around five minutes. So even on £20,000 per week turnover (100 cheques @ £200 each) it will only take a few hours work each week.