Q If we start with CASH RECYCLE are we then tied to them?.
A No you are not. If you find a better arrangement you are free to leave and take your valuable client base with you. After all it was you that built up your business and your client base will have a considerable "goodwill" value. Many of our competitors have restricting clauses which will limit or even pass the "goodwill" value to them. Beware of the small print in their agreements!
Q Do you guarantee that the cheques will be paid by the Drawers bank.
A No we don't, No one can! But we can offer insurance against bad debt.
Q Will all cheques that legally belong to the Payee be cashed?
A No not all. If a giro cheque can be cashed for free at a Post Office then we will not cash it. Also some cheques will not pass our screening system even though they may well be good. We can only cash these after they have been specially cleared.
Q How will my business grow?
A See the graph which gives the figures for our business. We can't guarantee you will perform better than us. But we can say you will have our support and know-how. If you know nothing about cashing third party cheques then you had the same knowledge that we had in 1999! Please note some of our agents Cash significantly higher volumes of cheques than we do. So you could easily outperform our figures.
Q What is a Pay Day Advance that many cheque cashers offer?
A Pay Day Advance is the name given to service when a Payees personnel cheque is cashed for a fee. An agreement is made not to present the cheque to the Payees bank until a certain date. Normally within 28 days. The Payee may purchase the cheque, for its face value, at any time until it is banked on the agreed date. You should be aware that the banks are not prepared to guarantee a cheque that has been cashed unless it is presented within three banking days. (see APACS in the Referance Page). Despite this many cheque cashers still offer this service.
Q Does CASH RECYCLE provide a Pay Day Advance Service?
A We did. Infact it was how we got started cheque cashing. Now that the banks take a dim view of Pay Day Advance we only cash cheques in the 3 day limit. This has more to do with our own relationship with our bank rather than anything else. If you are interested in Pay Day Advance we can show you what we used to do, but we would take no part in any service you offered.