How to Increase Storefront Foot Traffic with Check Cashing & Alternative Financial Services
As they say, everything old is new again. The corner store concept is making a resurgence as our pace of life quickens. People need convenience options in all areas of their lives and those stores that offer more of them have the biggest opportunities to thrive.
One of the strongest ways to improve foot traffic and open up additional revenue streams is offering more financial services for your customers. Think about the activity your ATM achieves.
Technology now makes it possible to allow corner stores to move beyond and offer check cashing, bill paying, money transfers, money orders, installment loans through referral (zero risk to the merchant), phone topup, debit card selling and reloading, and more to a group of customers that are looking for faster ways to take care of these day-to-day chores and are willing to pay for the luxury.
Why Add Financial Services to Your Business?
Stores striving to reach more of the lucrative millennial market need to look to adding financial services as well. A recent Accenture report looked at alternative banking and how it is viewed across demographics found that overall 72 percent of consumers age 18 to 34 would be “likely” or “very likely” to bank with places they already do business with if they offered banking services. Even older customers, 55 percent of those age 35 to 54, and 27 percent of those ages 55 and older said the same.
Once customers know you offer these services, they remember you as a go to for quick financial assistance. And, once they sample your offerings, you bring in not just transaction fee income, but you create data touch points with your customers that allow you to get to know them in new, deeper ways. Just to give you an idea of the potential, for every 350 checks, you can make $4,000 in profits off of the transactions.
We, at Digital Currency Systems, have developed our alternative financial service hardware and software systems, which are derived from over 50 consecutive years of experience. We started with a string of owned and managed check cashing locations in Northern Illinois. We saw the benefits of automating our processes early on and have developed processes that have made standard industry procedures simpler, stronger and more secure.
We offer a turnkey solution to retailers that want to add these lucrative banking products to their stores. Our DCS Automated Teller System completely systematizes store operation from maintenance, to inventory, to supervision. It integrates effectively with your current infrastructure, and because we offer the only app based system available to MSB’s in the industry, your POS and transaction management can be customized to fit your unique needs.
Additionally, our systems offer an even better way to deal with the influx of cash exchanging hands. With our systems, merchants are easily able to limit the amount of cash used to conduct transactions by dispersing funds the customer is to receive to a prepaid card that can be used after issuing to purchase product in your stores or withdraw the cash they may need at your ATM!
All these transactions can be easily incorporated into your existing service counter where your existing staff is already positioned at today.
What to Consider Before You Take the Leap
Adding services to your existing locations is a big decision. As we have grown our business, we have learned what works. As you delve deeper to see if adding financial services is right for your stores, here are some things we offer that you will want to keep in mind:
- Complete Inventory Tracking and Cash Management
- Create Daily Sheets for Tellers and the Store
- An easy to use Friendly Graphical Interface that effectively guides your employees through the transaction process
- Comprehensive Reporting Capabilities
- Seamless Integration of Cashing Plastic™ + Pay-By-Debit, Pre-Paid Phone, and More
- Loyalty Program with Great Benefits for Merchants
- Integrated and Centrally Managed MSB Compliance (Patriot Act and BSA Reporting)
- Data Shared Throughout Organization Real-Time via DDX Server
We know that it takes more than technology to provide solutions. We are a hands on company that offers unparalleled support to our clients.
We invite you to contact us and learn how our personalized solutions can bring you new business and allow you to create new relationships with your current customers.