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News

Demand for fast, secure check-cashing propels cashworks growth

AZDEL : 29 March, 2006  (Company News)
CashWorks, Inc., a GE Consumer Finance company and leading provider of automated check-cashing and prepaid solutions, announced today it is now operating in more than 3,100 locations nationwide, a 15 percent increase since mid-September.
'80 million underserved Americans are looking for a place to cash their payroll or government-issued checks, or pay their bills,' said Will Sowell, general manager of CashWorks. 'There is an incredible need in this segment for the most fundamental financial services. This pent-up demand is what's fueling CashWorks' rapid growth.'

The CashWorks program provides the unique ability to quickly approve new customers for check-cashing and bill payment. Easy-to-use kiosks provide users step-by-step instructions. CashWorks' Central Decision Engine(R) a proprietary software and system, can approve transactions for first-time users in minutes. Once a customer is enrolled, transactions typically take less than a minute. The system uses PayPort POS technology, created by CashWorks.

According to research conducted by CashWorks, 81 percent of consumers using the service for the first time say they will return to the same location to cash checks in the future, and more than 60 percent of users are repeat customers. 'The basic financial service needs of our customers brings them back time and time again,' said Sowell.

In some applications, customers receive cash. Another application is CashWorks card-based solution. Instead of cash, customers receive their funds on a CashWorks prepaid debit card. Customers then have the flexibility to convert all or a portion of their funds immediately to cash at an ATM. Balances can also be kept safely on the card, avoiding the need to carry large amounts of cash. CashWorks cardholders can access their funds at ATM's, as well as use the card for store purchases anywhere that has PIN-based debit capabilities.

Another factor contributing to CashWorks' accelerated growth is its ability to operate nationwide. In September, regulatory approval was granted allowing CashWorks, Inc. to become an operating subsidiary of federal savings bank GE Capital Consumer Card Co.

The approval, issued by the Office of Thrift Supervision, has enabled expansion of the CashWorks' operating region to all 50 states. 'This is especially important to partners with either national or large regional service areas who want to offer check cashing products in a number of different states,' said Sowell. 'It gives CashWorks and its partners a distinct advantage over the competition.'
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