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NEW BILL PAYMENT AND CHECK CASHING KIOSK EXPECTED TO DRIVE INCREASED STORE TRAFFIC AND SALES
The CashWorks bill payment feature gives convenience, grocery, and big box stores the ability to provide a risk-free, income-generating service. Customers, including those with cash but not a CashWorks card, can pay bills to more than 4,400 companies including utilities, cable, and phone service providers. The check-cashing and bill payment mini-kiosk is launching at 34 QuikTrip convenience store locations in Wichita, Kan. Research shows 65 million underserved Americans lack fundamental financial services. "Our easy-to-use kiosks provide users step-by-step instructions," says Will Sowell, CashWorks general manager. "The CashWorks mini-kiosk provides a safe, convenient, competitively-priced way for consumers to cash payroll or government-issued checks, and now, to pay their bills as well. We are excited to partner with a top-tier retailer like QuikTrip and to bring needed financial services to their customers." The mini-kiosk platform is in addition to the CashWorks PayPort Point-of-Sale system, which currently provides all day, every day check-cashing convenience to 800,000 customers at 3,000 locations in 41 states. The CashWorks program provides the unique ability to quickly approve new customers for check-cashing and bill payment. The CashWorks Central Decision Engine(R) a proprietary software 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. "We've known for some time check cashing and bill payment were services we wanted to provide," says Paula Cotten, vice president of finance and treasurer, QuikTrip. "In our search for a company with deep roots in customer service and quality, we found CashWorks. We asked them to work with us on a solution, not sell us their package. They delivered the mini-kiosk with both check cashing and bill payment options." According to research conducted by CashWorks, 45 percent of consumers who use the CashWorks check-cashing service make purchases on the spot. The survey also shows 81 percent say they will return to the same convenience store for service in the future. In some applications, customers receive cash. But CashWorks also offers a 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 FDIC-insured funds at ATMs as well as use the card for store purchases anywhere that has PIN-based debit capabilities. CashWorks is an operating subsidiary of federal savings bank GE Money Bank, which has enabled expansion of the CashWorks' operating region to all 50 states.
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