In the United States, there are approximately 13,000 check cashing outlets, 11,000 pawn shops, 25 short-term loan stores, and over 467,000 money transfer agents. While the majority of check-cashing outlets are independent storefront operations or small local chains, national chain continue to grow at a fast pace.
According to a study by KPMG there are nearly 100 million Americans that do not have a bank account or don’t fully use their bank accounts, and prefer alternative financial service providers, such as check cashers. Overall, the Center for Financial Services Innovation estimates that U.S. consumers spend more than $13 billion on fees for over 340 million alternative financial services transactions annually.
For fast-growing financial services centers, check scanning is a key way to increase payment efficiency at the counter. By optimizing your check processing footprint, your financial services center can: