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Bill Payment Services: Getting Started

November 15, 2010

Walk-in bill payment services are a great way for retailers to expand their financial service product offering; while building consumer loyalty and earning monthly commissions.  Here’s a quick primer on what bill pay is and how you can start offering it! What is walk-in bill pay? With walk-in bill pay; you are offering your customers [...]

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Velocity: What is it and how it can help protect your business from fraud

November 1, 2010

What is Velocity in relation to check cashing? Velocity refers to the number of checks received and the dollar amount of those checks over a given period of time. Customer Velocity is related to the volume for a specific customer, regardless of what bank account their checks are drawn upon. Maker Velocity refers to the [...]

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Hispanic Retail 360 Summit to Feature AllTrust Networks

August 6, 2010

I’ll be speaking at the Hispanic Retail 360 conference, on Monday, August 9, covering “Using Alternative Financial Services to Reach Hispanic Consumers.” The talk will provide information in the following areas: Overview of the unbanked/underbanked market and why there is a demand for alternative financial services (AFS). An overview of the key AFS, to include [...]

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Biometrics: Verification vs. Identification

July 14, 2010

When dealing with biometrics, there are two types of matching to consider, verification and identification. Verification – A one-to-one comparison (1:1) of a biometric for a person for whom you wish to verify. Identification – A one-to-many comparison (1:N) of a biometric against a biometric database in attempt to identify an unknown individual. Verification equates [...]

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Using Fingerprint Technology in Check Cashing

July 6, 2010

Fingerprints have been used in check cashing for a long time. From the very basic – using ink to capture the customers fingerprint image on the back of the check; to the advanced – instantly identifying an individual by their fingerprint. But are biometrics necessary? The Power of Biometrics Here’s a short list of reasons [...]

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DC check cashers: Are you feeling the pinch?

June 4, 2010

In April this year, the Bank On DC initiative was launched to help underbanked get bank accounts.  Now, the Washington Examiner reports that Ward 3 Councilwoman Mary Cheh is proposing legislation that would limit how much check cashing companies can charge per transaction. New legislation would limit fees to 2% of all check or $4, [...]

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April Check Cashing down 2% from 2009

June 2, 2010

The number of check cashing transactions was down 2% in April 2010 vs. April 2009 for comparable stores within the AllTrust Network. The trend of comps has been improving throughout 2010, as seen in the graph below. May data with additional commentary will be published around June 10. How is your volume vs. last year?  [...]

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10 Things to Know When Cashing 3rd-Party Checks

May 19, 2010

As a money services business you need to be aware of the federal government regulations surrounding money services. If you are not, you may be putting your business at risk by not fully complying with the law. Here are ten things that retailers should be aware of if they are cashing third party checks and/or [...]

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Foreign IDs and Check Cashing: The Inside Scoop on Risk

April 27, 2010

In a previous article, I showed how foreign IDs make up a substantial portion of the check cashing market.  In much of the West and South, you’re missing out on opportunity if you don’t accept foreign IDs for check cashing. The next logical question is “what about risk?”  It’s great to cash more checks, but [...]

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4 Tips to Pick a Prepaid Card Provider

April 20, 2010

Second in a series.   See also 5 Reasons to Offer Reloadable Prepaid Cards Once you’re interested in offering a reloadable prepaid card to your customers (See 5  Reasons to Offer Reloadable Prepaid Cards if you want to know why), you need to go through the process of choosing a provider.   There’s no universal right and [...]

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