Check Cashing Industry, “The Future Is Now”



In our enterprise, the query this is constantly being requested is “What is the destiny for this commercial enterprise?” It’s a question that not often gets a definitive solution. I have come to comprehend the limitless capacity that it has. I actually have additionally found out that there are some hindrances that should be conquer if this capacity is to be realized.

When I commenced as a first-rate government for the opportunity economic offerings marketplace, the industry had a totally one of a kind outlook than maximum carrier-based totally organizations. There turned into a prevailing mind-set which you did no longer must put it up for sale and that proper customer support became not as vital as in other retail settings. I without delay took difficulty with those assumptions as our enterprise is no special than every other provider-primarily based retail enterprise. The equal regulations practice, despite the fact that many nevertheless disagree with that premise.

Some, on the other hand, are seeing the need for professional searching places, professional searching personnel and a much wider variety of services and products. They additionally recognize the want to marketplace thru a whole lot of advertising motors, such as TV and radio, together with print. What once seemed out of the norm is now being extra with no trouble typical as vitally necessary for increase. Many operators are going beyond advertising and marketing and are understanding and embracing the concept and value of branding.

Yet many do now not, and this is in which the slippery slope begins. As long because the giant majority of test cashers grasp to the antique ways of doing enterprise, the enterprise could be not able to reinvent itself and transition to actual opportunity financial provider facilities. As lengthy as operators continue to provide offerings that lessen their vicinity to a sundry shop, they’ll continue on a downward slide. It is obvious that usual exchange is needed. FISCA, the enterprise’s alternate association, is beginning to see the want for these changes. But what they cannot do is mandate, implement and execute the wished modifications that individual operators ought to make. And it really is a massive hassle. As lengthy as the bulk of test cashers refuse to transition their shops into genuine economic service centers, the industry will by no means development or even experience desirable approximately itself.

At the FISCA conference some years ago, a member of the association’s executive board instructed the overall session that he did not feel comfortable telling his pals and friends what he did for a dwelling! Here is a person at the reducing fringe of the enterprise and he’s embarrassed to speak approximately it in his community.

Just why is that? It is because for every operator who has a professional searching facility, well-skilled and professionally attired personnel, and who is advertising and marketing his services, there are 50 who do now not! Even worse, they’re no longer even making an try to make the essential modifications.

Change is very tough. So many on this industry have performed the equal things for so long and were so financially a success that they do not see the want. But how can we anticipate others to appreciate and understand what we do if we do not appreciate ourselves?