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12 Best Cash Checking Franchises [Cost, Fees]

Do you want to start a cash checking business by buying a franchise? If YES, here are 10 best cash checking Franchise opportunities for sale and their cost. Almost everyone, at one time or another, has come up a little short when they needed to pay a bill or meet some other financial obligation.

For some people, services like cash checking and payday advances can be an acceptable option to deal with this dilemma, but they come with hefty fees and other considerations.

What is Cash Checking?

Cash checking or check cashing is a more traditional form of very short term loan. Some institutions will allow you to write a check to that entity and receive cash. This is a throw back to a time when more transactions took place at the register via check. The more modern equivalent is the free cash option when buying with a debit card.

According to the Federal Deposit Insurance Corporation (FDIC), 20 percent of American households don’t have a bank account or they choose to use alternate methods to get their pay checks cashed, including check-cashing services.

These businesses generate revenue and profit from charging customers for the services they render. Fees get calculated based on the amount of the check, the likelihood of it being genuine, and on the overall risk of the transaction.

However, businesses in this financial sector are always striving to avoid as much risk as possible. Business management trains employees specifically on how to spot fraudulent transactions, and also how to watch for and identify potential scams.

Employees are taught to start by verifying each customer’s identification. Customers also need to give contact information, and some check-cashing spots require a photograph of each customer before cashing their check.

Employees are then expected to scrutinize the check in various ways to make sure it’s not counterfeit or forged. They may even call the issuing bank or employer unless the check was issued by a known reputable entity such as the Internal Revenue Service.

How Do Cash Checking Businesses Make Money?

Employees will also assess the risk associated with cashing the check, and once it passes scrutiny, the employee updates the customer on how much they’ll give in cash, and what they’ll charge in fees. A lot of check-cashing services in the United States won’t honour personal checks, and even checks for small amounts get hit with fees that equal a substantial percentage of the check’s face-value.

For a check made out for $1,000, for instance, a check-cashing service might charge a flat fee of $5, plus a 1 percent fee on the total amount, for a total of $15. Normally, fees range from .5 percent to 5 percent, and they may even depend on state and local laws, as well as the type of check and the amount of the check.

Due to the amount of risks and regulations involved in starting and running this business, acquiring a franchise might be the ideal route into this financial sector. Large sums of money run through check-cashing services, and the U.S. Department of the Treasury imposes strict regulations on these types of businesses.

The owner of the business must register with the Department of the Treasury, and provide information to its Financial Crimes Enforcement Network (FinCEN). Businesses must renew their registration every two years, or they may face possible civil and criminal penalties. If you are considering the franchise route, below are top cash checking franchises to look into.

12 Best Cash Checking Franchise Opportunities and Their Cost

1. ACE Cash Express

  • Total Investment: $141,650 – $282,850

ACE Cash Express, Inc., headquartered in Irving, Texas, is the biggest owner, operator and franchiser of check cashing stores in the United States. ACE provides a wide range of financial services and is the biggest provider of MoneyGram wire transfer transactions.

Note that the variety of products and services offered by this company include money orders, small consumer loans (where applicable), bill payment services, prepaid local and long distance telecommunication services, and other ancillary products.

As of June 2005, ACE had 104 franchise owners operating 229 locations. Together with 1142 company owned stores across 37 states and the District of Columbia, ACE operates twice as many retail centres as our nearest competitor.

2. Quick Cash Franchise

Financial Requirements

  • Initial Franchise Fee: $20,000
  • Total Investment: $20,000 – $30,000
  • Net Worth Required: $200,000
  • Working Capital:$100,000

Quick Cash over the years have proven to be a key provider of cash advances, check cashing, wire transfers, auto title loans and many other products. Coupled with the lowest initial investment in the industry, Quick Cash provides a tremendous amount of support and guidance throughout your tenure as a Quick Cash franchisee.

3. Payroll Corp

Financial Requirements

  • Initial Franchise Fee: $10,000 – $10,000
  • Initial Investment: $68,800 – $328,000
  • Net-worth Requirement: $200,000
  • Liquid Cash Requirement: $75,000
  • Ongoing Royalty Fee: 10%

Founded in 1988 in Amarillo, Texas, this company offers check-cashing and loan services to customers who didn’t have checking accounts. In over 20 years, this company has offered franchises and have grown to become an affiliate of Cash America, and today in addition to check cashing, Mr. Payroll locations also offer bill payments, title loans money orders, money transfers and pre-paid debit cards.

4. Money Direct

Money Direct is better known as a cheque cashing franchise that offers other related financial services. The company cashes payroll, personal, government, US, traveller cheques, money orders, bank drafts and so much more. With a well known reputed friendly customer service team, clients can always send or receive money from over 200 countries worldwide, and they are still expanding. Money Direct also provide Western Union Money Orders too as part of their services.

Financial Requirements

Not available

5. FastBucks

Financial Requirements

  • Initial Franchise fee: $27,500
  • Liquid capital required: $125,000
  • Total Investment: $125,000 – $150,000

FastBucks offers cash advances and small unsecured loan services, which allow customers to borrow against future pay checks for emergencies or other short-term cash needs. FastBucks secret to success is simple: they focus on what they do best, and that is helping people with short term financial needs. Their position as one of the industry leaders is reputed to be as a result of their state-of-the-art software and superior customer service.

6. Crown & Gleeson Business Finance

Financial Requirements

  • Initial Franchise fee: $15,000
  • Liquid capital required: $250,000
  • Total Investment: $143,200 – $279,100

Crown and Gleeson Business Finance specialise in short term Finance for Businesses and Investors. The loans are secured, primarily by Real Estate with funds being available to borrowers within two hours of receiving an application. Crown and Gleeson Business Finance have franchises throughout Queensland and are currently expanding into the United States market.

7. Money Money

Money Money offers a streamlined Business model designed to drive the success of its partners and clients. As an alternative to big banks, they specialize in Payday Loans and check Cashing. With a proven business model founded through considerable market research, their franchisees become a significant part of a dynamic organization that’s committed to growth and the community.

They also offer their franchisees full operational support, complete with in-depth training and site selection help. In addition, franchises benefit from advertising and marketing support, as well as the leadership of a corporate management team that’s highly knowledgeable and making strides in the industry.

Financial Requirements

Not available

8. Rapid Cash Advance

Financial Requirements

  • Initial Franchise fee: $28,500
  • Total investment: $111,950 to $236,617

Since being an alternative lender for borrowers with blemished credit, Rapid Cash Advance offers short term solutions that provide very high rates of return on an annualized basis. Rapid Cash Advance also offers additional loan products such as personal loans and title loans for customers who have already taken out a payday loan but who need additional finances.

Whether this is the first business you have owned or you are adding this franchise to a portfolio of other businesses, Rapid Cash Advance’s training program will get you up and running and keep you focused on the activities that will make your business successful.

9. Cash-X

Financial Requirements

  • Initial Franchise Fee: $25,000 to $50,000
  • Initial Investment: $50,000

Cash-X is a unique loan service franchise that offers unique systems and technological advantages in the marketplace. Cash-X is the leader in E-lending, utilizing low overhead methods of distribution and robust technology to gain strategic advantages. The company offer financial services that include fast payday loans, check cashing, cash advances, credit repairing, title loans, and many more.

10. Family Financial Centres

Financial Requirements

  • Initial Franchise Fee: $3,500 – $40,500
  • Initial Investment: $18,500 – $307,010
  • Net-worth Requirement: $500,000 – $1,000,000
  • Liquid Cash Requirement: $60,000 – $1,000,000

Family Financial Centres is a company focused on raising the standard for alternative financial service providers both for product offerings and the way they are delivered to the market. Family Financial Centres provides the systems, ambience and professionalism of a traditional bank and they are conveniently located very near their customers.

Family Financial Centres is fully automated with systems that keep the average transaction time down to just a few minutes, thus allowing customers to have all of their financial needs taken care of conveniently and efficiently, in an environment that is upbeat, professional and friendly.

11. Cash Plus, Inc.

Financial Requirements

  • Franchise fee: $22,500
  • Liquid capital required: $50,000
  • Net worth required: $200,000
  • Total Investment: $124,000 – $204,000

Cash Plus Inc. is a retail financial service centre that provides check cashing, payday advances, money orders, auto title loans, wire transfers and other convenience products and services. Note that this franchise is easy to operate, quick to start, and very affordable.

Cash Plus franchise owners operate attractive retail facilities in nice neighbourhoods during normal business hours. Many franchisees own a multiple stores. Cash Plus’ retail business system is a proven system for getting your Cash Plus business open and operating efficiently. You will receive comprehensive training, manuals, marketing and support by real people.

12. Check Express

Check Express is a financial services company that offers Payday loans and check cashing component complete with a check cashing software. Check Express is a Licensing Agreement whereby you purchase their technology and “know how”. You do not pay any royalties which would result in increased net profits for yourself.

You only pay a small monthly maintenance fee which covers the hosting of your website, the use of the CSR Trust Vault, support all technical updates to your payday loan & check cashing software and website; and the use of their state of the art Trust Vault that you will use for logging each daily transaction, accounting, collections, communications and as a contact management tool.

Financial Requirements

  • Not available