How Do You Open A Check Cashing Store?
In exchange for a fee, check cashing stores provide financial services such as check cashing, bill payment, money transfers and payday loans. Federal and state laws regulate the check cashing business. Opening a check cashing store can be profitable with a detailed business plan and funding. Research the state and federal regulations on check cashing stores. States determine the interest rate you may charge to cash a check. Rates often vary according to the type of check being cashed, such as a Social Security disability check or income tax check. Write a business plan. Research check cashing operations, such as using the proper accounting software and point-of-sale computers. Contact the Small Business Administration about business advice and funding information. Decide if you wan to to open an independent store or buy a franchise. Talk to existing check cashing store owners about the pros and cons of owning this type of business. Find a location in a safe high-visibility area where c
