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Accoscan check cashing

Power Your Business with the AccoScan Check Cashing System

Have you considered starting a check cashing business or adding a check cashing service to your existing business? A lot of businesses that offer financial services such as money transfers, ATM machines, payday loans, photocopying and faxing services, money orders, P.O. Boxes, currency exchange, notary public officers, EBT services, mailing supplies, etc. offer check cashing services as well. If you are considering starting such a business yourself, be sure to power it with the AccoScan Check Cashing System, which is the best check cashing system you can buy.

So, what is check cashing?

Check cashing is a simple enough business. There are a lot of people who have checks made out to them who may not have a bank account or may not have the time for the check to clear. Or maybe the bank is too far from where they are located and they don’t have the time to get to the bank and just want the money to be handed over to them as quickly as possible.

So they head out to a check cashing store. The check cashing store is equipped with the highly sophisticated AccoScan Check Cashing System, which verifies the customer’s identification, asks them to endorse the check and gives them the amount of the check minus a small transaction fee. The check cashing store then deposits the check in its bank account.

What are the advantages of check cashing businesses?

Check cashing businesses offer several advantages to customers which banks and other financial institutions cannot, such as

  1. Multiple financial services — A check cashing business may offer several other services such as money orders, payday loans, money transfers etc.
  2. No queue — Customers don’t have to be in a queue to collect the money due to them.
  3. No holds on the checks — Customers get their money immediately. This is the fastest way to cash a check.
  4. Operates even in non-business hours — Check Cashing businesses are open even when banks are closed.
  5. Low fees — These businesses don’t charge customers too much for their services.

Who visits check cashing stores?

Check cashing businesses are usually very popular. They are easy to use and offer great customer service. Most people visit these services for the convenience of getting their checks cashed instantly. Some have urgent financial needs and need money urgently. Small businesses are the most frequent users of check cashing services as they have issues with banks not releasing their funds faster. Also, banks limit the amount of cash a customer can get in a day, which can be a problem for a small business.

How does the AccoScan Check Cashing System work?

First, you will need to take care of the following recommended system requirements.

  1. An AccoScan WorkStation
  2. i3 or i5 processor
  3. 300 GB hard drive, at least
  4. A Windows 8 or 10 TouchScreen machine
  5. 4 GB memory, at least
  6. USB 2.0
  7. 750va Universal Power Supply.

The AccoScan Check Cashing system is easy to use. Here’s how it works.

  • When a customer visits with a check to be cashed, the check scanner takes a high resolution image of their ID. Once the customer is enrolled in the system, there’s no need to get their ID again.
  • The system then scans the barcode behind the customer’s ID, which automatically enters the customer’s information into the database.
  • A photograph of the customer is taken with a high resolution camera that is fitted with face detection. This way your repeat customers are easily identified. You will then need to type their phone number on a keypad on the screen.
  • The next step is to link a barcoded keytag which has your company’s logo on it to the customer’s record, which makes future transactions with the customer a lot easier and faster.
  • Next, a two-sided scan of the check is taken by the scanner, which reads the MICR line and endorses the back of the check. It verifies the routing number on the check as well as the ID of the issuer.
  • The check amount is entered. You will now be able to see the issuer info, CTR report filings or OFAC hit lists related to the issuer.
  • If the system okays the transaction, you can pay the customer the amount of the check minus the transaction fee.
  • The last step is to deposit the check at the bank yourself and to collect the check amount.