| BY
PHIL B. CABLER
Phil.tbj@neighbor-newspapers.com
A
mobile check cashing service is taking the hassle out of going to the
bank on payday.
Tulsa based American Mobile Checkcashing operates two nondescript
minivans that visit companies on a routine basis to cash workers' payroll
checks.
The company has nearly 1,700 clients in the Tulsa area.
Initially, we thought we would be targeting telecommunication
companies, lawn care and industrial-type plants, but quickly found out
our clients include everyone from restaurants to any company that distributes
payroll checks, said Ken Wenglewski, AMC president.
Nursing centers also seem to be a great fit, he said.
Although the company thought they would primarily be dealing
with clients without banks, they have since found out this is not the
case.
Since opening, the company has done four individual client
surveys. Over 40 percent said they have existing bank accounts, but
opted for convenience of banking coming to them, Wenglewski said.
It is just easy and convenient and I get my money right
away without having to worry about where to cash it, said a TCIM employee.
Our Service does not cost the employer anything, Wenglewski
said.
It does save time, stress and frustration of employees
currently going else-
|
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Ken Wenglewski
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where
to cash their checks.
The company charges 2.95 percent for every check cashed,
he said.
Many storefront check-cashing services charge anywhere
from 2.5 percent to 6 percent, rates that are subject to change
depending on the size of the check.
The cost of AMCC service is about half of what many
check cashing services charge, he said.
We have a good corner on the market because we are
mobile and this adds a great convenience, said Wenglewski.
So far the formula is working.
The business started in February and has been steadily
growing with near $750,000 in checks cashed, said Wenglewski.
The biggest challenge is that mobile check cashing
is a new concept to this region.
Some decision makers are unfamiliar with on-site payroll
check cashing, and hesitate to allow us to come onto their parking
lot, Wenglewski said. |
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Once people
become educated and learn the benefits it can have on a company,
Wenglewski believes more companies will be less reluctant.
So far AMCC has not reported any problems with any of
its transactions.
We take great care in profiling companies that we take
on to keep the relationship of our clients and our bank safe, he
said. It is a priority that we do not have any bad checks go through.
Each van has a driver/cashier who handles the transactions.
AMCC takes precautions to protect its employees.
For their protection, cashiers never leave the van while
on calls. All transactions are handled through a walk-up window
and a small tray on the side of the van.
We offer on-site no-charge security for those businesses
without their own security. If needed, a certified armed security
officer can be made available, Wenglewski said. |
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