Mr. Payroll Franchise Information
Mr. Payroll is a franchise for a business providing check-cashing and money order services.
It was founded in 1988 and started franchising in 1990. The first location was opened in Amarillo, Texas. The idea was to provide check cashing services those who does not have or could not have a checking account.
They wanted these people to be able to get their salary every payday. The first location was placed inside a convenience store. When they realized that the idea was working, they started franchising in the South Western United States. They are also commonly known as pawn loans. Other brand names that they use include SuperPawn, Cash America Pawn, Cashland, and Cash America Payday Advance. Under the same company are CashNetUSA, Gold Promise, and Auto Equity Cash. They now have 120 locations in the United States and six locations that are company owned.
What type of checks do they accept at Mr. Payroll?
They accept paychecks, insurance checks, government or tax refund checks, cashier’s check, two-party checks, comchecks, 401(k), and money orders. For money orders, they have relationships with Money Gram and Western Union. This service is free with no minimum dollar amount. They use the same partnerships when transferring money when you need to send it fast. They also accept bills payment for telephone, utilities, credit cards, cable, and television bills. These payments are received by the company in just minutes. They also offer assistance in filing your taxes. Another service is available is the prepaid debit card, netSpend. It can be used to shop online, pay bills, shop in different retailers, or withdraw cash when you need it. It takes only seven to 10 to get the card. The fees for these services are minimal. For check cashing, it may differ depending on location but averages from 1% to 2% of the total amount. Mr. Payroll uses a system for them to verify the checks that they are receiving and the only thing that the customer needs to present is a valid state issued ID with a photo ID.
Cost and requirements on running a Mr. Payroll franchise
You need to have a net worth of $200,000 and a total liquid asset of at least $75,000. Expect to be investing about $75,000 to $327,000. Mr. Payroll franchise fee costs $10,000 with an on-going royalty fee of 10% and above. This is for a renewable 10 year term agreement. You will need about one to two employees to run one location. They allow multi-unit ownership and absentee ownership. You will have exclusivity in your territory.
What is included in the franchise package?
There will be three days training at the Cashier Training Academy in Fort Worth, Texas. The training is for the cashiers and the managers. You will be provided a toll free phone number and assistance at the grand opening. You will also be given access to the internet. Also included are the equipment, fixtures, furniture, computer hardware and software, initial supplies, permanent signage, on-site business consulting, site evaluation, and demographic survey.
Mr. Payroll Contact Details
You may reach them at:
Address: 1600 West 7th Street Fort Worth, Texas 76102
Phone: (800) 322-3250