United Check Cashing Franchise Information
United Check Cashing is a franchise for a business providing financial and check cashing services.
It was founded in 1977 and started franchising in 1992. The first location was opened in Philadelphia. The owners were able to open several centers until the business concept grew to franchising and they formed United Financial Services Group, Inc.
They have proven their system successful, and served millions of Americans, who have been using them as an alternative to traditional banks. Their most common service is cashing in payroll checks for customers needing cash for their busy lives. Check cashing is only one of the services that they provide. They say that what makes them different is that they have extended hours and more accessible locations but like a traditional bank, you can pay your bills, use wire transfer or other financial based transactions. They now have 132 locations in the United States.
What services do they provide at United Check Cashing?
For Check Cashing, they accept a variety of checks such as government, payroll, insurance checks, tax refund checks, and commercial. They do not even require their customers to open a bank account with them. For Money Orders, they say that theirs is convenient, safe, reliable, and costs less than others. For Money Transfers, they are partnered with Western Union Money Transfers which means that you can send cash to more than 190,000 agents that they have around the world. For Bill Payment, they pay your bills electronically which enables it to be posted within just two business days or less.
All you will need is your statement and your cash and they can send it to hundreds of billers that they are affiliated with. They also offer Payday Loans for certain states including Arizona, Colorado, California, Delaware, Florida, Kentucky, Michigan, Ohio, and Texas. A Pre-paid MasterCard and Visa can be purchased from United and you can load any amount of cash to it and use it wherever MasterCard or Visa is accepted. It is not a credit but a debit card which means t hat you would not owe them credit. They also sell phone cards for long distance calls and cellular airtime cards. For Home Phone Connection, they offer dPi Teleconnect, Budget Phone, and Cat Communications Inc. Some locations offer tax services as well.
Cost and requirements on running a United Check Cashing franchise
You need to have a net worth of $350,000 and a total liquid asset of at least $120,000. Expect to be investing about $226,000 to $297,000. The cost of United Check Cashing franchise fee is $30,000 with an on-going royalty fee that varies. This is for a renewable 15 year term agreement. You will need about two to three employees to run one location. They allow multi-unit ownership and absentee ownership.
What is included in the franchise package?
There will be two weeks training at the headquarters and one week at your location. You will be receiving newsletters and a toll free phone number. You will be given access to the internet and to purchasing cooperatives. You will also be given assistance at the grand opening. Expect to be attending meetings and receiving occasional field evaluations. For marketing support, there will be ad slicks, co-op advertising, regional advertising, and national media.
United Check Cashing Contact Details
You may reach them at:
Address: 325 Chestnut Street, Suite 3000 Philadelphia, PA 19106
Phone: (800) 626-0787 or (215) 238-0300