News

More than 400 Kum & Go Stores to use CashWorks program

June 29, 2005

DALLAS - CashWorks Inc., a GE Consumer Finance company and provider of automated check-cashing and prepaid solutions, announced it has reached an agreement to roll out its proprietary system to 430 Kum & Go Convenience Stores in 13 Midwestern and Western states.

The CashWorks program provides the unique ability to quickly approve new customers for check-cashing and bill payment. Easy-to-use kiosks provide users step-by-step instructions, while CashWorks' Central Decision Engine - a proprietary software and system - can quickly approve transactions for first-time users. Once a customer is enrolled, transactions typically take less than a minute.

According to a news release, the addition of the Kum & Go chain has pushed the number of CashWorks locations to more than 3,500, with an annualized growth rate of close to 300 percent. The new Kum & Go CashWorks locations are in Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, Colorado, Arkansas, Wyoming and Wisconsin.

"We are continually looking for innovative products and services that improve our customer experience," says W.A. Krause, founder and chief executive officer, Kum & Go. "Our relationship with CashWorks brings added convenience to our number one priority...our customer."

In addition to new locations installed, CashWorks acquired more than 300,000 new customers and realized revenue increases in line with the explosive growth in 2004. Those increases were driven by the number of installed locations, speed and convenience of use, security, and consumer demand.

"The growth of CashWorks is directly attributable to demand from retailers such as Kum & Go," says Will Sowell, general manager, CashWorks. "Eighty million Americans do not have traditional bank accounts to cash their payroll checks or pay their bills. Now, those people can access the CashWorks check-cashing and bill payment system at 400 additional locations."

CashWorks operates thousands of locations across the United States, and recently obtained approval from the Office of Thrift Supervision to operate in all 50 states. Strong regional growth was seen in California, Texas, Louisiana, and Florida in 2004.

"CashWorks provides customers with a safe, secure, and quick way to complete their banking, while providing retailers with a risk-free, proven check-cashing and bill payment system," says Sowell. "It features the highest approval rating in the industry and is inexpensive to implement, making it the ideal solution for stores looking to provide these services to their customers."

According to research conducted by CashWorks, 81 percent of consumers using the service for the first time say they will return to the same location to cash checks in the future - and more than 60 percent of users are repeat customers. Business owners who provide CashWorks services have reported sales increases of as much as 20 percent.