Who do the B2E Payroll and Check-Cashing services impact?

Many individuals and organizations are impacted by the unbanked. Listed below are a few of those that are impacted:

The Unbanked

The unbanked and self banked described above operate in a world largely driven by cash, and as a result, the availability and accessibility of cash 24-7 is of considerable concern. They are looking for a safe, reliable, trusted method to obtain cash, and one that is close to their job or home as transportation may not always be available. They are also thrifty and limited with their money, making low costs to obtain cash important as well.

Banked Employees on Assignment Out-of-State

There are consumers who receive checks from out of state employers, and as a result of banking policies, their checks are held for as long as 9 days, causing them to not have cash available on paydays. Not having cash available on paydays often translates into late fees and other charges incurred from creditors as a result of delayed payments.

Banked Employees who are Short on Time or Receive Paychecks during Non-Banking Hours

Even banked employees utilize the B2E Check Cashing service because it saves them time. They can have cash within two minutes of receiving their paycheck or they can waste their lunch break standing in line at a traditional bank to make a deposit and withdraw cash. Employees short on time don’t mind paying a small transaction fee for the cash convenience. This is also true with people that receive their paychecks on weekends or evenings when banks are closed. They prefer to have immediate access to their money and therefore rely on and anticipate B2E.

Employers

Employers are impacted as their employees often leave their work premises during the workday to cash their paychecks. This means they are not on site, not on the payroll, and not producing product. Also, in some cases, this raises safety concerns as employees may become impaired while away from work and then return to operate heavy machinery. These unbanked employees often do not participate in direct deposit, adding additional administration work and payroll service costs for the HR department.

Financial Institutions

As the unbanked industry grows more and more each year, financial institutions are looking for creative ways to capture this huge market. In 2006, the unbanked and underserved industry was estimated at 83.7 million people, with a sizeable growth rate over the prior year. If they don't find new and unique ways to target this market, the unbanked will continue to do business and give their money to pawn shops and licensed or unlicensed check cashing services, paying large fees and, at times jeopardizing their safety. And, this action will make it much harder for a financial institution to expand its footprint and revenue stream, possibly impacting shareholders.

To learn more about the B2E services and how we serve the needs of the unbanked and the unbanked employers, see our sections on Payroll and Check Cashing Services, Mobile ATMs, and Pre-Paid Debit Cards — or contact us.

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