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Cash for Cheques® Limited was incorporated in March 1996 and after a proving
period of operating 2 shops; we opened our first franchise outlet in October
1997. Since then we have grown to over 100 outlets and aim to have 150
operational within the next few months.
Changes in the Cheques Act 1992 meant that all cheques had to be crossed "A/C
Payee Only" and this effectively put an end to the earlier practice of signing
the back of a cheque and giving it to a friend, publican or shop keeper to
cash.
This created a new unique business opportunity. Our founding directors realised
that there was a legal way around this problem. They setup an Indemnity
arrangement with their bank, which allowed Cash for Cheques® to accept third
party cheques from members of the public who did not have their own bank
account.
Initially, there were just 2 branches - 1 in the north and 1 in the south. They
concentrated their efforts in perfecting a bespoke software package that would
enable them to drive the business forward in the form of a network of branches.
Once the system was fully tried and tested, they were in a position to invite
others to take advantage of their expertise.
The first Franchise was opened in October 1997 and numbers have since continued
to grow month by month.
New Technology
The directors realised that the only way to maintain the companies edge in the
market place was to keep abreast of new technology and harness it to the
long-term benefit of the business.
The original software package has recently been upgraded and improved. All new
franchisees will automatically receive a copy of the software, together with
training and detailed instructions on how to use it to their best advantage so
that they can minimise their risk and maximise their profits.
The Changing Marketplace
The financial marketplace evolved quite slowly up until a few years ago when it
underwent a revolution. The line between banks and building societies has
become blurred with various mergers and they are both tending to centralise
their services. It is no longer a foregone conclusion that a person can
automatically open a bank account.
For many people, the cheque cashing businesses are seen as a real alternative to
the traditional high street banks. Indeed, for many of them, cheque cashing
businesses are the only available option.
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