CashWorks and Circle K Team to Provide Consumers All-Day, Every-Day Convenience; CashWorks to Offer Payroll Check-Cashing at 2,200 Circle K Locations Nationwide
DALLAS--(BUSINESS WIRE)--Oct. 19, 2004--CashWorks, Inc., a GE Consumer Finance company and leading provider of automated check-cashing and prepaid solutions, announced today that it is rolling out its payroll and government check cashing service in more than half of Circle K stores, including in Arizona, California, Nevada, Louisiana, Georgia, the Carolinas and Florida. Expansion to all 2,200 Circle K locations nationwide is planned.
Circle K convenience store customers can now cash payroll or government checks at participating stores enabled with the PayPort(TM) POS (point-of sale) check cashing system from CashWorks. Instead of cash, customers receive their funds on a CashWorks prepaid debit card.
Customers then have the flexibility to convert all or a portion of their funds immediately to cash at an ATM located in each Circle K store. Balances can also be kept safely on the card avoiding the need for carrying large amounts of cash. CashWorks cardholders can access their funds at ATM's, as well as use the card for store purchases a Circle K, or anywhere that has PIN-based debit capabilities.
We are implementing the CashWorks program throughout our divisions, said Dan Stiel, manager of financial services for Circle K. CashWorks is already providing a valuable financial service to our under-banked customers while boosting in-store traffic, sales and fee income for Circle K. This program provides a risk-free operating environment that is easy to implement and operate, and our customers are already benefiting from the security and flexibility that the CashWorks program offers.
The CashWorks system installed at Circle K convenience stores will use the same PayPort POS and other check cashing technology created by CashWorks, which is operating at thousands of locations across the United States.
Circle K is an industry leader and we are thrilled to become a national partner as we rollout our program in their stores, said Will Sowell, general manager of CashWorks. The CashWorks program has already demonstrated that it can drive new, loyal customers that have a propensity to make incremental purchases at Circle K. Circle K provides 24-hour convenience for customers that seek flexibility for their financial needs.
About Circle K:
Circle K Stores Inc. is a subsidiary of Alimentation Couche-Tard,
Inc. ( Couche-Tard ) (TSX: ATD.A, ATD.B). Couche-Tard, Inc. is the
second-largest convenience retailer (not integrated with a petroleum
company) in North America, and the industry leader in Canada.
The company operates a network of 4,898 convenience stores in Canada and the United States, including 1663 Circle K sites in 18 states.
Couche-Tard employs approximately 34,000 people throughout its network of stores. More information is available on www.couchetard.com and www.circlek.com.
About CashWorks:
Formed in 2001, and acquired by GE Consumer finance in 2004, CashWorks, Inc., is an innovative technology and services company that provides an array of financial solutions to consumers who don't use traditional banks. CashWorks currently provides its automated check cashing solution through thousands of merchants across the United States. CashWorks is headquartered in Dallas, Texas. Visit the company's web site at http://www.cashworksinc.com.
About GE Consumer Finance:
With more than $122 billion in assets, GE Consumer Finance, a unit of General Electric Company, is a leading provider of credit services to consumers, retailers and auto dealers in 41 countries around the world. GE Consumer Finance, based in Stamford, Conn. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found at http://geconsumerfinance.com.
GE (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. For more information, visit the company's Web site at http://ge.com.
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CONTACT: GE Consumer Finance
Gene Ullrich, 847-605-7005
Mobile: 847-471-5661
[email protected]
Copyright Business Wire 2004
Cristy Williams
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678.518.2596