DALLAS--(BUSINESS WIRE)--Feb. 15, 2005
CashWorks, Inc., a GE Consumer Finance company and leading provider of automated check-cashing and prepaid solutions, announced today it has reached an agreement to roll out its proprietary system to 430 Kum & Go Convenience Stores in 13 Midwestern and Western states.
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.
We are continually looking for innovative products and services that improve our customer experience, says W.A. Krause, founder and CEO, 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.
The new Kum & Go CashWorks locations are in Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, Colorado, Arkansas, Wyoming, and Wisconsin.
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. 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(R) -- 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. 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.
Increased Demand from Retailers/Add One 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. The financial services not only attract new customers, but encourage repeat visits and customer retention.
About Kum & Go:
Founded on old-fashioned customer service, Kum & Go is a pioneer in the convenience store industry. Kum & Go began in 1959 in Hampton, Iowa and has grown to more than 425 convenience stores in 13 states (Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, Colorado, Arkansas, Wyoming and Wisconsin).
Thanks to the efforts of its more than 3,500 associates, Kum & Go convenience stores continue to lead the industry in customer service and convenience.
In addition to a wide selection of products, Kum & Go provides customers a proprietary mix of products under the well-known Hiland brand name -- gourmet coffee, water, beef jerky, potato chips, sandwiches, and snack nuts.
Kum & Go has maintained 45 years of dedicated community commitment, each year returning 10 percent of its profits to the communities it serves. Kum & Go is the United State's 22nd largest convenience store chain.
For more information on Kum & Go visit www.kumandgo.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 www.cashworksinc.com.
About GE Consumer Finance:
With more than $151 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.
Contacts
GE Consumer Finance Gene Ullrich, 847-605-7005
comorTagTeam Global Gini Dietrich, 312-787-7249 [email protected]
Cristy Williams
[email protected]
678.518.2596