FRISCO, Texas--(BUSINESS WIRE)--May 3, 2005--Providing customers with financial service options such as bill payment and check cashing draws customers into a store on a regular basis. Now CashWorks, a GE Consumer Finance company, is offering both bill payment and check-cashing services through its new mini-kiosk platform.
The CashWorks bill payment feature gives convenience, grocery, and big box stores the ability to provide a risk-free, income-generating service. Customers, including those with cash but not a CashWorks card, can pay bills to more than 4,400 companies including utilities, cable, and phone service providers. The check-cashing and bill payment mini-kiosk is launching at 34 QuikTrip convenience store locations in Wichita, Kan., at the end of July.
Research shows 65 million underserved Americans lack fundamental financial services. "Our easy-to-use kiosks provide users step-by-step instructions," says Will Sowell, CashWorks general manager. "The CashWorks mini-kiosk provides a safe, convenient, competitively-priced way for consumers to cash payroll or government-issued checks -- and now -- to pay their bills as well. We are excited to partner with a top-tier retailer like QuikTrip and to bring needed financial services to their customers."
The mini-kiosk platform is in addition to the CashWorks PayPort(TM) Point-of-Sale system, which currently provides all day, every day check-cashing convenience to 800,000 customers at 3,000 locations in 41 states.
The CashWorks program provides the unique ability to quickly approve new customers for check-cashing and bill payment. The CashWorks Central Decision Engine(R) -- a proprietary software system -- can approve transactions for first-time users in minutes. Once a customer is enrolled, transactions typically take less than a minute. The system uses PayPort POS technology, created by CashWorks.
"We've known for some time check cashing and bill payment were services we wanted to provide," says Paula Cotten, vice president of finance and treasurer, QuikTrip. "In our search for a company with deep roots in customer service and quality, we found CashWorks. We asked them to work with us on a solution, not sell us their package. They delivered the mini-kiosk with both check cashing and bill payment options."
According to research conducted by CashWorks, 45 percent of consumers who use the CashWorks check-cashing service make purchases on the spot. The survey also shows 81 percent say they will return to the same convenience store for service in the future.
In some applications, customers receive cash. But CashWorks also offers a card-based solution. 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. Balances can also be kept safely on the card, avoiding the need to carry large amounts of cash. CashWorks cardholders can access their FDIC-insured funds at ATMs as well as use the card for store purchases anywhere that has PIN-based debit capabilities.
CashWorks is an operating subsidiary of federal savings bank (FSB) GE Money Bank, which has enabled expansion of the CashWorks' operating region to all 50 states.
About QuikTrip:
QuikTrip is a privately held corporation based in Tulsa, Okla. QuikTrip is well known as a premiere marketer of motor fuel and convenience store merchandise. The company currently owns and operates 446 retail outlets in nine states. Forbes magazine lists QuikTrip as the 38th largest privately held corporation and Fortune magazine listed QuikTrip as the 19th best companies to work for.
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 Frisco, 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 www.geconsumerfinance.com.
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.
Contacts
TagTeam Global
Gini Dietrich, 312-787-7249
or
GE Consumer Finance, Money Services
Gene Ullrich, 847-605-7005
Cristy Williams
[email protected]
678.518.2596