DALLAS - CashWorks, Inc., a GE Consumer Finance company, now operates in more than 3,100 locations nationwide, a 15 percent increase since mid-September, according to a news release.
The CashWorks program provides the ability to quickly approve new customers for check-cashing and bill payment. Kiosks provide users step-by-step instructions. CashWorks' Central Decision Engine, a proprietary software and 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.
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. More than 60 percent of users are repeat customers.
With CashWorks' card-based solution, customers receive their funds on a CashWorks prepaid debit card. Customers can then convert all or a portion of their funds immediately to cash at an ATM. CashWorks cardholders can access their funds at ATMs, or use the card for store purchases at locations with PIN-based debit capabilities.
In September, CashWorks received regulatory approval to become an operating subsidiary of federal savings bank (FSB) GE Capital Consumer Card Co. The approval, issued by the Office of Thrift Supervision (OTS), allows CashWorks to expand into all 50 states.
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