DALLAS -- CashWorks Inc., a provider of check cashing software for the non-bank financial services industry, has appointed Dennis P. Kraft as its senior vice president of sales and marketing.
Kraft brings more than 20 years of experience as a sales-and-marketing executive with companies involved in payment processing technology. Prior to joining CashWorks, he served as vice president of sales and business development for San Jose, Calif.-based @POS, Inc., a developer and distributor of retail point-of-sale technology which earlier this year was acquired by Symbol Technologies.
Kraft has also held senior sales and marketing positions with companies such as InfoSpace, First USA Paymentech, and Moneymaker EFT.
Ken Rees, president and CEO of CashWorks, said, "We believe Dennis can help us forge new alliances across all of our channels and thereby set the stage for us to achieve very significant penetration of the 155,000 target U.S. retail locations in the next few years."
CashWorks' payroll and government-issued check-cashing program uses a clerk-assisted POS terminal as a transaction authorization device, linked to a conventional ATM for the disbursement of funds. (See related story Low overhead is key to profitable check cashing)
CashWorks has patents pending on its PayPort transaction device, as well as the transaction process itself. According to a news release, the CashWorks check-cashing solution is already installed in nearly 100 locations in five states.
"CashWorks represents a unique opportunity for participating merchants to create a new source of significant fee income as well as to dramatically increase core sales," Kraft said.
