News

Cardtronics inks deal with CashWorks to offer check cashing

July 30, 2002

HOUSTON -- Cardtronicshas signed a distribution agreement with CashWorks to offer CashWorks' payroll and government-issued check-cashing solution for ATMs.

Cardtronics, which has about 7,500 ATMs under contract, is the largest ISO thus far
to distribute the CashWorks solution. In April, CashWorks signed a distribution deal with Financial Technologies, a Jackson, Miss.-based ISO.

According to Ken Rees, CashWorks president, Cardtronics was a natural fit
because of its strong presence in Texas and heavy emphasis on ATM marketing.

Brian Archer, executive vice president of marketing for Cardtronics, said the success of an earlier CashWorks pilot program with 25 ATMs convinced them that they had found a check-cashing service that would best serve their customers.

The CashWorks program uses the PayPort, a proprietary point-of-sale countertop terminal, to
approve checks and an existing ATM to dispense cash. (See related story Low overhead is key to profitable check cashing)

"For the minimal cost of the CashWorks hardware and a software upgrade to the existing Cardtronics ATM, many of our customers can operate a profitable check-cashing service without assuming the risks of bounced checks or additional cash in the register," Archer said in a news release.

"Since the CashWorks pilot program started, we've seen a steady increase in the number of new customers coming in the door to use the system, most of them through word-of-mouth from other customers," said Teshome "Thomas" Tessema, owner of the Mobil Deluxe Mart convenience store in Dallas that was part of a CashWorks pilot. "Each person who cashes a check spends an average of $20 in my store, and we average about 20 checks per day -- that's $400 a day in additional sales for my store."

Tessema said that the service is so popular on Thursdays and Fridays that he's become accustomed to loading extra cash into his ATM. "The best part is not having to keep any additional cash in the register, which makes me feel a lot safer on the job," he said.