Our store owners report that check cashing customers spend an average of $30.00 (non-gas) on inside store sales (CPG/Food) after the check cashing transaction. According to Statista and retail owner feedback and tracking, that equates to $12.00 in incremental gross margin per check cashing transaction over and above fees earned from check cashing.
Retailers set their kiosks fee rates based on the type of check. SAM Machines cash:
Payroll and unemployment checks (handwritten & electronic)
Government-issued (tax refunds, social security, etc.)
Insurance checks
Money orders < $500
and more
For instance, retailers can charge 3% for paychecks, 5% for government checks, 4.25% for insurance checks, 9% for money orders, and so forth.
Samco’s national fee blend rate is 3.2% on all checks. Our average processed check amount is $420.00. Therefore, the average fee revenue earned from a single SAM Machine user is $13.44.
In other words, the average SAM Machine user generates $25.44 in bi-weekly revenue for your business. Does an ATM do that?
