Cash Plus

In the past decade, the number of check cashing outlets in the U.S. has more than tripled as more and more people have found it provides a level of convenience and service not available from traditional banks and finance companies. Cash Plus, founded in 1984, is one of the first companies to apply franchising techniques to the check cashing industry and has developed a “next generation” retail business system which is generating unusually high returns. Currently, core services consist of check cashing, payday advances, wire transfers, and money orders. As a complement to the core services, supplementary products and services serve important roles in the business attracting new customers, encouraging repeat business, and/or increasing the dollar value of customer transactions. Depending on demographic factors, these supplemental services may include the following: mail box rentals, ATM machines, utility bill payments, Cash Plus Mastercard debit card, pre-paid phone cards, notary public service, photo identification cards, copy and fax services, bus pass/token sales, stamps and envelopes, pre-paid phone service, income tax preparation referral program, credit counseling referral and mortgage lending service, as well as lottery sales.

BACKGROUND

Established: 1984
1st Franchised: 1988
Franchised Units: 80 with New Units in Development
Company Owned Units: 2
States from which Broker Referrals are being accepted: AL, DE, KS, MO, MT, OK, WA, CA, NV, ID, CO, UT, NE, IN, MI, MN, WI, FL, LA, HI, TX, IA, KY, MS,TN, WY

FINANCIAL/TERMS

Cash Investment: $100K
Total Investment: $250,000-$300,000
Minimum Net Worth: $400K
Franchise Fee: Single Unit: $35K / Area Development: $17.5 for balance of stores opened; Express/Kiosk Units $35,000 for 3 Pack
Royalty: Single Unit: 6% / Area Development: 5% for all stores after the 5th Store is Opened
Ad: 3% ($300.00 minimum - $500.00 maximum)
Average Number Of Employees:4-6
Passive Ownership: Possibly, as long as certain conditions are met.

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