/biz/ - Business & Finance

>roll in

Except you have to worry about high default rates and above average theft rates.

>>228274

Most checks cashed places install bullet proof glass infront of the clerk. Its a good investment

what does this murrican bussiness do? Why wouldnt they go to the bank to cash the checks?

OP, the profit margin really isn't that high, and you will get burnt like crazy if you don't know what to look for.

If you wanted to go risk-free, then the potential profit drops dramatically, and really.. this sort of business relies on high-risk decisions that other banks won't take on. That said, you could easily lose $20-50k in a month from stupid decisions.

>>228284

Poor people get blackballed from banks for scamming them, bouncing a check, overdrafting etc., and not paying back the bank. Account gets closed, it's reported, no bank will open an account for them.

Many banks will cash paychecks for a ~$5 fee, but they generally won't cash personal checks from non-customers.

Also, most poor areas of a city have check cashing places instead of banks.

>>228284

it's for illegals who cannot open a bank account, or ghetto trash niggers who have a job, yet are to intimidated to go to a bank or credit union and open an account. It charges like 1% or 2% per check, so you're basicly paying to get your money. The poor get used alot here in the states, and really it's their fault for being so stupid

>>228284
There are bank blacklists in the US (not from the government they are maintained by the credit reporting companies), so people who have written bad checks or close an account when it's overdrawn can never get a new checking account again. So you have the check cashing places who will cash paychecks for something like 5% of the value right off the top, you also have workers being paid with fee-laden prepaid debit cards.

Check cashing isn't as easy of a business to get into as you would think, in many states you have onerous financial regulations and you may have to post a bond against customers giving you bad checks.

>>228284
Also minorities don't trust banks so they'd rather give the greasy sleazeball behind the counter 1% of their earnings rather than, ya know, maintaining a balance of $100 in a bank for free.

>>228297
I'm thinking of buying one that is already running well and not changing how its run, just reaping the rewards

>>228426

What city?

>>228541
Brooklyn NY

>>228426
well like with any business you have to ask why they are selling it, most of the time there's an expensive reason