Beauty shop check cashing is just one of the retail check cashing industries for which National Check and Currency provides MSB bank accounts. The beauty salon industry is growing and retail check cashing services allow you to build on this growth with diversification of services and fee-based revenue. To understand how retail check cashing fits into a beauty shop, this article will examine both industries and explain how NCC supports you with MSB services.
The Beauty Services Industry
In 2014, there were 656,000 barbers, hairdressers, and cosmetologists in the United States. This number is expected to grow by 10% by 2024. The industry is experiencing positive growth due to a variety of factors. First, natural and organic beauty products and services are growing in popularity. Second, the United States has a large aging population demanding beauty shop services. Finally, the market for men’s products and services is growing.
In addition to their services, many beauty shops earn up to 15% of their revenue from products. For beauty salons, customer loyalty and word of mouth marketing are essential for success. As social hubs in their community, beauty salons become a part of daily or weekly life for many community members. The projected growth in this industry shows that beauty salons are here to stay – even as much of our world moves online.
Retail Check Cashing Industry
Before we discuss how retail check cashing services can be used as a beauty salon business strategy, we will look at the check cashing industry. Currently, a few banking trends are encouraging retail check cashers to innovate and diversify their services. First, banks are increasing their fee-based services like check cashing for non account holders. Second, banks are improving their online and mobile services.
These two trends in particular mean that retail check cashers need to offer loyalty programs and convenient financial services to increase their market share. For example, retail check cashers can diversify their line-up to offer a wide array of convenient and essential financial services and products. These alternative financial services bring in new business and encourage repeat customers. If a customer cashes their payday check at a beauty salon and has a convenient and amenable experience doing so, then they are likely to return and repeat the process with their next paycheck. For this reason, it is important for retail check cashers to optimize the shopping and financial experience of their customers.
A smart retail check casher will analyze their community to see what services will be most valuable. By offering these financial services in the same location as an errand or task, they are bundling experiences. Retail check cashing services enable customers to cash their paycheck where they plan to spend money on other products and services. An example of this convenience is the ability to cash your paycheck, pay your bills, and load a prepaid debit card during your beauty salon appointment.
Friendly Check Cashing for Beauty Shops
Beauty shops are a retail business that can benefit from the addition of check cashing services. Adding retail check cashing services allows business owners to diversify their business, expand their community presence, increase customer loyalty, and build a fee-based revenue stream. All of these benefits help retail business owners grow and profit.
Beauty shops offering friendly check cashing services may provide any of the following for their customers:
- Paycheck cashing
- Payday loans
- Money transfers
- Bill payments
- Money orders
- Stamps, envelopes, and mailing services
- Notary public
- Currency exchange
- Prepaid debit and credit cards
- Public transportation passes and tokens
- EBT services
- Photocopying and faxing services
- ATM machines
As a beauty shop owner, you can cherry pick which services are appropriate for your location and community. You can also experiment to figure out which areas are the most profitable for your business. While retail check cashing services are a no brainer for your business, finding a reliable check cashing bank is another story. Due to indiscriminate derisking and the fact that big banks are entering the check cashing market, a real check cashing bank account is hard to find. Many longtime banking relationships are being terminated without warning, leaving retail check cashers without a way to provide financial services to their community. Luckily, NCC has solutions to keep you up and running.
Check Cashing Solutions
NCC offers a myriad of check cashing solutions that keep your business open, even in the face of indiscriminate derisking and increased competition. Every NCC client receives an exclusive POS check cashing system, featuring check cashing software to increase compliance and efficiency. Additionally, NCC’s team of check cashing and compliance experts provides consultation on the check cashing process at every step of the way.
Once a check is cashed, NCC facilitates rapid deposit turn-around, with extended weekend deposit times. This allows for faster rotation of your working capital so that you can keep cashing checks for your clients without having to turn anyone away due to a cash shortage. Finally, NCC provides 24/7 customer support for complete peace of mind. If you are facing a business challenge, NCC will work alongside you until it is resolved. You have a retail check cashing partner you can count on with National Check and Currency. Ready to open up your own retail check cashing bank account? Call NCC today 877-327-4249 or fill out a form on the website.