Check cashing solutions represent an opportunity for your liquor store to further the current industry-wide momentum. Offering retail check cashing services empowers you to diversify your business, access fee-based income, and expand your reach. Learn how the liquor store industry is changing and how you can add check cashing services to your business location(s).
Retail Liquor Store Trends
The packaged alcohol industry is alive and strong in the United States. The term packaged alcohol refers to alcohol sold in sealed bottles or containers, like those found on liquor store shelves. The packaged alcohol industry continues to grow and a Statista report shows that beer, wine, and liquor store sales have topped $50 Billion annually in recent years.
The packaged alcohol industry is expanding as counties across the United States vote to allow Sunday alcohol sales. In Glasgow, KY, Metcalfe county officials are now accepting liquor store applications following the legalization of Sunday alcohol sales. Other counties in America are also moving forward to vote on Sunday sales. Liquor store locations are multiplying, with more on the horizon.
Liquor store owners are capitalizing on the growing market and the craft distillery renaissance. As consumers continue to demand small batch bourbon, whiskey, liquor, or gin, small distilleries are opening or expanding to create the supply. As new liquor companies enter the market, liquor store shelves are including a more diverse product selection.
The craft alcohol trend is also bringing more consumers through the doors of liquor store across the country. Millennials, in particular, prefer craft beer and craft bourbon to domestic beer and international liquor companies. Furthermore, they are less brand-devoted than other market segments. This combination of market traits works together to encourage more foot traffic to liquor stores, more shopping, and continued sales growth for the packaged alcohol industry.
To capitalize on this growth and the craft alcohol trend , liquor store owners can add check cashing services to their retail location.
Check Cashing for Liquor Stores
Check cashing solutions for liquor stores offer a way for you to drive even more traffic to your retail location. The current market shows great growth potential, and financial services are a way to double down on your growth efforts. Adding check cashing services to your retail location further diversifies your offerings and helps protect against market fluctuations.
Among its many benefits, check cashing for liquor stores:
- Drives foot traffic
- Expands community reach
- Improves store visibility
- Creates a fee-based income stream
- Provides financial services to consumers
- Promotes financial inclusion
- Diversifies your business
- Encourages customer loyalty
As you can see, both the liquor store owner and the consumers they serve benefit from the addition of check cashing solutions. When you add check cashing to your liquor store, you are setting up a fee-based income stream. What does this mean? You will collect revenue from the fees associated with check cashing services. Your community members will come to you for financial access they don’t otherwise have. They will pay you a fee to use your financial services, and this fee becomes your fee-based income.
Check cashing services you can offer include payroll check cashing, prepaid debit cards, ATM terminals, money transfers, money orders, travelers’ checks, and gift cards. Each of these services grants access to financial services for your community and builds your business. Your liquor store or retail location will also reach new customers, including those who might not otherwise patronize your shop. This expanded reach and increased visibility drives valuable foot traffic.
When you bring these new customers into your location for check cashing services, they are more likely to also shop at your store. By providing convenience through the bundling of errands, you will promote customer loyalty. Each of these benefits works to support both your business and your customers.
Issues for Check Cashers
The liquor store industry is growing and check cashers are innovating to meet the financial needs of the 21st century. In the face of this growth, however, there are a few roadblocks to check cashing success. Primarily, access to check cashing banks is threatened by derisking. Since retail check cashers need a check cashing bank account to operate, this is detrimental.
Since Operation Choke Point in 2013, the check cashing industry has battled their negative reputation in the financial community. Even check cashers who operate compliant and successful check cashing outlets face this discrimination. Many of National Check and Currency’s clients came to NCC after their long term MSB bank accounts were terminated.
In Philadelphia, Eric Bell has owned and operated The Check Cashers Inc. for over 25 years. Eric was blindsided when his bank of nearly 20 years terminated his bank account without explanation or even much notice. NCC kept Eric’s business up and running in the face of becoming debanked. Eric notes that “NCC makes his job easier by being on top of compliance and even ahead of Federal regulation.”
Anthony Fusco III, who runs T & S Fusco Inc. in Bristol, PA, lost his check cashing bank account after 33 years of banking with a national institution. Anthony warns his fellow check cashers, “If this can happen to our MSB after 33 years with a bank, I don’t want to gamble again. NCC is always working on a back-up plan through multiple banking partners and they are always ready to help us. NCC is the real deal.”
Even though retail check cashers are unregulated, they still need to take measures to prevent fraud in the check cashing process. Implementing strong customer identification processes, record-keeping, and transparent communication protects both your business and your bank account. Since the major concerns around check cashers are financial crimes like money laundering, terrorist financing, and check fraud, minimizing your risk is a smart and necessary strategy.
NCC Check Cashing Solutions for Retail Locations
National Check and Currency provides check cashing solutions for retail locations including liquor stores, grocery stores, bodegas, beauty shops, convenience stores, and gas stations. NCC supports these unregulated check cashers with real check cashing bank accounts through their exclusive network of redundant banking partners.
In addition to MSB bank accounts, NCC offers expert MSB compliance consulting, technology, and solutions. NCC’s team is available 24/7 to help clients stay up and running. What does this mean for your liquor store? It means that you have a true partner who has your back. NCC keeps you up and running so that you can focus on building your business and serving your customers.
If you are ready for the peace of mind that comes from redundant banking partners, it is time to open your NCC bank account today. With a reliable check cashing bank account, you can diversify your business with check cashing services. As an NCC client, you can maximize the momentum of the liquor store industry and set-up your fee based income stream.
What are you waiting for? Call us of fill out an account application form today.
