It is estimated that up to 6 million people in the UK visit retailers that cash third party cheques. This represents over 20% of the adult population. Banks are helping the market develop in the UK for the cheque casher by becoming more restrictive in their polices for awarding people with bank accounts and by providing sub-standard customer service. Even customers with bank accounts have to wait for at least 3-days before they have cleared funds in their account from a cheque deposit.
We believe the industry in which we participate is large, highly fragmented and growing. Industry growth is fuelled by several demographic and socioeconomic trends, including an overall increase in population and an increase in service sector workers as a percentage of the total workforce, resulting in a greater number of people seeking to cash their wages cheques which account for at least 85% of all third party cheques cashed within the industry.
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By focusing on the brand and quality of service, The Money Shop has succeeded in raising the profile and the image of cheque cashing in the UK over the last six years. This has achieved the following two beneficial results:
- The less profitable and badly managed competitor stores going out of business.
- The customer base transferring over to us to conduct their basic financial services
"Through service excellence and convenience, we are the leaders in providing immediate access to cash and financial services"
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