Choosing a check cashing software vendor is critical to getting your MSB up and running and one of the most important aspects of your check cashing business. However, with lots of choices on the marketplace available today what areas do you need to consider when making your shortlist?
This is arguably the most critical area that a check cashing software vendor must provide. The software application should have the right kind of reporting and audit features that allow your money service business to automate and streamline audits, reporting and compliance requirements. Your vendor should also provide a software that is up to date with the latest compliance requirements for states you are operating within.
2. Customer Friendly
This is a standard in software applications today but worth mentioning. When pursuing a check cashing software solution make sure that the application is user-friendly, enhanced customer experience, and interfaces that make it easy for any employee to work with. The applications that make your list should also include easy implementation and user training.
Security is vital. Your check cashing software have to be able to capture picture of your customers, state ID in order to cash checks. A software that enables you to find out who your customers are will keep both you and your customers safe. Finding a software that can recognize whether the check is actually valid, and it should be able to automatically collect the check’s full amount. Make sure the system only allows people with the right credentials to authorize transactions, have admin rights and set cashier roles and responsibilities.
4. Financial Industry Experience
Partner with a company that has deep roots in the financial industry. Look for a company that has banking, software and financial services experience. It is also imperative that your vendor provide a system that is user friendly and ready for immediate use. The more turnkey the better.
5. Hardware Integration
The software should be able to link with various hardware on the marketplace ranging from webcams, cash drawers, cash safes, cash dispensers, cash recyclers, receipt printers, check scanners, fingerprint scanners and more.
6. Multi-Location Friendly
If you have multiple locations, you need to make sure that the check cashing software you choose is integrated and that it works across the multiple locations. This means your guest and maker database should be cloud-based and can be accessed in real-time across your locations. Furthermore, you must make sure that you can keep tabs on your employees, seeing who logs in when, and what they do once they are logged in. So getting multi-location reports and audits are critical.
How do I Move Forward?
While there are a lot of check cashing software solutions on the market today ultimately it is up to you to decide which one is best for your business. Think about what solutions offer you the best integration, user experience, financial industry experience, security and can handle multiple locations. Also it is critical to find a software vendor who is willing to walk along side you and have your back through out the process of building your money service business.Give Us A Call Today!