DALLAS--7-Eleven Inc. executives are seeing dollar signs. Billions of them.
The convenience-store behemoth has chosen CashWorks, Inc., a leading provider of automated payroll check-cashing solutions, to provide check-cashing services at stores equipped with the self-service Vcom kiosk.
Consumers can cash government and payroll checks at approximately 1,000 7-Eleven stores in 13 states where Vcom (Virtual Commerce) is installed. According to check- cashing industry publications, 30 million people cash 180 million checks each year, totaling more than $55 billion, at U.S. check-cashing establishments.
"We chose CashWorks because they specialize in cashing payroll and government checks, expertly applying their risk-decisioning methodology in the convenience store channel," said Brady Giddens, 7-Eleven's managing director of Vcom, in a press release.
CashWorks has a "central decision engine" that runs on a proprietary system, using a wide range of internal and external data designed to evaluate check-cashing requests within a dynamic risk-evaluation architecture.
Vcom is 7-Eleven’s proprietary kiosk. It offers ATM capabilities and touchscreen convenience to provide customers with financial and other services 24/7. Customers can for instance cash checks, purchase money orders transfer money, access Verizon residential telephone services, pay bills and purchase phone and stored-value cards.