Financial service centers in convenience stores

My dad owned a honky tonk bar in the ’80s. They would cash checks by the thousands. They didn’t charge a lot, but they expected you to drink a few beers while you waited. They took their own sweet time.

This article titled Profit$ You Can Bank On talks about moving financial services into convenience stores. Today, Walmart offers many of these services including: check cashing, wire transfer, bill pay, money orders, credit cards, investment services and many more.

The point is that if you have foot traffic, you have an opportunity. Another reason why you find a bank branch in pretty much every supermarket. People that eat, need banking services too.

I don’t know if payday lending will get into these locations. It’s a lot easier to guess if a check is going to bounce today than it is in two weeks. It’s also not transactional, like check cashing. It’s a future obligation, which requires more attention.

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