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What Do I Do To Get Into The Check Cashing Business?

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What Do I Do To Get Into The Check Cashing Business?

Postby Farand » Sun Oct 01, 2017 10:33 am

You don't have a big chance to make a profit. A lot of people use banks to cash checks and even most people that have bank accounts have direct deposit.

Furthermore you can't make a lot of money selling lottery tickets, its a 1% to 5% profit margin.

If you want to open a check cashing place its best to do it in a big city, where there would be high demand. High demand means people that don't trust banks, or people that don't want or can't have bank accounts.

In a small town there isn't much opportunity.

To open a business you need to register a company and get a business licence. You also need to talk to the irs to get a ITIN number to pay taxes.Then you need to buy bullet proof glass so you don't get robbed, get insurance to help you if you do get robbed, surveillance equipment and a safe to keep the money in.Another thing you will need is more insurance, because people rob you the silent way - they make a fake check and try to cash it.

You need to find a good location where you are visible so people can see your business.

To sell lottery tickets you need to talk to the lottery company and apply with them. They can also help you get gambling permit if needed. You also need to check your local laws if lottery is even allowed.

Good luck my friend!
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Joined: Mon Jan 06, 2014 4:47 pm

What Do I Do To Get Into The Check Cashing Business?

Postby Mazablaska » Thu Oct 05, 2017 4:35 pm

I assume you have a few hundred thousand dollars accumulated in order to begin.

First,you must be approved by your town office and secure a business license.

In order to sell lottery tickets you must apply to your county gaming association.
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Joined: Sat Apr 12, 2014 11:36 pm

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