CFSC might just be the perfect solution for small businesses that are looking for a place to cash their business checks. Small businesses rely on certain things to keep their business afloat. Things like constant access to cash and cutting down on business expenses wherever possible are priorities when you’re a small business and below, we’re sharing some of the ways CFSC supports these needs.
There’s one thing a small business needs to function and that’s cash flow. Without it, employees, vendors, and suppliers go unpaid, and your business can quickly go on a downward spiral, racking up costs and losing necessary relationships.
Traditional banks are notorious for keeping your money and making it harder to get immediate access to cash. Setting up a business bank account can take time and a lot of red tape – sometimes even requiring fingerprints! And depending on the type of entity your business is and who the check is made out to, you could find yourself at a standstill in retrieving your funds.
Even if you do manage to get a traditional bank to cash your business check, they very likely may hold all or a percentage of the funds, which you have no control over, and this hold is typically several days at least.
At CFSC, we know that your time is your business!
We’re here to get you access to your cash on the spot, whether your business check is made payable to you personally, or your business. All we need is the proper identification and a speedy verification procedure. Setting yourself up as a registered business owner with CFSC streamlines this process for future transactions.
In fact, you can even get this process started by filling out this form online so that when you need those business checks cashed fast, you’re already ready to go! And when your check gets cashed, you have immediate access. No holds. No red tape.
To cash a business check with CFSC, you pay a small fee. You may think that could add up to cost more money than using a traditional bank for your small business check cashing, but there’s actually a lot more to consider here.
First off, banks are infamous for charging an absorbent amount of fees. Some banks offer free business checking accounts, but additional potential fees are still included, like:
- Monthly service or maintenance fees (typically waived if you meet certain criteria, such as meeting upwards of a $1,500 – $5,000 minimum balance)
- Cash handling fees
- Excess transaction fees
- ATM fees
- Overdraft fees
- Transfer fees
The best business checking accounts with the fewest amount of fees require a lot of stipulations to be met, which almost always include having thousands of dollars in your account at all times, along with owning multiple types of accounts at the same institution.
As a small business owner, this is just not realistic as money has to be moved around often and having a large minimum on-hand at all times is, for most, impossible.
When you add up all those fees, particularly the monthly ones, and consider the time it takes to get the cash from your business checks, paying a small fee for immediate service far outweighs the alternatives for a small business.
Speaking of those fees from traditional banks, do they often disclose that information to you upfront? Usually not. Some are in plain sight, but most are hidden in fine print in lengthy handouts or online forms you electronically sign. Typically, you won’t even know they exist until you see the charges on your account. And if you don’t have the funds to cover the fees in your account – say hello to yet another fee – the overdraft fee!
At CFSC, we pride ourselves in being transparent about all fees. You won’t find any hidden fees or undisclosed charges. We aren’t holding your money, so why would we charge you for it? We make it clear, at each location, the cost of all services so you know the fees, every time, before you even step up to our Customer Service Representatives.
While many banks are moving towards full automation (meaning you can’t find a teller in sight), CFSC employs friendly, relatable Customer Service Representatives to help you with your transactions. We know the value of a familiar face in your community and sometimes, you just want to speak to a human rather than a machine!
We also know the importance of flexible service, so we offer convenient ways for you to get your business checks cashed, how and when it works best for you. You can visit one of your local CFSC stores, which are open extended hours and many are even open 24/7, to cash your business check in person. For established, registered business customers, we have a convenient Check Cashing by Phone service. Simply upload an image of your check and fill out a short form. A CFSC representative will verify your check before you come in to help expedite the process. You will be notified when your cash is ready to be picked up. When you come in with the proper ID and complete the verification process, you will be on your way in no time!
When it comes to helping small businesses, CFSC knows where it counts. We’ve created services to help you where you need it most. We understand that maintaining a small business can be such a stressful endeavor; getting the money you earned from that business shouldn’t be.