Check Cashing is integrated in Pawnbroker Pawn Shop SoftwareTM. It is unique in its class, combining reliability, functionality and ease of use with all basic pawning functions, and now including the ability to accept items on consignment without cash outlay.
Check Cashers Software
The check-cashing module in Pawnbroker Pawn Shop Software helps cashers operate, manage and scale business effectively. The program can be customized to suit individual needs but for most shops in the check-cashing business, the basic format of the software is quite sufficient particularly given that the shop owner owns the software for lifetime use without ongoing charges for support or software updates.
The basic program includes flat-rate and/or percentage entries for fees and interest per transaction cashed with a provision for an extra charge for first-time customers (where permitted by law). Set up fees and loan schedules in Program Setup (Under File). Click on the tabs named Pawn Fees, Pawn Etc. and Payday.
Checkcashers with more sophisticated fee and interest schedules can enter a variety of formats by APR, flat fee, late fee or late %, first-loan fee or % and variable loan periods. For each processed the applicable fee schedule can be selected from a drop-down menu on the entry form.
The transaction agreement is printed on plain paper and can be edited to include all required information as well as the casher's terms and disclosures. Multiple copies of each transaction can be printed.
To enter a cashed item, press F2 or go to the Pawns Work Area. Select New Check from the Quick Links Menu. Select a client and click OK. On the New-Transaction Screen enter the Client Name, Today's Date and fees (set in program setup) will be auto-entered. Enter a location for the store, if applicable. (Some pawn shops have more than one location.) The Date and time may be changed. The drop-down arrow in the date field produces a calendar. Enter the Value and a Percentage Fee. The Net Paid Out will be displayed. It is the amount less all applicable fees. (If the fees are incorrect, change them in Program Setup or edit the amounts here on this screen.) When a cashed item clears, nothing else is required in PPSS. Records will show the amount paid, the amount of the check and the profit made.
Select a Record in the Main Table then click the Print Ticket button to produce a Cashed- Ticket. The Ticket for the item selected will be presented in a 'Print-Preview Screen' for inspection prior to printing. The ticket will include the shop's name and contact information (if entered in Program Setup) along with the customer's information (that was entered in the customer's record). If any desired information is missing from the form, edit the customer's record, the loan record and/or shop information in Program Setup to add or change the information on the ticket. Print the ticket by clicking on the printer icon on the Print-Preview Screen. Clicking the printer icon will open Window's Print Setup screen where you may choose to print more than 1 copy. The ticket may be emailed by clicking on the email icon just to the right of the printer icon, or by clicking on the Mail button on the Print Setup screen (requires Microsoft Outlook or Outlook Express).
Search services might also be used to locate local brick-and-mortar stakemen. Depending upon your state, loan companies might be known as Cash Advances, Check Cashers, Deferred Deposit or Payday Advances so use the applicable term and append your location to the search phrase like 'check cashers Biloxi MS'. Keep in mind that 'loans online' may bring up websites owned and operated by businesses with local shops.
In many states the lender lends an amount of money equal to the amount of the loan minus the finance charge. In Ole Miss the borrower receives the full amount of the loan and writes a draft for the amount of the loan plus the finance charge. The payee of the draft is the lender and the date is post-dated to the due date of the loan. Rolling loans over, renewing or extending them is not permitted by law.
In MS payday lenders are also known as 'check cashers'. The lending agreement might be referred to as a 'Check Advance Agreement' or a 'Delayed Deposit Agreement'. Checkcashers are controlled by the Department of Banking and Consumer Finance which regulates licensing and protects its citizenry through supervision of financial institutions and examination of their business practices for compliance with rules and regulations. The Mississippi Check Cashers Act clarifies existing laws pertaining to cashers. Source: Miss. Code Ann. §75-67-501; Miss. Code Ann. §75-67-515(1); Feb. 2003
In 2001 the Rhode Island Department of Business Regulation started bucking the trend in New England states by allowing 'check casher'loans (up to $500 with a minimum term of 13 days, no limit on the loan term, two rollovers and no more than three outstanding loans at once for a total of one thousand five hundred dollars). Connecticut, New Hampshire and Vermont do not allow such loans and the federal government prohibits such lending to the military and their families. In Rhode Island APR can be as high as 261% and lenders are limited to charging no more than 10% of the loan amount in finance charges. In 2018 the Rhode Island Advisory Committee to the U.S. Commission on Civil Rights dubiously concluded that payday lenders 'target' African Americans, citing that lenders set up shop in 'poor communities' where people of 'color' predominate. Interesting that the conclusion was about race and not just about demographics.
Wyoming under the Wy. Stat. 40-14-362 et seq. (Wyoming Uniform Consumer Credit Code) keeps a tight lid on payday loans (referred to as 'post-dated check casher') by limiting them to two hundred dollars. The loan length is limited to one calendar month with no designation of the minimum term. Finance charges are limited to $30 or 20% per month. The borrower can rescind the agreement before 5 p.m. Mountain Time of the following business day by returning the loan in cash or a cash equivalent in full. No fees or cost will apply. This provision must be disclosed in writing to the consumer by the lender and the borrower must sign an amendment to the agreement. If the loan cannot be repaid upon the due date the debtor can extend the payment plan once in every twelve-month period which is measured from the date the loan is paid in full.
The most outstanding feature of this program is affordability. The purchase price is hundreds of dollars under competitors.
The advanced simple design allows easy, precise data editing and reporting. Over 300 reports are available with a 'filtering system' that focuses report output on specific pawns, loans, checks, inventory, pawners, customers, sales and disbursements.
Why is Our Check-Cashing Software Best?
Simple economics! This software is complete yet it is priced well below other programs. It is purposely engineered to eliminate the expense of unused functions. There are no hidden add-on costs after purchase.