Background

Cheque encashment emerged as a growth business in the United Kingdom as a result of the 1992 Cheques Act.

The act made the collecting bank responsible to ensure that cheques crossed "Account Payee" were only paid into the accounts to which they were made payable.

The immediate effect of this legislation was that banks started routinely printing "Account Payee" on the crossing of every cheque they issued. This in turn stopped the endorsement of cheques by the payee to assign them to a third party for collection through an account other than his own.

Over-night this development ostracised an estimated 6 million people in this country who, for one reason or another, do not have a bank or building society account and countless others who may not wish to use their bank account to collect a particular cheque.

On top of the effect of the "account payee only" aspect of the Act, it is becoming increasingly difficult to open a bank account for a number of other reasons and demand is growing for an alternative service.

The Company

Cheque Convertors is part of the BCC Group Limited. The group comprises a number of companies including Cheque Convertors Retail Limited, a wholly owned subsidiary which looks after the sale and management of franchises.

The group has an experienced management team with vast experience in banking, insurance, and treasury systems together with successful entrepreneurs and businessmen.

This manifest business acumen and the financial resources of the group combined with our unique networked computer applications, high quality procedures and security give our bankers the confidence to allow us to collect and process cheques from third parties.

The Cheque Convertors Service

Cheque Convertors now offers a real alternative to the traditional banking system providing immediate, on-the-spot cheque encashment with the minimum of fuss and formality.

Our premises are light and bright and customers feel no embarrassment about entering our branches which combine a high level of comfort with a welcoming and friendly service.

We have introduced a "regular customer" card and together with the Cheque Convertors ChequeNet system which uses sophisticated real time communications enables our customers to cash cheques at any branch.

It is our intention to offer our customers the opportunity to convert
cheques not only into cash but also into other banking instruments such as credits to an electronic purse or charge card as well as payment orders. This will allow our customers to pay bills without using cash, purchase goods on a charge card and withdraw cash from cash dispensers.

All Cheque Convertors franchisees will be offered a Western Union Money Transfer Agency at no extra cost. Whilst it must be stressed that this a separate company, the service that they provide is complimentary to our own and offers our franchisees the opportunity to earn extra income through commission on every transaction

The Franchise Opportunity

There are as many reasons for taking up a franchise as there are individual franchisees but Cheque Convertors has the unusual benefit of becoming passive income within twelve months.
This is, of course, interesting to those looking for a secure investment with a high level of return,
or for those looking for a new career with hands-on involvement.

The Franchise Package

As a Cheque Convertors franchisee you will receive:

• A brand new, fully equipped and
  operational branch fitted out to the
  highest standards, incorporating
  banking levels of security, air
  conditioning and full insurance
  coverage by Lloyds of London.
  
• Two weeks comprehensive training
  plus continuing, on-site training,
  updates and support.
  
• Access to the ChequeNet computer system.
  
• A full operating manual explaining how the business should be run to the highest possible standards
  
• Launch advertising
  
• On-going, support, administration and advice.
  

The Franchise Costs

The cost of the Cheque Convertor franchise is £80,000 + VAT which
includes all that you will need to get started. In addition you will need a £50,000 cash float to service the demands of the business.

Concessions are also available to be combined within existing business premises, where practical, i.e petrol stations, large Post Offices, supermarkets, etc. The cost would be evaluated upon application.

What Do I Do Next ?

For further information or to arrange an appointment for discussions with one of our directors please telephone 08000 744844
or e-mail us at: sales@bccgroup.u-net.com

Cheque Convertors Retail Limited, 11-13 Limes Court, Conduit Lane, Hoddesdon, Hertfordshire EN11 8EP