Convenience distributor Team Sledd, in partnership with SAMCO Financial and Broker, BE Cubed LLC, is introducing a new “Check Casher Machine” to convenience store retailers across the U.S.
Convenience industry veteran Mitch McGovern, president of BE Cubed LLC, is leading and overseeing the rollout to National and Regional Retail accounts, while Rob Sincavich, president of Team Sledd, is leading a regionalized approach in its local market, while working with key suppliers to replicate the approach across the country.
The check-cashing technology is aimed at serving a new and growing generation of consumers who need and desire an alternative to traditional banks for their check-cashing needs.
“This check casher machine — with newly reduced fees — can cash checks in about four minutes initially, then in less than 60 seconds on subsequent visits, 24/7,” said SAMCO President Chuck Kintner. “Here’s how it works: The machine uses a few simple steps to guarantee the ID of the consumer and the validity of the check. Then the proprietary technology and our algorithms virtually eliminate any attempted fraud. There’s literally no risk, no bad checks, no fraud, no theft and no hassles for the retailer. And we guarantee every single check cashed to be a good one, or SAMCO reimburses the store.”
“The retail convenience sector is going through a turbulent period of disruption and competitive pressures,” said Sincavich. “Right now, companies like Amazon, Amazon Go Stores, Grocery, Dollar Stores, Big Box Stores, Fast Feeders, Uber Eats, Grub Hub and others are all vying for market share of the traditional and the emerging convenience customer. In order to stay relevant and competitive, today’s convenience retailers have to innovate and create value to make their stores a destination. Our introduction of the new Check Casher machine does that for convenience retailers, and a national audience of 74 million unbanked and under-banked consumers.”
“This machine is more relevant right now than ever. With the combination of the Coronavirus COVID-19 Pandemic and the U.S. government issuing checks, both un-banked consumers and banked consumers want a solution to access their money quickly, safely and without standing in lines at grocery and check cashing stores. The Check Casher is that solution,” said McGovern.
The hidden value of the new Check Casher Machine is its ability to attract new customers into convenience stores 24/7, and away from traditional and inconvenient check cashing outlets and grocery stores.
Plus, once consumers complete the check cashing transaction, they have ready-to-spend cash in hand. The retailer makes a nominal fee for the service, but the data also shows 99% of customers will make a purchase while in the convenience store.
Because the technology and this type of concept are so new to consumers, Team Sledd charged its marketing agency The Convenience Marketing Group to create an awareness campaign for consumers.
“We started by branding the Check Casher machine itself, making it grab the attention of convenience and check cashing customers,” said Tim Lazor, president of the firm. “The retail point of sale campaign is designed to capitalize on store foot traffic and drive awareness of the new machine. We created a three minute, multi-use video, and are implementing several digital, geo-fencing and billboard ads targeting people with a current paycheck in hand. Our goal is getting them to switch from an inconvenient check-cashing store to a 24/7 convenience store exclusively offering the Check Casher Machine and its ability to ‘Show Them The Money!’ ”
“Cash customers are golden to retailers,” said Sincavich. “Cash allows the retailer to avoid a costly ‘swipe fee’ that eats away at margins. And new and loyal cash customers help retailers confront margin declines in tobacco and gas. Our new Check Cashing machine is a win-win for everyone, and can translate to increased retailer profits.”
Incorporated in 1937 in Wheeling, W. Va, Team Sledd has evolved with the emergence and growth of the convenience store channel to establish itself as the preeminent supplier of convenience retail products and services in the six state Mid-Atlantic Region. Serving all of Pennsylvania, Ohio, Virginia, Maryland, Kentucky and West Virginia, Team Sledd has enjoyed steady sales and facilities expansion through a focus on strategic services, products and capabilities needed to support profitable convenience retail sales growth for its customer base.
With a vision and knowledge of the convenience retailer’s future challenges, Team Sledd can effectively support and lead the profitable growth of all independent and chain convenience retail customers in the Mid-Atlantic region of the U.S.