Remote Cash Deposit for Check Cashers

Remote Cash Deposit for Check Cashers

September 08, 2017

National Check and Currency is pleased to announce the addition of Remote Cash Deposit Services for check cashers and their customers to their banking services portfolio. With this solution, your check cashing outlet can help consumers transfer their cash from the agent, kiosk, or merchant location to another person or financial institution. This offers freedom for check cashers who need cash logistics but do not have access to armored truck delivery.

You can now pick up cash and deliver it to the USPS, where it is sent insured to the proper destination. This means that NCC now has the ability to ship money to anywhere in the US without an armored car. This means total independence for those who need to transfer cash across the country. You have the choice to overnight your funds based on location and all funds arrive within 1-3 business days. The new Remote Cash Deposit Services are offered through TransGuardian.

Remote Cash Deposit Services through TransGuardian

TransGuardian is a 12 year old private company founded to handle fine art, jewelry, gems and other high value items. In March 2016, the company expanded to offer Remote Cash Deposit Services. Over the past four plus years, TransGuardian has built the business to the point where it now services almost 1,000 agents. TransGuardian’s service can be used to transport cash from a check cashing business to either a bank vault or to a parent organization’s regional or central location.

The service can also be used to distribute cash from banks or company offices to agents that cash checks. The service is currently offered across the US and its territories (i.e. Puerto Rico, Guam, US Virgin Islands and American Samoa). Within the next few months, TransGuardian expects to pilot its program in Canada and their US services will expand to include cross border transactions with Canada and those fully within the Canadian financial system.

How Remote Cash Deposit Works

TransGuardian’s service is offered in partnership with the USPS and is covered by TransGuardian’s marine cargo policy underwritten at Lloyds of London. The USPS is responsible for transporting the package and providing tracking for the item. TransGuardian’s tracking module, RADAR, enables pro-active tracking and tracing through the mailstream. The USPS can pick up from and deliver to any location in the US or its territories.

TransGuardian’s Lloyds of London policy provides insurance for the package for up to $25,000 per item. In order to use TransGuardian’s service, agents only need to have access to a printer and a PC, Mac or a tablet. There is no mobile phone application available at this time. TransGuardian’s system is available in both English and Spanish.  Web based access gives you complete visibility of the cash when it’s within the TransGuardian network.

The Shipping Process

To initiate the cash shipping process, the check casher first logs onto TransGuardian’s online system and inputs the details of the deposit (i.e. number of bills of each denomination) and the total amount of the deposit. The system then prints out a deposit slip, shipping label, and a form for the postal worker to scan. Once the postal worker scans the form and accepts the package, the package is the responsibility of the USPS and is insured by TransGuardian’s Lloyds of London policy.

The package is transported through the USPS Priority Mail system. As the package completes its journey, it is fully trackable. Once the item is delivered and signed for or scanned at the delivery point, it is no longer the responsibility of the USPS and TransGuardian’s Lloyds insurance no longer applies.

The Packaging Process

TransGuardian recommends using Nelmar’s Fraudstopper bags for shipping currency. The bags are available from TransGuardian at $0.23 each. The agent will also need an Avery label, which costs approximately $0.15 per piece.  The key point is that the label should be adhesive-backed so that it is securely affixed to the parcel. Once the currency is put in the Fraudstopper bag and the shipping label is attached, TransGuardian recommends putting the bag into a USPS Small Flat Rate Box and then a USPS Flat Rate Padded Envelope.

This packaging is supplied by the USPS and is free. The USPS cost to ship an item packed in this manner is $6.30 for USPS Priority Mail (1 to 3 days delivery time; 1 day for regional delivery and 3 days across the US) plus $2.45 USPS Signature fee. If the parcel is being shipped to a cash vault or armored car company equipped with a TransGuardian acceptance scan computer or whose native software is integrated with TransGuardian’s software via API, the $2.45 Signature charge may be eliminated. In this case,  the acceptance scan of each parcel by the receiving entity will show proof of delivery, making the Signature redundant.

You can also send it for $21.64 for USPS Priority Mail Express (i.e. delivery the next day anywhere in the US). Priority Mail Express has Signature included and this service cannot be excluded from the service or the rate. The only additional cost is that of insurance which varies with the value of currency shipped.

Cost Analysis Assumptions

In the following two scenarios, we will run through how your check cashing business can use Remote Cash Deposit and how much this might cost you.

Scenario 1:

Agent facilitates 100 remittances a month with an average remittance of $300. The agent ships to a cash vault or armored car company with TransGuardian’s acceptance scan software integrated, thus excluding the USPS Signature fee.

Details for the month:

  • Total Remittances – $30,000 per month ($7,500 per week)
  • Has 2 pickups per week. (Mondays and Fridays)
  • Fifty percent of value in each pickup

Cost per month:

  • USPS and supplies ($6.78 per pickup and 8 pickups) –   $54.24 per month
  • Insurance – 0.25% of value. $75.00 per month
  • Total Cost – $129.24 per month

Scenario 2:

Agent does 200 Remittances a month; average remittances is $300. Agent ships to a cash vault or armored car company with TransGuardian’s acceptance scan software integrated, thus excluding the USPS Signature fee.

Details for the month:

  • Total Remittances – $60,000 per month. ($15,000 per week)
  • Has 3 pickups per week. (Monday, Wednesday and Friday)
  • Fifty percent of value on Monday ($7,500) and 25% each on Wednesday and Friday ($3,750)

Cost per month:

  • USPS and supplies ($6.78 per pickup and 12 pickups) $81.36 per month.
  • Insurance – 0.25% of value for up $7,000
  • 0.18% of value if over $7,000 $129.00 per month
  • Total Cost – $210.36 per month

NCC can put together a custom quote for your check cashing outlet or money service business. All NCC clients can take advantage of this new service in addition to enjoying their real check cashing business bank account and supported check cashing services.

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