Quent Rickerby, President & COO of Consorteum Holdings Inc., said, “Consorteum has been very eager to deploy this program and sees significant growth and opportunity within the check cashing industry. Not only are we bringing the convenience of a check cashing service to the customer directly, but we’re also mitigating the overhead costs of a brick-and-mortar store front.”
Consorteum will charge the customer a percentage of the value of the check as a convenience fee for processing the transaction. It is expected the program will be fully deployed across other regions of Ontario in early 2010 and generate significant transactional volumes for the company within a year. The program is expected to expand into several U.S. regions in late 2010.
Rickerby went on to say, “Today there are approximately 13,000 check cashing stores in the United States which collectively process $80 Billion worth of checks annually. The average payroll check today is anywhere from $500 to $600 each. With such a large market to capitalize, we anticipate the launch of this program to substantially increase our revenues as well as shareholder value.”
About Consorteum Holdings Inc.
Consorteum Holdings Inc. will build on its extensive expertise within the Payments and Transaction Industry in North America, Europe and Internationally. By identifying new technologies and trends in the changing global marketplace, Consorteum Holdings Inc. aims to increase revenues in existing markets, enter new markets, and deliver unique products and services more effectively and efficiently. Consorteum Holdings Inc. has built its reputation with one goal, “For our customers to look at us as partners, not just a technology provider.” For more information, please visit: www.consorteum.com
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