Ian A. MacKechnie moved from making bread to lending it, figuratively talking.
The creator and ceo of Amscot Financial took just what that which was a failing donut company in the 1980s and switched it into a local powerhouse attracting a number of Wall Street’s attention having its projected $100 million in product sales this season.
A lot of people understand Amscot as a check-cashing business from tv advertisements that tout its unlimited money that is free and from the familiar blue-and-yellow storefronts dotting thoroughfares through the area.
The organization, with 76 shops so it soon hopes to enhance to 110, spends $3.5 million a on TV ads running in 13 Southwest Florida and Central Florida counties year.
Today, Amscot provides away 6 million cash sales every year totaling $1 billion.
The trademark free cash purchase solution started as an advertising gimmick for an Amscot store opening, but MacKechnie recognized the solution “helps deliver cash at any given time we are requiring money.”
Thousands make use of the service that is free which generally costs $1 to $3 — every week as opposed to checking records. That keeps money pouring when you look at the doorways for Amscot to provide call at more products that are profitable payday advances and look cashing.
Amscot also processes taxes, lends cash against future income tax refunds and offers prepaid MasterCards, Western Union cash transfers, notary solutions, faxing and copying.
“It is a virtual bank to many individuals,” claims the 60-year-old MacKechnie. [Read more…]