Orange County Register(Business Section, Front Page!)
CHECK-CASHING DEVICE TESTED IN SANTA ANA
MONEY: ATM-like machine placed in markets would charge 2%
By Bernard J. Wolfson
The Orange County Register
Check-cashing joints could soon get some competition from high-tech investors.
A small San Diego start-up firm has installed a payroll check cashing machine inside a neighborhood sstore in Santa Ana. Greenland Corp. hopes its will be the first of thousands.
The Touch-screen "Check Central," still in the testing phase, is aimed primarily at low-income workers without bank accounts.
"People who have become known as the unbanked have grown in the last 10 years, and they are asking for this service in convenience stores," said Louis Montulli, Greenland's charman and chief executive.
Machine users must fill out applications. Once an address and emplyment are verified, the person will receive a plastic ATM-like card to insert in the machine along with a paycheck. The person can get cash or a money order in return.
Montulli said the check cashing fee will be about 2 percent, though there is no charge during the test period. Local check cashing services usually charge 1 percent to 3 percent.
John Abajian, owner of La Loma Market, which houses the Greenland machine, said customers in the past asked him to cash paychecks. He never knew if the checks would bounce--and keeping a lot of cash on hand was dangerous.
Abajian said word of the machine is spreading. "A lot of store owners are coming here and looking, and asking me alot of questions," he said.
Abajian said he has an option to buy the machine form Greenland, which is asking $28,000 to $29,000.
Montulli said Greenland plans to install another machine in an Anaheim store in the next few weeks and is negotiating other deals around the country. The company lost $2.7 million in the first nine months of 1998, and its stock fell from a high of $4.90 last April to 13 cents this week.
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Now, the volume is high today on this little stock of ours and I haven't even heard it mentioned on SI, Raging Bull, etc. So, I think once the Internet investment community gets wind of the opportunity with this OTC stock, there will be a lot of buying. The growth opportunity for this technology is huge. Sound like GLCP has a winning product!!Orange County Register(Business Section, Front Page!)
CHECK-CASHING DEVICE TESTED IN SANTA ANA
MONEY: ATM-like machine placed in markets would charge 2%
By Bernard J. Wolfson
The Orange County Register
Check-cashing uoints could soon get some competition from high-tech investors.
A small Ssan Diego start-up firm has installed a payroll check cashing machine inside a neighborhood sstore in Santa Ana. Greenland Corp. hopes its will be the first of thousands.
The Touch-screen "Check Central," still in the testing phase, is aimed primarily at low-income workers without bank accounts.
"People who have become known as the unbanked have grown in the last 10 years, and they are asking for this service in convenience stores," said Louis Montulli, Greenland's charman and chief executive.
Machine users must fill out applications. Once an address and emplyment are verified, the person will receive a plastic ATM-like card to insert in the machine along with a paycheck. The person can get cash or a money order in return.
Montulli said the check cashing fee will be about 2 percent, though there is no charge during the test period. Local check cashing services usually cahrge 1 percent to 3 percent.
John Abajian, owner of La Loma Market, which houses the Greenland machine, said customers in the past asked him to cash paychecks. he never knew if the checks would bounce--and keeping a lot of cash on hand was dangerous.
Abajian said word of the machine is spreading. "A lot of store owners are coming here and looking, and asking me alot of questions," he said.
Abajian said he has an option to buy the machine form Greenland, which is asking $28,000 to $29,000.
Montulli said Greenland plans to install anouther machin in an Anaheim store in the next few weeks and is negotiating other deals around the country. The company lost $2.7 million in the first nine months of 1998, and its stock fell from a high of $4.90 last April to 13 cents this week.
###
Now, the volume is high today on this little stock of ours and I haven't even heard it mentioned on SI, Raging Bull, etc. So, I think once the Internet investment community gets wind of the opportunity with this OTC stock, there will be a lot of buying. The growth opportunity for this technology is huge. Sound like GLCP has a winning product!! |
