Check Cashing for Your Small Business

A lot of sweat goes into running a small business. You’d think accepting payment for your services would be the easy part.

Banks and corporate institutions are there for the big players. But small business owners need options, too. That’s why business check cashing is the smart answer for startups and entrepreneurs who work hard and need faster access to their funds. It’s one of a wide range of financial and auto services offered at Community Currency Exchanges throughout Illinois.

While you’re there you can take advantage of the many other amenities available to anyone who walks in. (Check cashing is kind of our thing.) Help yourself to our fax or photocopy service, and pick up some stamps and envelopes for your next mailing campaign.

When it comes to cashing your business checks for you, we’re about as lenient as it comes.

Benefits of Business Check Cashing

Bigger businesses have checking accounts to handle their financial transactions. But that’s not always an option for the little guys who still need a way to access money. That’s where we come in. There are several advantages to cashing your business checks with us instead of a bank.

• We let you. We do business with anyone. Banks usually require an account for this service.
• No holds on your funds. Banks often place a temporary hold on business checks for several business days as they wait for the checks to clear, making the money you earned inaccessible to you. That can be a long time if you urgently need the funds. With a business check cashing service, you’ll get the money in full immediately.
• No bank fees. Banks can charge different kinds of fees for business checking accounts, from monthly maintenance fees to overdraft or insufficient fund charges. Unexpected fees are a hassle you won’t have to worry about with our services.
• Flexible hours. Many of our locations are open after hours, weekends, and holidays – and several are open 24/7.

One other thing: Opening a business checking account might first require you to apply for an employer identification number, which is necessary for tax purposes. To do so you would need to provide your tax ID number, complete an application, and then wait. Yet another hassle you get to skip with us.

Who Needs It?

So, who should take advantage of a business check cashing service? Basically, any small business owner who values convenience. The growing gig economy can be unpredictable, and small businesses need flexible options to meet their needs. After all, they contribute a lot to our economy!

Firms with fewer than 20 employees experienced the largest gains before the pandemic hit, adding 1.1 million jobs in 2019. Meanwhile, over a third of US workers are involved in the gig economy. That includes many freelance workers who have a business name but no corresponding bank account.

How Business Check Cashing Works

The steps for cashing a business check are quite simple. All you need is a business name and a check made out to it. Bring it in and we’ll do the rest:

1. Bring in a check made payable to your business. Be sure to bring your ID with you. If you’re new, you might also need relevant paperwork showing you’re a legitimate business (call your Currency Exchange Member Location for more details).
2. Go through a quick verification process. This step is usually only required for the first transaction and might include looking up the entity that issued the check to make sure they’re legitimate, as well. You’ll be charged a competitive, state regulated check-cashing fee.
3. After a brief visit, you leave with your cash. The ease of the transaction will make it worth stopping by.

Up-and-down cash flows are part of the nature of running a small business. Maybe you want to start making money, or you already are but are not ready to maintain a minimum balance that a bank account demands.

We’ll help you thrive no matter what phase of business you’re in. Whether you want to enjoy the fruits of your labor or reinvest in your services, business check cashing is a reliable way to make that happen. So what are you waiting for?

To cash in your business checks, stop by the nearest Currency Exchange. Feel free to call or email with any questions about the requirements at a specific location, or to find out what other services are there that can help your small business.