Popular Financial Services Franchise Categories
The financial services industry generates revenues of $156 billion a year. Explore some of the most popular types of business in this category so you can find the right opportunity for you:
ATM Franchises
ATM franchises install cash machines in places where people are likely to need money, like restaurants, bars, and other places with lots of foot traffic. In exchange for having a steady stream of cash on hand, you'll collect the service charges for each transaction. Some of this goes towards machine maintenance, and the rest goes into your pocket.
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Billing & Check Cashing Franchises
Many companies don’t have billing departments of their own. These enterprises often outsource their invoicing to billing franchises who take over every aspect of the process for them. That way, the company can focus on what it does best.
Check cashing franchises offer a quick and easy way for individuals to cash their paychecks and purchase money orders. They also allow customers to make bill payments, take care of money transfers, exchange currency, and get documents notarized.
People who use check cashing businesses often do so because they don’t have bank accounts. This could be due to personal preference or poor credit. Others use check-cashing services because they’re faster than banks.
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Expense Reduction Franchises
An expense reduction analyst is basically a business consultant. They help companies cut the fat from their operations. The money saved can be used to fuel future growth. This can be a lucrative business opportunity, as you are helping other businesses to significantly reduce their overhead.
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Income Taxes Franchises
Tax preparation services generate an estimated $11 billion in annual revenue. Out of the 91% of tax returns filed electronically in 2019, more than half were completed by qualified tax professionals. As an income tax franchise owner, you'll simplify complex paperwork for your clientele, saving them from having to pay too much in taxes.
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