HOUSTON -- HOUSTON, March 11 /PRNewswire/ -- BVIG Financial, a financial services company, announced today that it has successfully launched an ATM-based, check-cashing solution in 59 Jackson Hewitt Tax Service(R) and independent tax preparation locations across the country.
Each tax season, billions of dollars of checks are issued in tax preparation locations across the country. The BVIG solution enables the taxpayer to cash his or her check at the tax preparation site for the ultimate in convenience. BVIG's solution combines CashWorks' patent-pending, check- cashing technology with an ATM from Tidel Technologies, Inc. , a leading manufacturer of low-cost ATMs. BVIG has signed a multi-year, exclusive agreement with CashWorks, Inc. and a distributor agreement with Tidel. BVIG has placed only Tidel ATMs in tax preparation locations.
Todd Binet, CEO of BVIG Financial, commented: "We are very pleased with the response we have received from both the tax preparers and the taxpayers utilizing the BVIG solution. In customer satisfaction surveys, the taxpayers have given us high marks in overall experience, price, speed and convenience. CashWorks has developed a user-friendly and efficient interface. From the time that a customer receives his check the time the ATM is dispensing cash is typically under two minutes. At this point in the tax season, we have already cashed over $35 million in checks."
BVIG's solution represents the first application of CashWorks' patent- pending PayPort(TM) technology to be specifically tailored to the needs of the tax-preparation industry. "Tax preparers have been seeking a check-cashing solution for a long time, but check-cashing kiosks are too expensive and error-prone for widespread deployment," says Ken Rees, president of CashWorks. "Because the BVIG solution leverages standard ATMs in tandem with the PayPort check-cashing technology, it can be deployed for a fraction of the cost and without the maintenance problems of other solutions."
Mark Levenick, COO of Tidel, stated, "Tidel is proud to partner with BVIG and CashWorks to bring an affordable, check-cashing solution to Jackson Hewitt Tax Service and the tax preparer market. The BVIG solution creates a new revenue stream for tax preparers while providing a valuable service for their customers. We know of no other solution for this market that is comparable in price or performance to what BVIG is offering."
About BVIG Financial
BVIG Financial is an innovative provider of financial services focused on the 65 million Americans who either don't have a bank account or who regularly supplement their bank account with non-bank financial services such as check- cashing, money transfer, payday loans, and bill payments. For more information, please visit the BVIG Financial website at http://www.bvigfinancial.com or call 1-888-599-BVIG. Corporate contact: Todd Binet; tmbinet@bvigfinancial.com
About Jackson Hewitt
Jackson Hewitt Inc., a subsidiary of Cendant Corporation , is the fastest growing national tax preparation company and is currently the nation's second largest company in this category. With more than 4,100 locations in 48 states and the District of Columbia, the company provides full service, individual federal and state income tax preparation through its proprietary computerized software system. Approximately 95 percent of all income tax returns filed through Jackson Hewitt
