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5 must-haves for a cash remittance center

i-Remit\\\'s Harris E.D. Jacildo lists down the essentials
By Entrepreneur Staff |

Establishing a remittance office needs careful planning. There are many considerations such as location, size of the office and number of staff needed.

Entrepreneur.com.ph asked Harris E.D. Jacildo, president and chief operating officer of i-Remit Inc., to list down the things that you must consider in putting up a cash remittance center.

1. Location

According to I-Remit’s Jacildo, choosing the best location for a remittance office is very important. One will have to think about the places that your clients frequent such as parks, churches and malls. “You just have to immerse your business within the flow of their activities so that it eventually becomes part of their routine to go to your office as they also go to these frequented places.”

2. Floor area

The size of an office in terms of floor area will vary depending on the size of the prospective market (projected number of customers) and the cost of rent. I-Remit has remittance offices in Taipei, Taiwan, and Edmonton, Canada that are more than 150 square meters in size. It also has a smaller, kiosk-type office in Hong Kong.

3. Equipment

A typical remittance office should have a computer for each teller, a safe, and counting machines. And since the nature of the business entails the handling and custody of cash, appropriate security systems should be put into place as determined by the location and operation hours. A standard security system would include CCTV cameras and alarm.

4. Business system

A reliable and efficient system capable of processing transactions is a requirement in setting up remittance offices. “This business is built and revolves on trust because hard-earned money is being entrusted by the customer to you. And they only expect prompt and efficient delivery of the remittance to their beneficiary for sustenance and other primary needs. Therefore, when one ventures into this business, they must be ready to take on the responsibility of taking utmost care of their customers’ money and seeing to it that they get their money’s worth,” adds Jacildo.

5. Business continuity plan

Another requirement that a remittance company must have in place is a business continuity plan to allow handling of any level of system downtime. In the case of I-Remit, its remittance offices can switch to a manual process that is formally documented should there be isolated or minor downtimes. But for disasters such as fires and earthquakes, its main servers can be become incapacitated and cause major downtime. In these cases, I-Remit maintains a “hot site” in a different location. This “hot site” houses a series of servers that are mirror images of its main servers.

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