Ace Cash Express

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Ace Cash Express has pioneered the financial industry since 1968 with reliable services from Maine to California. It has a reputation for being the principal vendor of check cashing services nationally. In fact, Ace Cash Express has proudly met the needs of over 38 million clients since the company's inception. In 2003 alone, the 35th anniversary of Ace Cash Express, the company serviced more than 36 million customers. The company has reached an average of 11,500 customers per hour of operation. Ace Cash Express services cater to the everyday person while the company trades on international stock markets like The NASDAQ, where the company lists commonly held stocks under the acronym, AACE. Ace Cash Express is a reputable national service, and a credible member of the national trade association, FISCA.

Statistics show that by September 2007, Ace Cash Express provided services to clients across the country through 1718 store locations across 38 states as well as the District of Colombia. Out of 1718 store locations, 149 were franchised while 1569 still remain under Ace Cash Express ownership. Currently, store locations that serve customers are easily located in the District of Columbia and 35 states, as the company has discontinued services in North Carolina, Alabama, and Georgia. There are 11 headquarters that provide customers with quality services. These offices are based in various regions throughout the country, while the main headquarters for Ace Cash Express is in Irving, Texas.

With over 100,000 new customers monthly, service is a priority for Ace Cash Express. The company understands that clients seek other options for financial management outside of formal monetary institutions. Ace Cash Express continuously engages with its clients to monitor customer care. For example, in July and August of 2002, Ace Cash Express ensured that every client that walked into an Ace Cash Express store that year was encouraged to participate in a phone survey about customer care quality. In 2001 Ace Cash Express also evaluated its customer service performance, goals, and needs, and continues to do so through market research that will ultimately benefit its customers. As a result of company efforts to enhance customer care, Ace Cash Express proudly notes that customer satisfaction augmented in only one year. Ace Cash Express always seeks to make its clients understand that a positive experience with Ace Cash Express services is important to the company, and it relays this in tangible ways. For example, Ace Cash Express has visual media in all branches, such as posters, with a message to all customers: "Customers are Important". These posters also note Ace Cash Express' customer care contact details so that clients feel free to contact Ace Cash Express with questions, queries, and compliments. Due to such customer care interventions, customer praise of Ace Cash Express increased by 76 percent while customers voicing dissatisfaction with Ace Cash Express services and products decreased by 37 percent. Ace Cash Express continues to demand excellence in customer care.

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Ace Cash Express' customer service policies ensure that all clients take advantage of added benefits like accessible locations and quality products that carry the company's credibility in the financial world. Reasons for alternative services can range from unanticipated financial needs that require rapid action, to urgent financial obligations such as health care or car maintenance that require short term loans. The company provides these much needed services to customers in a user-friendly system where direct financial assistance is conveniently available and accessible. In short, Ace Cash Express provides its clients with superior methods of financial lending.

The types of financial services that Ace Cash Express provides its clients range from convenient bill-payment assistance and quick short-term loans, to immediate liquid cash needs that clients can take advantage of at many Ace Cash Express company owned branches. Payday loans are one type of short-term loan that formal banking institutions do not provide although the demand for this product is high. Payday loans service immediate needs rather than long-term needs, and are approved in as little time as 20 minutes. To facilitate this rapid approval process, loan applications are available online. Loan approvals generally depend on whether clients have the required documentation and on their ability to repay. Repayment of payday loans is expected by the consumer's next payday.

There are currently 24 state locations in which clients can access immediate cash payday loans, where they can easily borrow secure state-regulated loans for as much as $1000 and as little as $100, depending on which state they are located in. New customers seeking short-term loans may even receive $500 in loans with a stipulated repayment period of 14 days. It is as simple as accessing the online application and submitting it to the closest Ace Cash Express branch. The loan terms and the annual percentage rates will also depend on state regulations where the customer is located. In prior years Ace Cash Express has offered short-term loan products through partnership with Boleta National Bank (GNB); however, as of December 2002, Ace Cash Express transitioned from this private institution to secure state-regulated loans. Typical requirements to secure a short-term loan with a company owned Ace Cash Express store are: A legitimate checking account, a check from that account, a recent bank statement, photo identification that is current and has been issued by a government office, a utility statement and phone bill, and a recent payroll check stub. Benefits statements from government offices are also accepted.

In addition to short-term loans, Ace Cash Express can provide MoneyGram funds transfer services, money orders, check cashing, telecommunications services, and prepaid-debit card services. Although local vendors like banks and small grocers may offer opportunities to cash checks or obtain money orders, Ace Cash Express expands clients' financial alternatives by offering loan products and bill payment services in addition to what these other vendors offer. Ace Cash Express eliminates the unnecessary waste of clients' valuable time by providing comprehensive financial services through one source. Furthermore, Ace Cash Express offers opportunities for self service, with 43 machines located throughout our areas of operation that allow clients to manage their finances independently. These machines eliminate the need for a customer service associate if the client wishes.

Ace Cash Express offers other new products. For example, Ace Cash Express prepaid local and long distance wireless phones are popular with consumers. As well, the All-Access MasterCard brought to clients in partnership with NetSpend is also growing in popularity as it allows customers to make advanced payments on the card which subsequently functions as a debit-credit card. Ace Cash Express consumers purchased more than 130,000 All-Access MasterCards in 2003 from 850 different company owned locations in 15 different states. The All-Access MasterCard is accepted by 29 million locations and internet vendors. This innovative financial concept helps consumers avoid the stress of credit cards, and gives them the flexibility of having cash on hand without carrying large amounts of liquid capital while traveling, making reservations, and so on. Customers make card prepayments easily at any Ace Cash Express location that is participating in the NetSpend partnership.

According to the Ace Cash Express 2003 Annual Report, the company performed at one of its highest levels. The report documented the high revenue increases of 2 percent between 2002 and 2003. Annual revenue rose by $5 million from $229.3 million in 2002 to $245.3 million in just one fiscal year. Moreover, net income also jumped by 26 percent in 2003. Net income increased by $2.7 million from $10.1 million in 2002 to $12.8 million in 2003, and the result of large revenue increases allowed for a full dilution of per share earnings at an average of $1.25 per share, in fiscal year 2003. Comparatively, in 1993 the diluted earnings per share were $0.23. The rate of diluted earnings per share continued to increase exponentially by 18 percent annually. These types of record profits, large fiscal revenues, and share surpluses are a result of expanded customer service provisions, and they encourage Ace Cash Express to continue providing valuable services to clients who support the company.

Even in the face of economic downturn, Ace Cash Express demonstrated an excellent financial performance, largely attributed to its check-cashing services, which make up over half of company revenue, at 54 percent. Check-cashing remains a stabilizing element of Ace Cash Express' corporate activities. In the fiscal year 2003, 13.1 million checks cashed had a face-value of $5 billion, with income earnings of $125.7 million. In 2002, cash-checking company income totaled $118.9 million, where a 5.7 percent increase occurred between 2002 and 2003. The incidence of check-cashing at the same store also increased by 5.1 percent from 2002 to 2003. Out of 36 million customer visits to Ace Cash Express locations in 2003, cash-checking services were the basis for one third of those visits. There is identifiable growth in the volume of cashed checks and the increase in check face value amounts. The number of checks cashed actually grew at an annual rate of 7 percent from 9.5 million in 1998 to 13.1 million within a 5 year time frame.

Beyond enhanced financial performance, 2003 saw other noteworthy gains for Ace Cash Express. Wire-transfers, money order services, and bill payment operations yielded an income of $31.4 million, approximately 13.4 percent of 2003 total revenue. Consumers secured 10.3 million money orders valued at $1.6 billion total, sent 1.5 million wire transfers, and made 6.8 million bill payment transactions. Operationally, the introduction of new products enabled Ace Cash Express to decrease company credits and senior secured notes by $18.7 million because of high revenue and fluid cash assets. The decease in debt enabled Ace Cash Express to rationalize procedures and company effectiveness nationwide. As a result, Ace Cash Express processed $8.0 billion in transactions in 2003, up from 2002 figures.

Prepaid products are another skyrocketing area. In 2003 Ace Cash Express customers purchased more than 130,000 prepaid cards that were provided in contract partnership with NetSpend. Through this partnership, Ace Cash Express extended an offer of a stored-value MasterCard, an investment valued at more than $140 million. The MasterCard credit service provided Ace Cash Express clients with a greater capacity to finance the card, using it in a fashion similar to debit-credit cards where vendors accept MasterCard.

Although Ace Cash Express has new products and has expanded operations, the company remains committed to developing current services and partnerships. For example, bill-pay income rose by 33 percent between 2002 and 2003, with a marked increase of $3.3 million from $10.2 in 2002 to $13.5 million in 2003. Ace Cash Express continues to reinforce current bill-pay relationships while creating new opportunities for partnerships with telecommunications companies such as Verizon, Sprint, and Q-tel. Ace Cash Express secured 14 new contracts with like corporate partners to assist clients with financial service solutions.

Ace Cash Express works on strengthening its short-term loans capacity. Ace Cash Express offers products in more than 500 locations. In 2003, 1.6 million loans were processed where the average consumer secured a loan of $268. Ace Cash Express also services other financial institutions in 300 locations, such as Trust Company and Republic Bank, both located in Louisville, Kentucky. Nevertheless, as a result of decreased activities in 3 states, the loss of state revenue limited Ace Cash Express' abilities for profits. Revenue from short-term loans declined from $74.2 million to $70.8 million, a 4.5 decrease in 2002. However, strong performance in other product areas balanced these losses and continued growth will occur as a result of demands for other products.

For further information on Ace Cash Express, the company's main line is(972) 550-5000, and the headquarters are located at 1231 Greenway Drive, Suite 600, Irving, TX 75038.


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