These are the questions that MEMO agents and prospective agents most frequently ask their sales representative.
Who buys money orders?
About one-third of all consumers purchase money orders.
Traditionally, these consumers represent the “unbanked” or “underbanked”.
What is the maximum dollar amount for which a money order can be printed?
Money orders can be printed with face values of up to $500 or $1,000 depending on the maximum face value document selected.
Contact our Sales Department for more information.
Can I void a money order?
Money orders can only be voided the same day they are sold. The customer must provide the original money order to void a money order.
Can I order new signs?
Yes, signs are available through our website, or by calling MEMO at (800) 922-8079.
Do I need a dedicated phone line?
In most circumstances a dedicated phone line is not necessary.
What makes me a money services business?
You are generally considered a Money Services Business (MSB) if you sell or cash money orders for greater than $1,000 per day, per transaction or per person.
How many money orders can I sell?
It all depends on your customer base and your retail money order fee. Generally, lower priced money orders attract more purchasers.
What should I do with my money order store copies?
If you are using our two-part money order document, store copies should be retained for a minimum of 90 days.
Where are MEMO money orders accepted?
MEMO money orders are accepted internationally although most are used domestically.
What do I do if a customer's money order is lost or stolen?
Circumstances vary for lost or stolen money orders. Please call MEMO Customer Service for additional information. Call (800) 922-8079.
Who do I call if I have problems with my money order equipment?
MEMO maintains a Help Desk for equipment related problems. Available hours are Monday through Friday from 8am to 5pm. Please call (800) 922-8079.
May I pay vendors with money orders?
Yes, however to pay vendors, you must have authorized MEMO Money Order equipment utilizing a broadband connection. Vendors and weekly payment amounts must be pre-approved by our credit department. Please contact your sales representative or the MEMO Sales Department for additional information.
How much money can I make selling money orders?
Money orders alone do not generate large revenues unless large numbers of money orders are sold. One out of three purchasers generally spend an additional $30 per transaction, which increases store profits and revenue.
Can I cash a money order?
Yes, however, it is strongly recommended that you verify the money order with MEMO prior to cashing.
Can I change my retail money order sale price?
Yes, the money order retail fee can be changed but must be done by contacting your sales representative, Lowering your retail sales fee will generally increase store sales.
Do I need a broadband connection?
Yes, a broadband connection is highly recommended for maximum speed and efficiency. For certain MEMO equipment, a dial-up phone line is also recommended as a backup to the broadband.
As an agent, how must I comply with anti-money laundering guidelines?
All Money Services Businesses (MSB’s) are required by the Federal government to comply with Anti-Money Laundering (AML) policies/Bank Secrecy Act (BSA) regulations and the USA Patriot Act. Visit the AML Compliance section of our website for more information.
How can I increase my money order sales?
There are several ways to increase money order sales. Lower retail fees, adequate signage and properly trained employees are key to improved sales.