Cash Converters Southern Africa (Pty) Ltd
Our mission is:
To provide intelligent solutions for savvy customers seeking instant cash. We have evolved to offer a variety of products and services tailored to meet their changing personal and financial needs. With these diverse revenue streams, you can be confident that your business has the ability to consistently generate income. Here’s how:
We Buy
Customers bring in their unwanted goods, which we evaluate. If we like what we see, they leave with instant cash, and we gain stock for our floor that we can sell at a profit. We maintain a strict no-tolerance policy on stolen goods. For peace of mind, all sales are recorded on CCTV and accompanied by proof of ID. This ensures that our stores offer an exceptionally diverse array of top-notch products, that are sourced safely.
We Sell
Cash-savvy customers know that when it comes to finding quality pre-owned goods at bargain prices, our retail floor is the place to be. Modern, bright, and welcoming, our stores offer a wide and ever-changing selection of items, from household goods to electronics and jewellery. In compliance with the Consumer Protection Act, most of our merchandise comes with a 6-month guarantee.
We Loan Cash
With the introduction of the National Credit Act in 2007, we expanded our business model to include financial services. Our secured money lending option, Cash Advance, provides customers with instant cash in exchange for their valuables. These items are returned once the loan is repaid or may be sold on our floor to cover costs. Additionally, our unsecured money lending products allow customers to take out short-term loans against their salaries. We maintain a stringent qualification process, which helps keep bad debt to a minimum.
Back in 1984, Brian Cumins of Perth, Western Australia, saw the opportunity to open a concept store where customers could buy and sell quality second-hand goods in a modern retail environment. Within four years, seven additional outlets had opened, marking just the beginning of an exciting journey.
Since then, the Cash Converters chain has experienced exponential growth. With over 700 stores across 18 countries, this multi-million-dollar business has established a solid reputation as a world leader in the trading and marketing of pre-owned goods. More recently, it has also made strides in providing innovative financial solutions..
Today, Cash Converters presents an exceptional franchise opportunity, offering access to a proven business model and one of the most comprehensive training programmes in the industry.
As we continue to expand into the future, we’re seeking determined, motivated and passionate individuals to join our team. If you aspire to be part of a rapidly expanding global franchise and convert your potential into profit, this is your opportunity.
The story of Cash Converters Southern Africa started in 1994, when Richard Mukheibir, the current CEO, and his business partner, Peter Forshaw, the current CFO, were among the pioneers of international franchising in the country. The duo introduced South Africans to various franchises, one of which was Cash Converters – an Australian franchise dedicated to the buying and selling of quality pre-owned goods. Cash Converters continues to hold the master franchise license in sub-Saharan Africa.
Providing hundreds of entrepreneurially minded people with the infrastructure to achieve financial independence and become thriving business owners, the Cash Converters franchise boasts a successful track record of over 28 years of operation in Southern Africa and over 35 years globally.
Our franchise offering is designed to thrive in any economic climate, with a three-stream revenue model that provides franchisees with three times the opportunity to generate profit and build sustainable wealth. This structure enables franchisees to significantly increase their potential earnings.
As a customer-centric business, we remain a world leader in the buying and selling of quality second-hand household goods. We committed to investing in our vision of becoming a leading provider of financial services.
We leverage technology to continually enhance our franchise offering, creating an exciting, innovative, and rewarding business opportunity. This empowers our franchisees to build wealth for their families.
The traits of a successful franchisee
If the glove fits, wear it. An owner-operator of a Cash Converters store must possess specific qualities. If you identify with these traits, it could be a perfect match. Here’s what we look for in a franchisee:
- A deep desire to be an owner-operator: You should want to build and run your very own franchise operation.
- Align with the Cash Converters values: You should embody professionalism, passion, respect, integrity and collaboration.
- Previous business experience: Have you run your own or someone else’s business?
- Buckets of energy: Cash Converters stores thrive on the enthusiasm of energetic individuals.
- People skills: Ultimately, the focus is on people – your customers, suppliers, and staff – rather than just the products.
Initiative and motivation: Show a proactive attitude and drive to succeed.
We recognise the significance of the investment involved, which is why we provide high level of support and infrastructure. After all, your success is our success.
Our goal is to guide new franchisees toward maximum profitability as quickly as possible, and to achieve this, we’ve established one of the industry’s most comprehensive training programmes. Our initial two-month training course includes in-store experience, supplemented with state-of-the-art e-learning, as well as classroom training provided by our executive team.
In addition to this initial on-boarding, all franchisees have access to our highly skilled team of specialists, who provide on-going support and the knowledge, tools, and experience necessary to run a profitable business. Our in-field experts – including regional operations managers, operations support staff, and store development managers – are available to assist you with day-to-day activities. Furthermore, our Head Office is staffed with dedicated professionals in accounting, marketing, IT, store design, and customer care.
In addition, True Accounting is an independent business established to provide our franchisees a comprehensive accounting solution. This includes everything from establishing a new company and ensuring legal compliance to monthly management accounts, and the interpretation of these.
We have franchise opportunities available throughout South Africa and globally.
Establishment cost = Total set-up cost + opening costs
Own cash contribution requirements: R2.25 million (50% of the establishment cost)
*Estimated costs
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