Amscot Financial

Not to be confused with Amscot Discount Stockbroking in Australia
Amscot Financial
Private
Industry Financial Services
Founded June 1989
Headquarters Tampa, FL
Area served
 Florida
Key people
 Ian MacKechnie
(Founder, CEO, Chairman)
Number of employees
 2,000+[1]
Website amscot.com

Amscot Financial Inc. is an American financial services company headquartered in Tampa, Florida. Founded in 1989 by Ian MacKechnie, Amscot Financial provides non-bank consumer financial services through a network of retail branches located exclusively within Florida. Amscot's core services include check cashing, bill payment, prepaid access cards, short-term cash advances, free money orders, ATMs in every branch, Western Union wire transfers, notary services, fax services, and postage.[2] Amscot’s brand is The Money Superstore, and as of April 2015, Amscot Financial operated 236 branch locations[3] in the Tampa Bay, Orlando and Miami media markets.[4]

The company does not franchise any of its branches and employs over 2,000 people.[1] In 2008 Amscot was named the Top Employer in Tampa in the Tampa Bay Business Journals Biggest Employers list,[5] and in 2011, for the fourth year in a row, the magazine named Amscot one of the Best Places to Work in Tampa.[6][7] In 2014 Amscot landed on the No. 36 spot on the Tampa Bay Business 100 list.[8] Amscot is a member of various trade organizations, including the Consumer Financial Services Association of America,[9] the Financial Service Centers of America,[10] and the Florida Consumer Financial Services of America (FCFSA).[11] Amscot has also partnered with or supported a number of community organizations in Florida, including the Children Rescue Network,[12] the Kids First traffic safety program,[13][14] and the Consortium of Florida Education Foundations (CFEF).[6] In 2006 Amscot started its annual "Just a Dollar" campaign, which raises funds for local education foundations.[6]

History

Amscot Financial was founded in 1989 in Tampa, Florida by Ian MacKechnie,[15] an entrepreneur and businessman who moved with his family from Scotland to the United States in 1986.[16] Coming from a background of building and expanding businesses,[15][17] MacKechnie bought a bakery in Tampa[15] and began supplying doughnuts and pastry goods throughout west central Florida.[17] While continuing to run his bakery business,[15] MacKachnie noticed that his employees were cashing their paychecks in convenience stores[16] to avoid the hassle of going to a bank.[15] Recognizing a demand for a check cashing business,[17] MacKechnie sold the bakery company[17] and founded his own small check-cashing company.[18] He created and trademarked the company name Amscot as an homage to both his new home in the United States and his native Scotland.[18][17] In June 1989, the first Amscot location was opened on East Broadway in Tampa[16] and a second followed shortly thereafter on Fletcher Avenue.[15]

Amscot Financial Tower in Westshore, a principal business district of Tampa, Florida.

In the early 2000's the company continued to grow and diversify its products and services mix.[19] By March of 2005 Amscot Financial operated 84 storefronts[20] and around 200,000 customers visited Amscot a week.[21] The company at the time handled approximately $3 billion worth of transactions a year.[21] By 2006 Amscot was also accepting bill payments for various utilities and service providers in Florida, including TECO, Orlando Utilities Commission, and Lakeland Electric,[22] with Duke Energy and Florida Power and Light (FP&L) added later.[23] In 2006 Amscot's revenues equalled $85 million,[24] over double from three years earlier.[25] In 2006 the Gulf Coast Business Review named founder Ian MacKechnie their "Entrepreneur of the Year."[15]

In late 2012, following the launch of an expansion into the Miami market,[25] Amscot operated 195 storefronts in Florida[26] averaging 1,600 to 2,400 square feet per branch.[27] In late 2013, Amscot had branches in 20 Florida counties[4] and operated 3 training centers that train over 50 new employees each week.[8] Continuing to expand,[4] in October 2014 Amscot was named No. 36 on the Tampa Bay Business 100 list, published annually by the Tampa Bay Business Journal. [8]

As of April 2015 Amscot operated 236 branch locations in central and South Florida[3] and employed over 2,000 people.[1] The company serves over 3 million customers each year,[26] with 2013 revenues of $186.2 million.[8] Among Amscot's core services as of 2015 are check cashing, bill payment, prepaid access cards, short-term cash advances, free money orders, ATMs, Western Union wire transfers, notary services, fax services, and postage, among others.[2] MacKechnie continues to serve as Chairman and CEO,[15][28] while his son Ian Andrew MacKechnie[19] serves as Executive Vice Chairman, Corporate Secretary, and Treasurer,[29] and his son Fraser MacKechnie serves as Chief Operating Officer[19][30] and President.[31]

Associations

Amscot is a member of the Consumer Financial Services Association of America, a national trade organization which establishes best practices standards for its membership.[9] Additionally, Amscot is also a member of the national trade association Financial Service Centers of America (FISCA),[10] as well as the state industry association, Florida Consumer Financial Services of America (FCFSA).[11]

Community involvement

In the community, Amscot is involved with various community programs by partnering with service organizations throughout the state of Florida. These include the Children Rescue Network, supporting their Safety ID Card program in Florida which provides free safety ID cards of children to parents in case a child goes missing.[12] Since 2004 Amscot has partnered with law enforcement in Tampa Bay to promote traffic safety awareness. Amscot's "Kids First" program works with police to provide free bicycle helmets and fittings at Amscot locations,[13] and in 2013, Amscot distributed over 12,000 free bike helmets.[14] The company is a long-term supporter of the Consortium of Florida Education Foundations (CFEF), and in 2009 CFEF named Amscot its "outstanding partner of the year."[6] In 2006 Amscot started its annual "Just a Dollar" campaign, which raises funds for local education foundations.[6]

On December 25, 2015, the Tampa Bay Business Journal reported that on their newspaper website, Ian Mackechnie was one of the "top 5 searched people in 2015." Acccording the publication, their list narrowed down a "pattern of curiosity that crosses personal finance, real estate, philanthropy and retail."[32]

References

  1. 1 2 3 "Our People". amscot.com. Retrieved 2014-07-06.
  2. 1 2 "Other Services". Amscot Financial Services. Retrieved 2015-04-04.
  3. 1 2 "Amscot Financial opens new branch in Viera". KSLA (Amscot). April 20, 2015. Retrieved 2015-04-20.
  4. 1 2 3 "Amscot Financial opens new branch in Oakland Park". PRNewswire. November 27, 2013. Retrieved 2015-04-04.
  5. ↑ "Working at Amscot Financial – Employers in Paradise / Tampa". hrmtoday.com. July 13, 2008. Retrieved 2015-04-04.
  6. 1 2 3 4 5 "Amscot Financial Launches 6th Annual ‘just A Dollar’ Campaign To Support Local Education Foundations". Amscot Financial. July 27, 2011. Retrieved 2015-04-04.
  7. ↑ "Amscot Financial is one of Tampa Bay's 'Best Places to Work'". Amscot Financial. March 21, 2007. Retrieved 2015-04-04.
  8. 1 2 3 4 Manning, Margie (Oct 24, 2014). "No. 36: Amscot Financial Inc.". Tampa Bay Business Journal. Retrieved 2015-04-04.
  9. 1 2 "CFSA Best Practices". CFSA. Retrieved 2015-04-04.
  10. 1 2 "FiSCA Board of Directors". FISCA website. Retrieved 2015-04-20.
  11. 1 2 "Member Companies". FCFSA (Florida organization, Ian A. is President). Retrieved 2015-04-20.
  12. 1 2 "How can I help?". Children Rescue Network. Retrieved 2015-04-04.
  13. 1 2 "Tampa Bay Area Law Enforcement – Annual Child Bike Helmet Giveaway". amscotfinancial.com. Retrieved 2015-04-04.
  14. 1 2 "Amscot Financial to provide bike helmets". Tampa Bay Business Journal. Oct 14, 2013. Retrieved 2015-04-04.
  15. 1 2 3 4 5 6 7 8 "Where are they now?: Man of the People". Gulf Coast Business Review. May 14, 2009. Retrieved 2015-04-04.
  16. 1 2 3 "Our Company". Amscot Financial. Retrieved 2015-04-04.
  17. 1 2 3 4 5 Harrinton, Jeff (August 10, 2003). "Amscot's ability to bounce back". St. Petersburg Times. Retrieved 2015-04-04.
  18. 1 2 Small, Tracy (January 2, 2004). "Amscot Financial Branches Expanding". St. Petersburg Times. Retrieved 2015-04-04.
  19. 1 2 3 Bowie, Melia (October 7, 2003). "Amscot expands stores in county". St. Petersburg Times. Retrieved 2015-04-04.
  20. ↑ "Ian MacKechnie, Founder, President and CEO of Amscot Financial, Accepts Invitation to Become a Globalscot Member". PRNewswire. March 1, 2005. Retrieved 2015-04-04.
  21. 1 2 Harrington, Jeff (August 24, 2005). "Amscot's new offer: savings accounts". St. Petersburg Times. Retrieved 2015-04-04.
  22. ↑ "Amscot Financial Will Accept Bill Payments On Behalf Of Lakeland Electric". Amscot Corporate. June 25, 2006. Retrieved 2015-04-04.
  23. ↑ "Amscot Bill Payment". Amscot.com. Retrieved 2015-04-04.
  24. ↑ "Ian MacKechnie". Smart Business. October 26, 2006. Retrieved 2015-04-04.
  25. 1 2 "Amscot Expanding to Miami". Gulf Coast Business Review (Business Observer). January 24, 2012. Retrieved 2015-04-04.
  26. 1 2 Huff, Pam (November 23, 2012). "TBB 100: $173.3M Amscot Financial". Tampa Bay Business Journal. Retrieved 2015-04-04.
  27. ↑ Bandell, Brian (Jan 9, 2013). "Amscot Financial plans 50 locations, 500 jobs in South Florida". South Florida Business Journal. Retrieved 2015-04-04.
  28. ↑ Ian MacKechnie at Linkedin
  29. ↑ Ian Andrew MacKechnie at Linkedin
  30. ↑ Mackechnie, Fraser (2010). "40 under 40". Business Observer. Retrieved 2014-07-06.
  31. ↑ Fraser MacKechnie at Linkedin
  32. ↑ Muellner, Alexis (December 25, 2015). "Curious about someone? We are, too.". Tampa Bay Business Journal. Retrieved 2015-12-29.

External links

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