Start a Mr. Payroll Corp. Franchise in 2024

Franchise 500 Rank: N/R Not ranked last year

Initial investment: $69K - $328K

Units as of 2014: 91

Company Overview

Mr. Payroll was started in 1988 in Amarillo, Texas, to offer check-cashing services to customers who didn't have checking accounts. In 1990, Mr. Payroll began offering franchises. In 1994, it became an affiliate of Cash America, and today in addition to check cashing, Mr. Payroll locations also offer bill payments, money orders, money transfers and pre-paid debit cards.

About Mr. Payroll Corp.

Industry	Financial Services
Related Categories	Miscellaneous Financial Services
Founded	1988
Leadership	Dan Feehan, CEO
Corporate Address	1600 W. 7th St. Fort Worth, TX 76102

Business Overview

Franchising Since	1990 (34 years)
# of employees at HQ	400
Where seeking	This company is offering new franchises throughout the US.
# of Units	91 (as of 2014)

Information for Franchisees

Here's what you need to know if you're interested in opening a Mr. Payroll Corp. franchise.

Financial Requirements & Ongoing Fees

Here's what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.

Initial Franchise Fee Definition: The initial fee paid to a franchisor to join their system What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems.	$10,000
Initial Investment Definition: The total amount necessary to begin operation of the franchise What you need to know: The initial investment includes the franchise fee, along with other startup expenses such as real estate, equipment, supplies, business licenses, and working capital. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high.	$68,800 - $328,000
Net Worth Requirement Definition: The minimum net worth you must have in order to qualify to become a franchisee of this company What you need to know: Net worth is the value of a person's assets minus liabilities. Assets include cash, stocks, retirement accounts, and real estate. Liabilities include items like mortgages, car payments, and credit card debt.	$200,000
Cash Requirement Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.	$75,000
Royalty Fee Definition: A ongoing fee paid to the franchisor on a regular basis. What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee.	10%
Term of Agreement Definition: The length of time your franchise agreement will last. What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee.	10 years
Is franchise term renewable?	Yes

Training & Support Offered

Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.

Classroom Training	3 days
Ongoing Support	Toll-Free Line Grand Opening Online Support Security & Safety Procedures Field Operations

Operations

Additional details about running this franchise.

Is absentee ownership allowed?	Yes
Can this franchise be run from home/mobile unit? Definition: The business can be run from your home and/or a vehicle, and it is not necessary to have a retail facility, office space, or warehouse.	No
Can this franchise be run part time? Definition: This business can be run by the owner on a part-time basis (less than 40 hours per week) and/or as a side business; it is not necessary for the business to be open/run full-time.	No
# of employees required to run	1-2
Are exclusive territories available? Definition: An exclusive territory is a fixed area in which you are given the right to operate and in which no other units of the same franchise may be opened. What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. Details can be found in Item 12 of the FDD.	Yes

Take our quick quiz to find your ideal franchise

Stay up to date on the latest news and trends affecting the franchise industry.

Related Franchises

Are you eager to see what else is out there? Browse franchises that are similar to Mr. Payroll Corp..

RMH Business Solutions Inc.

description: Business formation, payroll, accounting, corporate tax returns, retirement planning

Learn More

Wag N' Wash

description: Self-service pet bathing, grooming, pet supplies

Request Info

Poolwerx

description: Pool and spa maintenance, service, remodeling, and supplies

Request Info

BooXkeeping

description: Bookkeeping for small and medium businesses

Request Info

Related Franchise Content

Catch up on the latest franchise news, trends, and more.

Franchise

When I Became President of KFC, Franchisees and Corporate Hated Each Other. But I Believed This Behavioral Theory Could Bring Them Back Together.

I was handed the undesirable task of righting the ship at Kentucky Fried Chicken. But the challenge allowed me to test a leadership theory.

By David Novak

Franchise

She Was a Regular at a Struggling Coffee Shop. Then She Bought It, and 4X the Annual Revenue to $1.8 Million.

Kristen Haseotes bought a failing location of Bad Ass Coffee of Hawaii, and then slammed the gas on growth. Here's how she became the franchise's top performer.

By Kim Kavin

Franchise

How an Idaho State Senator Saved a Beloved Franchise By Hitting the Road In His Camper Van

Peter Riggs' first job out of college was as a Pita Pit franchisee. Years later, he returned as CEO to bring the brand back to life.

By Kim Kavin

Franchise

Why This Mother Daughter Duo Are Making a Killing on Consignment Handbags In New Jersey

For their business to work, Dianne and Gabrielle Melillo need more than customers. They need a community that has total confidence in them.

By Kim Kavin

Franchise

Inflation Threatens 87% of Franchisees — Here Are the Ways They're Fighting Back

From soaring labor costs to escalating supply prices, franchise owners are facing significant economic challenges, mostly due to inflation.

By Carl Stoffers

Franchise

You Can Start a Merry Maids House Cleaning Franchise for Under $100k

Inspired by ServiceMaster founder Marion Wade's vision to deliver exceptional service and quality to customers, Merry Maids has grown into an established leader in the residential cleaning industry.

By Matthew Goldstein

See more franchise content

Disclaimer

The information on this page is not intended as an endorsement or recommendation of any particular franchise or business opportunity by Entrepreneur Media. Our listings and rankings are solely research tools you can use to compare opportunities. Entrepreneur stresses that you should always conduct your own independent investigation before investing in a franchise or business opportunity. That should include reviewing the company's legal documents, consulting with an attorney and an accountant, and talking to former and current franchisees/licensees/dealers.

Updated: December 12th, 2022

For reprints and licensing questions, click here.

Update Your Listing | Submit New Listing

Mr. Payroll Corp.

Company Overview

About Mr. Payroll Corp.

Business Overview

Information for Franchisees

Financial Requirements & Ongoing Fees

Training & Support Offered

Operations

Sign Up for Our Franchise Newsletter

Related Franchises

Related Franchise Content