Western Union is a leader in international money remittance. Money remittance is the act of sending money to a receiving branch of a money remittance branch. Filipinos, with their love for their family is venturing at various jobs and careers available around the globe for their future and their finances. The family in the Philippines will not receive the money from their OFW relative or family member via snail mail or the traditional post office email. Sending with this method is notoriously slow, and also have gained bad reputation since mail handling done in Post office will cause loss of sent cheque, cash, or valuables. The Advent of technology helped pave the way for faster response transactions that can speed up the process of sending and receiving money anywhere in the world. This opens up the opportunity to provide service to Filipino money remittance senders and receivers. Our country’s GDP is now focused on the service sector which is a shift from traditional agriculture driven economy. The demand for money remittance as a service to consumers is rising. The rise of OFW remittance helps support this growth in income for Western Union Franchisee and other money remittance franchisee. Becoming a successful Western Union Franchisee is now easy, and will be shown below how to be a Western Union authorized agent.
Basically, a franchisee needs to invest in internet connection and a computer. It will be unimaginable to have a money remittance business without internet. Besides, the business model of Western Union to their franchisee revolves around online transaction. With the aide of the Western Union authorized agent, money is either sent or received by a customer. Computer is needed to access the Western Union system, and the internet will transmit and receive data to the system. The printer is need to print invoices and forms.
How you earn Money
When a client sends remittance via Western Union money transfer service you offer, the fee for the service is the income and will be a split into your share as a commission earned per transaction of money remittance. To earn more, the Western Union authorized agent must process remittance.
How to Provide Service
With the available computer and connection , the provided Western Union software will computer the fee tables. The Western union system will automatically compute how much is the fee, which is depending on the amount of money sent, the type of service availed, and the destination location.
1. Send money: sending money is easy, even a newbie can grasp the process of sending money. This simple steps helps bring convenience to Western Union clients from decades of quality customer service embodied by Western Union. The client will fill up a Send Money form and as an agent, will be receiving the form. One of the task of an agent is data encoding. You will enter the consumer’s information into the Western Union system. Data validation is done by looking at ID card or acceptable documents of proof of identity of the client. After successful validation, is the collection of fee, and money to be remitted. The Western union franchisee or his agent will ensure that the consumer signs the receipt and provides them with a copy.
2. Receive money: The client completes the Receive Money form and gives it to the Western Union agent. Data encoding is still needed , and to enter the client’s information into the system- the ID card and acceptable document are verified. After that, the consumer gets the remittance and will be provided with a copy of the receipt.
To making first transactions , you will receive a free starter pack, with training and marketing promotion materials. There is no fee for the franchisee, and the software system is provided for free. As a Western Union agent, you’ll have reference or knowledge base of the service provided.
Considerations for being a Western Union Agent
The implementation of the Anti-money laundering law is to be exercised for the transactions since money remittance is under the umbrella of AML regulation. Through the AML focused training and support of Western Union, government compliance is easy and business continuity is not affected. One more consideration in this type of franchise is the number of transactions per day. In order to provide a steady source of income, the location of the business needs to be accessible to clients and communities. Given the density of senders and receivers of money remittance, it is best to get locations near offices, near market or town proper, and busy business centers.