Throughout my career with RentWay, I looked at synergies between RTO and cash services and the similarities of customers needs. I remained adamant there were advantages in combining both business concepts.
Tom Wurm, President of Premier Cash Services

photo © rto online inc Tom Wurm, pictured here during the recent Premier convention in Playa Del Carmen (see story), Mexico, is forming a business unit under the Premier franchise umbrella that will enable dealers to provide new cash services, extending their customer base.

Tom Wurm sites the proven business concept of offering expanded product and service under one business umbrella as example of what he plans to do in the RTO industry as the new president of Premier Cash Services. This former Chief Operations Officer for RentWay read Jim Collins’ book ‘Good to Great’ which chronicled Kroger’s realization of a dominant position in the grocery industry during the 60’s by offering such in-store conveniences as florist and basic financial driven transactions, giving customers by one more reason to frequent Kroger over other competitors. Decades later, the concept of one-stop shopping for additional product and services continues to net prominent retailers a growth of customer interest and repeat business. Tom’s vision is to provide one-stop shopping to RTO customers by offering them cash services right in the store. Linking with Premier Rental-Purchase, he is spearheading a new venture that will make franchising opportunities available to RTO dealers who want to add short-term loans and other cash services to their line-up.

“This is a new concept,” says Tom. “We are forming a business unit under the Premier franchise umbrella that will enable dealers to provide new product and services, extending their customer base. Premier Cash Services is unique because we are marrying our initial product offering, payday loans with the RTO business serving to make cash related services available within our existing RTO stores, in new RTO stores, or in certain cases right next door. We feel Cash Services customers have a lot of similarities to our RTO customers and that both of these demographics will benefit from the convenience of having it all under one roof. We will offer something that banks can’t: small loans up to $500 that are repaid out of a customer’s next paycheck, charging a fee and interest allowable by State Law. According to Tom it’s quick, simple, and in most cases cheaper for the customer to pay a fee and interest than it is to pay a bank up to $30.00 for an NSF fee and a business an additional $20 to $25.00 for that same NSF transaction to meet a short term need for additional cash. With efficient software and systems already in place, the initial loan process will take less than15 minutes, with subsequent loans requiring less than 5 minutes approval time.

“It makes a lot of sense for a consumer who has a short-term need or an emergency bump in the road,” says Tom. “We feel a significant number of RTO customers will use this service now or in the near future. Dealers will have several strategies to manage risk exposure, making it a win-win for both lender and borrower.”

“Tom is a highly talented individual” says Trooper Earle, President of The Premier Companies. “Tom has a long and accomplished career in RTO and knows our customer base as well as anyone. Combined with his vast RTO knowledge, Tom was also a franchisee with a large Pay Day loan franchise. That blend of RTO knowledge and Pay Day loan experience, makes Tom uniquely qualified to develop this new company for Premier” explains Trooper. “Combining Cash Services with existing RTO stores isn’t unique. Other companies have tried it and it is a proven business model for expanding the revenues and profits of existing RTO store. While we see stand alone store possibilities for the future, our initial focus will be on adding the services to our existing Premier store locations. We are very excited to have Tom as part of the Premier team to help our dealers continue to grow their businesses.”

left to right; Tom Wurm, President of Premier Cash Services, discusses strategy with Premier franchisees Jack Rowland, Trinidad Rubio, and Sandi Whited.

Tom’s 20 plus years in the RTO industry includes being regional manager for Rent a Center, managing over 100 stores in the western United States at a time of tremendous growth for the company. As COO for RentWay, Tom directed the development of an infrastructure enabling RentWay to grow from a regional company to a nationally recognized industry player experiencing rapid growth while documenting same store growth each quarter. He developed brand identification and marketing approaches as well as a new internal store design resulting in an increase of profit exceeding 150% each year.

“My experience has prepared me for growing and branding a new business unit within the Premier Group,” he says. “Throughout my career with RentWay, I looked at synergies between RTO and cash services and the similarities of customers needs. I remained adamant there were advantages in combining both business concepts.

Tom left RentWay to “go down the direction of payday loans,” owning and operating America’s Cash Express Business. He enjoyed this franchise experience and realized a cash flow break even in four months. He sold ACE Cash Express and enjoyed the experience of working within two other franchise systems: Aarons Sales and Lease and J.D. Byrider.

“I really was able to glean little bits and pieces of what made each franchise company very, very good - both arguably one of the best in their industries. What really gave me the edge and contributed to my success was that I recruited, hired and surrounded myself with talented people and gave them as much responsibility as they could handle. I held them accountable, recognized their good work and challenged them to do more at all time.” I now have the opportunity to work for a Franchisor that not only provides talented operators support systems, but also provides assistance in obtaining financing, while allowing those operators to truly direct their own business. Additionally, the diverse industry driven franchisee backgrounds fosters the development of superior operating standards and success driven behavior within the Premier Companies.

Tom began talking with Trooper Earle about a year ago and was impressed with Trooper’s #1 priority of maintaining very solid and positive relationships with his customer, the franchisee. They both agreed that combining their efforts had the potential to offer consumers short term financial services in a new, convenient format. Tom brought some impressive credentials and experience in the industry to the table, and Trooper’s skill in franchising was unmatched.

“Trooper has a great focus on customer and customer relationships based on trust and honesty with his franchisees and associates. I liked his leadership and involvement style, his vision, and I was excited about really jumping at the opportunity to get involved with the best franchise driven organization I’ve ever seen.”

“Tom thrives on challenge, innovation and creativity,” says Trooper. “He has a history of success with start-ups, turnarounds and growth. He is a strategic and tactical planner with a decisive methodology that is needed for the success of this venture. This is a fast-growing and profitable business and the Premier family values Tom’s expertise in bringing us into it.”

Based in Ohio, Tom will be responsible for concept development as well as sight development and design. With hardware and software already in place, he will assist with training of that system, customer service training and cash management training. He will also direct best practices management, creation and development of assets security, loss prevention, orientation manuals with training on site. Other training will include file retention, legal compliance, risk management, the approval process, customer retention and employee development. And he’ll get involved in direct and local marketing strategies, ensuring the brand is consistent. He’ll also continue to evaluate the selection of new products to inject into the business, such as check cashing and tax services, electronic funds transfer, debit cards, prepaid phone services, paying all bills, mail boxes, and lottery ticket sales.

Two Premier RTO dealers are already on board to begin offering Cash Services in their stores and 11 other dealers are anxious to get started as well.

“I like the excitement,” says Tom. “I definitely like watching people grow their business and realize increasing levels of success. Premier Cash Services is an opportunity to work with people who are qualified to run a darn good business unit and to enjoy the profits and revenues of a successful industry that is sweeping the country.” And says Tom, “The Premier Companies allow successful store and multi unit operators to utilize their past training and business experiences for their personal gain while being truly welcomed and appreciated by their peers within the Premier family of business owners and by the Franchisor.” Tom goes on to note: “ it’s a remarkable experience to see dealers come together from different company backgrounds and philosophies, sharing their learned best- practices to form a totally new mix of methodologies to get the job done in their businesses.” I encourage this adaptability in dealers, and will make available a high level of flexibility in product selection by those very same dealers.”