CrossCheck Blog

As a business owner in today’s COVID-19 business space, deciding the best ways to accept payments in 2021 is a critical decision that has prompted a few questions. Are your current payment options safe and convenient for customers? As businesses open back up, are customers returning to their old payment habits or moving on to new ones?

Forcing customers to change is never a good idea, but giving them options is always a great idea. Do customers want to pay right now or pay with terms? Is the option they are looking for cash, check, debit, credit, or even bitcoin?

Searching for the right solution with all the variables experienced in 2020 can be daunting for any business, no matter the size. Furthermore, there was a shift to contactless payments in 2021 and those changes are here to stay. When looking at payment options and solutions, finding the right combination is key. 

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“Proper preparation prevents poor performance” is a phrase that I heard over and over while in basic training at Fort Knox, Ky. My drill sergeants always stressed the importance of staying ready so you never need to get ready. This simple phrase got me thinking about how businesses are coping during the pandemic.

More importantly, what steps are businesses taking to position for success in a post-COVID environment?

I have spoken to GMs, controllers, finance directors, CFOs and CEOs about some of the steps they are taking to navigate these rocky waters. Hopefully, their insights (summarized below) will provide you with inspiration and hope as we begin the second quarter of 2021.

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Imagine a world where businesses and consumers could scan checks, upload the images via the web, and quickly determine if the checks are valid. Better yet, imagine if those same stakeholders could continue the process by depositing the checks, all without visiting a bank or leaving their offices. It could be a foolproof system, but on this date, April 1, (aka “April Fool’s Day”), the reality is that free online check verification doesn't exist ― never has and probably never will.

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If you have ever wondered if you should be working at CrossCheck, then the answer is a resounding “yes!”

CrossCheck is a dynamic and stable company that has provided payment guarantee solutions to U.S. merchants since 1983.

The privately held organization is committed to attracting and retaining a great team of employees in order to continue that success. Whether you’re new to the workforce, or simply a veteran seeking greener pastures, then working at CrossCheck might be the next stop on your road to fame and fortune.

So without further ado, here are the top five reasons for working at CrossCheck:

1. You are new to the workforce.
2. You want excellent employee benefits.
3. You want a job that suits your lifestyle.
4. You want a career that offers good earnings potential.
5. You value employment growth opportunities.

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The announcement that Random Length Lumber Futures (for March 2021) have reached an all-time high ($1,004) has prompted a variety of solutions by contractors and other customers of building supply dealers. The record high lumber prices soared past the $1,000 per 1,000 board feet mark on Feb. 18, sending buyers into reaction mode. This figure is over twice the amount ($495.60) from Nov. 2020.

Experts say a strong home building market, low interest rates, and a boom in home remodeling are responsible for the increase despite other indications that demand for lumber is decreasing.

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With an increasingly uncertain world, the pace of change is swift and becoming more rapid. This is why risk management is more important than ever before, and adaptability by companies is key. Businesses must balance the need to be open for commerce while taking measures against the extra financial risk in the marketplace. This is the essence of our business model — CrossCheck helps reduce the risk of accepting checks so your business remains whole as it conducts commerce.

Not every negative event can be avoided, but the right approaches will allow companies to respond effectively in crisis situations and potentially even thrive. Furthermore, businesses must find a way to simultaneously safe guard against COVID-19 in 2020 while avoiding financial risk.

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In 1962, ABC broadcasted its first program ever in color. The show was called The Jetsons. As remarkable as that achievement was for the times, the animated sitcom was cancelled after only 24 episodes. In the 1980s, The Jetsons was revived for two short years before being shelved decades ahead of technologies such as digital cameras, cell phones, and virtual auto dealer options. Thankfully through syndication, reruns aired for a generation.

Hanna-Barbera Productions cartooned unthinkable technology in each futuristic episode. Below is a short list of “FAR OUT” technology available only to George Jetson (and in the imagination of the writers) a half century ago that actually exists today. And with the recent successful takeoff and landing of an automobile on August 25, 2020 in Japan, the list just got a little longer.

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Nearly anyone can inadvertently write one bad check for insufficient funds, but doing it intentionally on a repeat basis constitutes check fraud. Also known as paperhanging, this type of crime is joined by a handful of other check fraud classifications.

According to a report by the American Bankers Association (ABA), total check fraud attempts have reached a new all-time high in value: $15.8 billion in 2018 compared to just $8.5 billion in 2016. The ABA continued by saying that the financial loss from successful check fraud attempts rose from $789 million in 2016 to $1.3 billion in 2018.

The ABA also said check fraud has been on the rise over the last 30 years due to digital channels. Is there a silver lining to this dark cloud? The answer is that U.S. banks prevent over 90% of check fraud attempts via early detection methods.

Article Summary

• Types of Check Fraud
• Check Fraud in Relation to the History of Checks
• What Are the Penalties for Check Fraud?
• In Closing

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When it comes to the question, “Guarantee or Verification?” there is no single right answer. Each merchant has different needs. Both services help businesses increase sales and mitigate risk, but there are fundamental differences.

Verification is basically professional advice that works best for some merchants, but they will need to conduct their own collections if a check fails. Others will opt for check guarantee — the assurance that even if the check bounces, the sale will hold, the merchant will get paid, and the consumer will be given another chance to make good. The merchant is free to choose either one, but normally the choice depends on the amount of the check.

Summary

• Check Guarantee in a Nutshell
• A Place for Check Verification
• Behind the Curtain of Check Verification and Check Guarantee
• The Secret Sauce
• The CrossCheck Solution

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If you work in the payments industry, you will regularly hear comments such as, “Checks and cash are going away, and pretty quickly too!” Sometimes we hear random comments such as, “Millennials are not using checks,” because they use smartphones and social media for mobile banking and payments. However, the 2019 Federal Reserve Payments Study shows otherwise. Let’s look at the facts.

Yes, there has been a decline in check usage over the last decade, but the value of check payments is still strong. According to the study, the value of check payments decreased four percent a year from 2015 to 2018. The current study shows a year-to-year drop from 18.1 billion items to 17.3 billion items — hardly a dramatic event. By the way, that is billions.

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