CrossCheck Blog

Buying a house or condo is the most important financial decision that most of us will ever make. It takes a special degree of commitment, dedication, savings, financial expertise … and luck … to reach that level of achievement. Unfortunately, only about 64 percent of American families currently own homes.

First-time home owners have a whole new list of things to deal with — mortgage payments, property taxes, home insurance, yard work, and who knows what else! Owning a home is not for everyone, but for many people, it is a lifelong dream.

When people buy their first house, they are typically starting with a blank interior canvas. Their goal is to “make a house a home.”

One of the largest events for home furnishings dealers is just around the corner. The Summer Las Vegas Market (LVM) is scheduled for July 28 – August 1 at the World Market Center. This year’s market will showcase a bounty of products, services and educational opportunities for attendees. This is the perfect event for home furnishing professionals such as buyers, retailers and interior designers who want to learn business practices, network with other professionals and see new products on the market.

Cox Automotive’s “Dealership Staffing Study” addresses the dealership staffing challenges that plague auto dealers every day. This study randomly sampled 50 dealerships executives (owners, principals, and GMs), 343 dealership employees, and 834 people from the general U.S. population.

Below is a synopsis of the challenges and solutions presented.

“Today is the slowest technology will be in our lifetime,” said Xerox President and COO Steve Bandrowczak in a Corporate Board Member article. “The pace of change will accelerate and leadership skills and leading through change are going to create a tremendous amount of winners and losers.”

His observation about speed should hold true in places where electricity and internet connections are commonplace while his insights on leadership sound like a corporate application of natural selection.

Did you ever wonder what happens when you use your credit card at a merchant to buy goods or services? If you’re like most people, you probably never give these type of electronic payments a second thought. You just know that everything happens magically and instantly as you insert your chip in the reader or swipe the card, or enter the card information into the merchant’s online payment gateway.

The next time you see it is when you get the bill from your card issuing bank a few weeks later. There is a lot going on behind the scenes, and it is pretty interesting how it all works. Here is a high level view of that process, but first a little background.

Having the tools for check payment processing is critical for certain industries, especially those that specialize in B2B payments. Checks have been a commonly used payment method for many years. Even as credit card transactions grow more popular, checks continue to have prominence in retail markets.

The 2017 Diary of Consumer Payment Choices report by the Federal Reserve Bank of Atlanta states that consumers tend to use "electronic payments and checks for high-value transactions." Additionally, according to an October 2018 Webinar by PYMNTS.COM, 64 percent of B2B payments are still made by using paper checks.

“For every check there is a reason, and a time to every purpose under heaven” — not exactly the King James version of Ecclesiastes 3:1, but certainly relevant to the subject of check verification machines.

Play along s'il vous plaît.

Check verification machines are what merchants use to determine whether or not a specific check is recommended by a check guarantee company such as CrossCheck.

All check processing machines — including check verification machines — became necessary after the Check Clearing for the 21^st Century Act (Check 21) went into effect in 2004. Check 21 allows banks to process checks electronically instead of exchanging traditional paper versions with other financial institutions via nightly air service.

A lot can happen in an instant. For example, there is instant change, instant credit, instant gratification, instant mashed potatoes, and naturally, instant check verification.

Dictionary.com says the adjective instant is defined as “succeeding without any interval of time; prompt; immediate.” No argument here.

Instant check verification is paramount to many U.S. merchants though some would argue that instant coffee tops the list. Nevertheless, all would agree that the two most important factors are succeeding in an instant.

International Market Centers, L.P. invites home furnishings dealers, home décor retailers, interior designers, architects, and other industry experts to experience the Summer Las Vegas Market (LVM) 2019. This semi-annual event fills more than 5.4 million square feet with thousands of home furnishings/home décor exhibits, products and services suited for anyone in the industry. This year’s market takes place July 28 – August 1 at the World Market Center in downtown Las Vegas.

Exhibitors will demonstrate products in categories such as mattresses, lighting, décor, housewares, floor coverings, home textiles, tabletops, gourmet products, general gifts and more!

Paper checks and check guarantee services are like everyday things that keep running and running: the iconic rabbit from the battery commercials, the backup fridge in the garage, the commuter car from way back when, and the guy in the movie named after a bunch of trees. Despite Fintechs saying they are "old and in the way," traditional checks keep millions of American businesses running and running.

Furthermore, a few financial prognosticators also predicted checks were going to be obsolete decades ago. Nevertheless, paper checks continue to prevail. As a famous author once said, “the rumors of my demise are greatly exaggerated.”

Why do checks keep running and running, and what role do check guarantee services play in their success?