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Brandes Elitch

Brandes Elitch is Director of Partner Acquisition for CrossCheck Inc. A certified cash manager and accredited ACH professional, he garnered a Master of Business Administration from New York University and a Juris Doctor from Santa Clara University.

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Recent Posts

Can Artificial Intelligence Help Auto Dealerships Increase Revenue?

Posted by Brandes Elitch on Wed, Jan 15, 2020 @ 02:45 PM

Recently, some of our merchant dealers have been asking us about artificial intelligence – what is it, how does it work, and most importantly, can artificial intelligence help auto dealerships increase revenue? To answer those questions, let’s start with some background.

In 1950, Alan Turing wrote a paper titled “Computing Machinery and Intelligence.” His idea was: “Humans use available information as well as reason to solve problems and make decisions, so why can’t machines do the same thing?” The problem back then was that computers could not store enough information, or process it fast enough, to add value to the procedure. We needed more processing power, new software, and ultimately putting the GPU in the cloud. This took a few more decades, plus the power of Moore’s Law, to be viable.

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Tags: Auto Dealerships, Multiple Check

Guaranteed Payments for Delivered Building Materials

Posted by Brandes Elitch on Mon, Jan 13, 2020 @ 09:45 AM

There’s an old saying in business, “Nothing happens until somebody makes a sale!” This is true, of course, and so is this corollary: “Nothing happens with cash flow until the building materials customer pays the bill.”

Cash flow is the lifeblood of the building materials industry. Sometimes a business with a full order book and a large accounts receivable position will be forced to close its doors because there wasn’t enough cash on hand to pay the bills that are due now.

This is why it’s just good business to have a company credit policy at a building materials center. As somebody said, “If there’s no plan, there’s no hope for survival.” This raises the question: how do you create a credit policy?

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Tags: Building Materials, Check on Delivery

How Auto Dealerships Can Increase Profits in the F&I Department

Posted by Brandes Elitch on Tue, Dec 31, 2019 @ 07:45 AM

The National Automobile Dealers Association (NADA) is the trade group for new auto dealerships in the U.S. NADA provides many valuable services for their members, including training programs, weeklong seminars, an academy, and setting up “Twenty Groups,” where a dealer will meet regularly with 19 other dealers in their area to get advice and guidance from their peers on current developments in their store. Another valuable service is developing research reports on the retail automotive industry.

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Tags: Auto Dealerships, Multiple Check

Changes in the Used Car Market to Benefit Auto Dealers

Posted by Brandes Elitch on Fri, Dec 20, 2019 @ 11:45 AM

Recently, Experian released their Q3 2019 “State of the Automotive Finance Market” report. The authors made a couple of important points — mostly about changes in the used car market — that automotive retailers should take note of.

The good news is that used vehicles are generating a larger share of the U.S. automotive finance market. Used car financing increased 2.4% in 2019. It reached 55.15% of total financing. Why did this happen, and why is it good news for a dealer?

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Tags: Auto Dealerships, Multiple Check

How Can Auto Dealerships Help Consumers with Down Payments?

Posted by Brandes Elitch on Mon, Dec 16, 2019 @ 10:45 AM

Two of the most frequent questions asked by consumers at auto dealerships are: “Can you help me get a loan to buy this car?” and “How much of a down payment will I need to make?”

As a dealer, you had better have the answers accurately and quickly, or you might lose the sale. It turns out that these are not always easy questions to answer because, well, they are complicated.

In this short article, we are going to address both questions and take a further exploration of the customer credit journey at your store. More importantly, we are going to answer the question: “How can auto dealerships help consumers with down payments?”

You will learn how to provide a good customer experience, get the taillights over the curb, and inspire good reviews on social media.

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Tags: Auto Dealerships, Multiple Check

Will the New California Consumer Privacy Act Affect Your Business?

Posted by Brandes Elitch on Wed, Nov 27, 2019 @ 11:31 AM

The California Consumer Privacy Act (CCPA) is set to take effect on January 1, 2020, and enforcement begins a few months later, on July 1, 2020. The act was passed to give consumers who have been affected by a data breach, or are afraid of one, more control over their personal information. You may be affected if you do business there, or have customers, or even potential customers there, and it is likely that the effect will reach other states too.

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Tags: Check Guarantee

Merchants Using CrossCheck Services Help Consumers Avoid Debt Traps

Posted by Brandes Elitch on Wed, Nov 20, 2019 @ 07:45 AM

Recently, I saw a survey taken by CrediCards.com showing that large retailers offering new store credit cards have increased the interest rates on those cards substantially in the last few months. The article noted that this is particularly ironic as the Federal Reserve has lowered interest rates during this same period. This article demonstrates how merchants using CrossCheck services help consumers avoid debt traps.

This is what the survey found:

  • The average APR on store-only credit cards has increased to 27.52%.
  • The average APR for new co-branded store cards (that can be used at other stores) has risen to 23.39%.
  • The average APR for all retail store cards is 26.01%.

Like other things in life, these store cards have a good side and a bad side. First, the good.

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Tags: Auto Dealerships, Multiple Check

What Auto Dealerships Say About Electric Cars

Posted by Brandes Elitch on Wed, Nov 06, 2019 @ 10:44 AM

Here at CrossCheck, we have been “all eyes and ears” in recent years over news about electric cars because our primary customer base is new car dealerships. Since we maintain an active dialogue with dealerships, we are well aware that CrossCheck and dealerships are fielding a lot questions about how we see the future of electric vehicles (EVs). Consequently, we thought it would be helpful to share a few opinions about how EVs will unfold over the next few years.

First, we pay close attention to the developments in this space, which is obviously critical to our business. Second, we want to “think like a customer” – our dealer merchants – and the dealers want to think like their customers – the car-buying consumers.

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Tags: Auto Dealerships, Remote Deposit Capture (RDC)

Why Checks Are Still Relevant to ISOs

Posted by Brandes Elitch on Fri, Oct 25, 2019 @ 09:45 AM

CrossCheck, Inc. opened for business in 1983. In those days, almost every merchant accepted checks at the point of sale. Merchants that took credit cards were using a “knuckle-buster” with multi-part carbon forms to process a transaction. They put the card in the holder, ran the imprinter back and forth over it, extracted the forms, sorted them, and sent some to the bank and others to the processor.

Two years earlier, the card associations announced that transactions over $50 which were processed with a point-of-sale system would get discounted pricing. Early POS systems were priced at $900, which the average merchant could not afford. But something happened in 1982: Verifone rocked the merchant world with a POS terminal that cost only $125, the ZON. This changed everything.

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Tags: Independent Sales Organization (ISO), Auto Dealerships

When to Buy Auto Parts for Modern Cars

Posted by Brandes Elitch on Fri, Oct 04, 2019 @ 07:45 AM

No matter what kind of car you drive, at some point you are going to need to buy auto parts. A modern car can have a few thousand parts, of which about a third are moving and will wear out over time. Most of the time, these parts would be considered normal wear and tear, but sometimes not. You will need to buy auto parts at either a franchise dealership or an auto aftermarket store. Let’s start by taking a look at what you will have to replace if you keep your car for a few years or longer. (See the related article, "Where to Buy Auto Parts for Modern Cars.")

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Tags: Multiple Check