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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.

Recent Posts

Check Verification or Check Guarantee: What’s the Difference?

on Fri, Mar 13, 2020 @ 07:49 AM By | Brandes Elitch | 1 Comment | Check Guarantee Check Verification
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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Checks Are Going Away … or Are They?

on Thu, Mar 12, 2020 @ 01:32 PM By | Brandes Elitch | 1 Comment | Check Guarantee
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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The Top Check Guarantee Companies

on Mon, Feb 24, 2020 @ 07:34 AM By | Brandes Elitch | 2 Comments | Check Guarantee
There are three main providers in the check guarantee business. All have been in business for many years, have seasoned and mature products, and a large book of business that covers the entire country. Naturally, merchants want to know how the top check guarantee companies differ from each other. Obviously, I cannot speak for the other two providers, but I can offer general information about the industry. While we all provide similar services, the business model for each company is different (see below for "Company Differences" and "The CrossCheck Approach"). The fundamental differences are how the product is sold, who the target market is, how the pricing is determined, the types of hardware supported, how authorizations are handled, how claims are paid, and how responsive customer service is to the merchant.
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How Can Check Verification & Check Guarantee Help Merchants?

on Fri, Feb 14, 2020 @ 07:45 AM By | Brandes Elitch | 0 Comments | Check Guarantee Check Verification
We get calls from merchants who want to know the difference between check verification and check guarantee. The typical scenario is that the merchant takes a bad check, tries to collect on it themselves, and discovers how difficult it is to do that. Other times, a check is missing from a bank deposit, or the merchant is just tired of taking an hour off to go to the bank every day. They have heard about check service companies and now they want to know how they can benefit from using one. Article Summary Check Verification Versus Check Guarantee Basic Check Guarantee Electronic Check Processing Some Merchants Prefer Checks How Check Guarantee Helps Protect Merchants How Check Guarantee Helps Consumers Additional Protection for Merchants There are two time-tested ways to deal with this. They are check verification and check guarantee.
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Auto Dealerships Sell More Vehicles by Promoting Positive Emotions

on Fri, Feb 07, 2020 @ 08:57 AM By | Brandes Elitch | 0 Comments | Auto Dealerships Multiple Check
“Dealers need to provide customers with a consistent, relevant, seamless experience throughout each stage of purchasing, including the dealership website.” – David Boice Recently, I attended a webinar given by David Boice, CEO and founder of a company called Advid. It was titled, “Lessons from Amazon Prime: evolving the consumer experience in the digital era.” I thought Mr. Boice had some important things to say about what consumers think and feel when they start their search for a new car, and I wanted to share this with our readers. To understand his message, we have to start at the beginning of the consumer buying experience.
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Payment Solutions for Building Materials Dealers and Contractors

on Thu, Jan 30, 2020 @ 11:14 AM By | Brandes Elitch | 0 Comments | Building Materials Construction Multiple Check
If your business sells building materials to the construction industry, then you already know that it takes a long time to get paid. It doesn’t matter what you sell — lumber, dry wall, plumbing supplies, roofing materials, flooring — the contractors who buy from you have cash-flow issues that they deal with every day. The 2019 National Construction Payments Report, a survey conducted in collaboration between Levelset and TSheets by Quickbooks, concluded that getting paid in the construction industry is slower than just about every other industry. How slow? The average time to payment is 83 days!
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Common Denominators: Formula One Auto Racing and CrossCheck

on Mon, Jan 20, 2020 @ 07:45 AM By | Brandes Elitch | 0 Comments | Auto Dealerships Check Guarantee
What do Formula One auto racing and CrossCheck have in common? The answer is, “quite a bit.” Some explanation is in order. Formula One (aka “Formula 1” and “F1”) auto racing is one of the most exciting sports in modern Western civilization, with all the ingredients for a fabulous experience embedded into it. Article Summary Why is Formula One a fabulous experience? Who owns Formula One? What are the common denominators between F1 and CrossCheck? Why do auto dealerships prefer CrossCheck?
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Can Artificial Intelligence Help Auto Dealerships Increase Revenue?

on Wed, Jan 15, 2020 @ 02:45 PM By | Brandes Elitch | 0 Comments | Auto Dealerships Multiple Check
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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Guaranteed Payments for Delivered Building Materials

on Mon, Jan 13, 2020 @ 09:45 AM By | Brandes Elitch | 0 Comments | Building Materials Check on Delivery
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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How Auto Dealerships Can Increase Profits in the F&I Department

on Tue, Dec 31, 2019 @ 07:45 AM By | Brandes Elitch | 0 Comments | Auto Dealerships Multiple Check
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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