CrossCheck Blog

That empty wallet may mean you're a trendsetter! A recent study found that consumer use of cash in the United States is declining at an annual rate of about 3 percent, which suggests that cash payments will decline by an estimated $200 billion by 2015. With the proliferation of debit and credit cards, the emergence of smartphone-based payment processing technologies and continued use of checks, cash simply isn't convenient anymore.

Don't know your RDC from your PCI? Don't fret. Acronyms and abbreviations are SOP in the payments industry. For retail merchants, check guarantee service providers, independent sales agents and financial association members it can be downright confusing to keep track of terminology that relates to our payment systems. To make it easy to understand some of the most commonly used acronyms, we've set up a payments glossary of pertinent terminology on our website. Here are few entries that will help you sound like an expert MLS at the next ETA conference.

A major transmission repair job can sometimes put a strain on your customers. Unexpected repairs are often difficult to pay for. Many consumers today have maxed out their credit cards or are living paycheck to paycheck. How do they afford to pay you when their transmission needs to be rebuilt? Offer them Multiple Check. The Multiple Check service from CrossCheck has benefits for you and your customers. Having Multiple Check as part of your check guarantee service lets you offer your customers payment flexibility. They get extra time to pay and, with Multiple Check guarantee, you don't have to worry about payment.

Teaching young people how to manage money and be financially responsible should start when they are still young. When my daughter was in the 5th grade her class assignment was to open and manage their first checking account. They were given an amount of money to start their account with, not real funds of course, but enough of a dummy account to pay their pretend bills.

If you believe that you are a victim of check fraud there are several steps that you should take immediately to protect yourself from legal issues, cut your losses, and assist law enforcement in pursuing a case against those who have defrauded you. Collect Vital Information Immediately Your bank, law enforcement, and the credit bureaus will need accurate information to help them process, prevent and prosecute. This information includes but is not limited to: the check number(s), where and when the check was used, the dollar amount the check was written for, and the recipient of the check(s).