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.

Check verification and guarantee companies get calls almost every day from merchants who say that they want verification, but they’re unclear about the difference between verification and guarantee. Here’s a short definition of each. Verification: A merchant needs to verify that the check writer has a valid checking account and does not appear on a negative database that shows a history of failed payments. Verification is advice: The check verification company will either recommend you take the check or recommend you don’t take it. If it still bounces, the merchant takes the loss.

I’ve been involved in check processing for a long time, yet it still surprises me when I meet someone in the industry who doesn’t understand the value of a check guarantee service. It’s not just about risk, though check services do a good job of reducing risk. It’s not even about bad checks and check services certainly minimize those. Having a check service is about enabling sales and problem-solving. In fact, I think checks are the best solution out there to make sales happen that wouldn’t normally happen. Better than credit cards, better than debit cards, and much better than good old cash. Let me explain…

I’ve returned from attending the MidWest Acquirers Association's 11th Annual Conference this week in Chicago. It was a good trip and I had the chance to visit with many of our ISOs and payment services partners. It’s apparent that the payment processing industry is heating up again.(Or maybe it was the 90 degree weather?) Mobile payments solutions were hot, of course, but I also received a lot of attention on our new MED-RDC service. A remote deposit capture service just for medical businesses, you ask?Well, yes, and we’re very excited about it.

Travis Powers, Vice President of ISO and Partner Relations will be at the Western States Acquirer Association Meeting this week where he's sure to be surrounded with a multitude of alternative payment applications and check processing services. He recently had a chance to see Google Wallet in action (or not) and wonders ..."will Google fix my wallet?"

Some of our check guarantee merchants have asked us about the Visa-MasterCard vs. Merchants Swipe-Fee Antitrust settlement. As payment providers for over twenty-five years, we've seen a lot of changes in the payment industry - some good, some bad and a little of both. How this one plays out for consumers and merchants is still unclear and the results probably won't be in for awhile. As the story unfolds, though, here's a little information on swipe fees and what the settlement could mean for retailers and their customers.

ISOs in the payment services industry are under the gun to find new ways to boost their sales, as technological advancements are crowding out traditional approaches. Vertical markets offer an excellent opportunity to make the most of your sales potential, allowing you to establish yourself in a well-defined, specific area. This helps you build a dominating presence in a single niche rather than spreading yourself too thin across multiple markets.