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Check Guarantee Services: 3 Reasons to Adopt and Survive

Posted by Brandon Weaver | Mon, Mar 26, 2012 @ 02:40 PM

man writing check-1

There is a popular myth that checks are an antique payment method as electronic payments become more popular.

Quite the contrary.

Along with checks; non-cash payment methods include debit and credit cards, and prepaid cards such as gift cards. Even the State of California's unemployment payments are now made via EDD debit cards.

With an increasing amount of people using non-cash payments for goods and services, checks remain a staple in today's payments world. What does all of this mean for you and your business?

Here are Three Reasons to Adopt a Check Guarantee Services and Survive the current economic climate:

  1. There is too much money at stake. The Federal Reserve reports the number of non-cash payments in the United States has increased by 4.6% per year since 2006. The same report, last updated in April of 2011, states the number of checks paid in 2009 is estimated to have been 24.5 billion, with a value of $31.6 trillion.
  2. Check guarantee helps to reduce non-sufficient fund (NSF) checks. At last count in 2009, the same Federal Reserve report tallied the number of returned checks to be 127 million items. When checks are returned, check guarantee services help save a business time and money by collecting on their behalf. In addition, some companies provide Check Guarantee Premiums that aid in this process.
  3. Consumers still enjoy the comfort and familiarity of paying by check. A large segment of the population is traditional and has not adopted debit and credit card payment methods. Your business should remain flexible; by accepting check payments, you open up your customer base to a larger audience.

Increased sales is the primary reason our clients in the automotive, home furnishings, and building materials industries, among others, trust us to guarantee their check payments. For example, new and used automotive dealers utilize our C.A.R.S. remote deposit capture system that eliminates claims submission and claims waiting times. 

Interested in hearing more? Fill out this proposal request, and learn how CrossCheck can increase sales and guarantee your check payments today.Check Guarantee Insider's Guide

Topics: Check Guarantee

Written by Brandon Weaver