The current economic climate for the retail industry is very healthy, despite rising unemployment claims and gas prices being at an all-time high.  

Even with the high rate of unemployment and rising gas prices, consumers continue to spend in high numbers. Recent studies indicate the following:

• Ycharts.com reported U.S. retail sales in February 2012 reached $364 billion, the highest since 2003.  With the summer season and warmer weather quickly approaching, the retail industry can expect sales to continue on this upward path.
• Retail Metrics states on the Wall Street Journal’s Market Watch that March 2012 sales "rose 6.5%, with about two-thirds of retailers exceeding expectations.”
• Pymnts.com shows “the number of people concerned about [personal privacy and security] has increased from 75 percent to 90 percent.”  From this fear, more consumers pay using checks because they worry less about these issues.

Department stores enjoy check payment services because they typically have higher volume sales from lower ticket items, and are lower risk.  Similarly, building supply companies utilize a COD Premium because it is quick and efficient, allowing customers to phone-in their orders.  Retailers then guarantee the check using the customer’s phone number and deliver the products to job sites in a timely manner.

CrossCheck's payment services occur at the point of sale, so there is less waiting time for the authorization and guarantee process to take place.  This means businesses can focus more on providing quality goods and services to its customers, instead of worrying about collecting payment from sales.

CrossCheck offers 3 check payment services, which are a combination of check verification and check guarantee.  To distinguish the two, read our Check Verification vs. Check Guarantee article.  Here we present the following services, which add a level of protection and allow retail businesses to continue accepting check payments, while increasing sales and profits:

1. Check Guarantee
2. Check Processing Plus Recovery – check verification service from your desktop
3. Check on Delivery (COD) – check guarantee that authorizes payments via the customer’s phone number

The bottom line: check payment services increase sales and profits by guaranteeing checks quickly and efficiently at the point of sale.  With consumers spending increasing amounts at retail businesses, check payment services not only help you keep pace with this trend, but grow and thrive.  Do not get left behind, get a free consultation and start guaranteeing your customer’s check payments today.