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Construction to Slow in 2024 - Building Materials Vendors Should Lean on Check Guarantee

Posted by Patrik Jorgensen | Fri, Feb 02, 2024 @ 09:33 AM

iStock-1152438092iStock-1152438092With our customers’ success in mind CrossCheck has created payment processing solutions that will appeal to all building materials vendors, especially as construction is slowing down compared to recent years and each transaction becomes more important.

Slowing Housing Market 

iStock-1830334258According to the Home Improvement Research Institute (HIRI), the building products market is estimated to decline by 1.8 percent this year. This is at least partially a result of a 10 percent slowdown in single family housing starts compared to 2022 – which was always a likely outcome considering mortgage rates on Feb. 21, 2022, hover between and 6.6 percent for a 15-year fixed loan and 7.3 percent for a 30-year loan. The housing market is expected to experience slower sales until rates begin to fall once more.

Guaranteed Sales with CrossCheck

That means it will be crucial for vendors to receive payment for every transaction. This is where CrossCheck comes in. With our Check Guarantee, building materials merchants can rest easy knowing they are protected against returned checks.

CrossCheck also offers simplified payment processing with our Mobile Pay and ACH Pay-by-Link, which includes Check Guarantee for every verified transaction. Additionally, our premium Check on Delivery service is ideal for building materials merchants as it offers the flexibility and security of pre-approving checks without having the actual check in hand. With our COD, payments are guaranteed before the delivery trucks hit the road.

Our Check Guarantee service offers businesses the peace of mind that comes with secure payments. With CrossCheck's Check Guarantee, businesses can accept checks without the worry of bounced checks or fraudulent activity.  Please contact us today for a complimentary consultation. 


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Topics: Building Materials, Construction, Increase Sales, Check Guarantee, Check Verification, Check on Delivery, ACH

Written by Patrik Jorgensen