Posted by Joe Gargiulo on Thu, Jul 21, 2016 @ 04:00 PM
Most new products or services enjoy an extended honeymoon sans any competition for several years or even decades. Given enough time, however, they are often replaced with “new and improved widgets” that provide even greater utility to consumers and businesses.
The founder of CrossCheck developed “the better widget” of check processing services in 1983 after receiving a pitch for check guarantee services while operating a record store. Per “The History of CrossCheck in the Payments Industry,” he was dissatisfied with the approach that was presented to him, so he created his version of Standard Check Guarantee to improve the existing model.
“Thirty-three years later, what began as a basic necessity for businesses has morphed into customized payment processing for businesses in virtually every industry,” states the history. “The continued success of the company can be attributed to many factors, including CrossCheck’s attention to customer needs as well as the company’s adaptability during a time of digitalization.”
Addressing merchant needs is the driving force behind CrossCheck’s suite of premium services that may be added to Standard Check Guarantee services. The premiums are designed with special business needs in mind to help merchants increase sales and lower the risk of accepting bad checks. Among the dozens of premiums offered by CrossCheck, a handful are currently resonating with merchants across the country: Multiple Check, Back Office Conversion, Check on Delivery, Stop Payment, 30-Day Single Hold and Bank-Fee.
Premium Check Processing Services
Multiple Check allows merchants to accept two-to-four checks from a single check writer and deposit those checks over a 30-day period. The program is ideal for auto dealers, funeral homes and others providing high-ticket services such as medical, dental or veterinary care. The 30-day window allows consumers to enjoy their purchases while catching up on their ability to pay. The merchant makes a sale that would otherwise not happen knowing those checks are guaranteed. It’s a win-win for everyone.
Business Office Conversion processes both consumer and business checks submitted via mail with patented conversion technology. The service is especially helpful to businesses that consolidate banking at a central office after receiving mailed check payments from multiple locations. It enables check conversion beyond the point of sale and eliminates the need for a customer signature on a receipt.
Check on Delivery (COD) allows merchants such as auto parts stores and building supply dealers to authorize checks before filling orders, and then accept the payment at the point of delivery. Similar to a preauthorized credit-card purchase, merchants simply provide CrossCheck with a customer’s phone number and the estimated purchase amount. CrossCheck then issues an approval (or decline) before the merchant delivers the goods. Should the amount of the purchase change, the merchant can update the transaction to enable check protection on the final amount.
Stop Payment is one of the most beneficial check processing services offered by CrossCheck since it provides a level of protection not covered by the majority of payment processors. This premium eliminates time wasted trying to collect on stop-payment checks and helps recover loss.
30-Day Single Hold functions much like the Multiple Check premium except merchants accept one check instead of two-to-four from a single check writer. The same 30-day window allows consumers to enjoy their purchases while catching up on their ability to pay. Merchants maximize every sales opportunity knowing check payments are guaranteed, thus avoiding revenue loss and the awkwardness of turning customers away.
The Bank Fee premium reimburses merchants for the bank fees they may be charged after depositing an approved check that subsequently bounces. Most other check guarantee services will not pay out these fees. Why should a merchant be penalized for accepting checks? With Bank Fee in place, merchants simply submit the documentation showing the returned item fees to CrossCheck for reimbursement.
See our Premium Services page for an overview of the most popular programs, or request a free consultation to learn about the dozens of other check processing services that were developed for businesses having special needs.