The only thing certain about the current economy is uncertainty. Economists are unsure of the future because, while inflation is stabilizing, unemployment is slowly rising. According to the U.S. Census Bureau for the Bureau of Labor Statistics, as of August 2024, the unemployment rate in the United States stands at 4.3%. That is only a slight increase from 4.1% three months ago but the trajectory points upward. As the Fed readies to lower interest rates following stabilizing inflation, economists are worried we could be headed towards a recession. Economists are by no means unanimous in their predictions but uncertainty abounds.

The Rising Cost of Bad Checks

The recent increase in unemployment will likely lead to increased financial struggles for many consumers. But those consumers will still have to access necessary goods and services, whether that be auto repairs, dental work, veterinary services and more. In this case, rather than using credit cards, whose average interest rates are above 22% today (the highest since 1994) there are options such as CrossCheck's Multiple Check, which allows consumers to write several checks to be deposited over a period of time in order to spread out the cost of a particular purchase. Even then, checks do get returned for various reasons. This can be a major financial burden for businesses, especially small businesses that may not have the resources to absorb losses.

In this climate, it is increasingly important that merchants of goods and services ensure they get paid for their efforts. Auto dealers, building materials suppliers, dentists, veterinarians and more are all vulnerable when it comes to losses from returned checks. A check guarantee service can minimize uncertainty as no invoices will go unpaid.

The Benefits of a Check Guarantee Service

A Check Guarantee service, like CrossCheck, can help businesses protect themselves from the risk of bad checks. Here are some of the benefits:

• Reduced Losses: By using various databases and information to verify checks, a check guarantee service can help businesses avoid losses from bad checks.
• Improved Cash Flow: When businesses can rely on timely payments, they can improve their cash flow and avoid late payments to their own suppliers.
• Increased Customer Satisfaction: Customers who know that their checks will be accepted are more likely to return to a business and recommend it to others.

CrossCheck: A Trusted Partner

CrossCheck is a leading provider of check guarantee services. With a proven track record of helping businesses protect themselves from bad checks, CrossCheck is a trusted partner for businesses of all sizes.