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Check Processing & Payments Information

Myth Busting Common Objections to Check Guarantee: Part 2

Posted by Jessica Beaudry | Mon, Oct 16, 2017 @ 03:49 PM

check guarantee services

U.S. consumers and merchants will not be shredding their checkbooks anytime soon. While credit, debit and online payments have increased considerably over the past decade, the paper check remains the preferred form for a variety of purchases. Many consumers are pulling out the checkbook for person-to-person payments and big-ticket items while merchants are using checks to pay for recurring business expenses.

With over 30 years of experience, CrossCheck continues to provide payment solutions for U.S. merchants that save company resources, increase revenue and mitigate risk. In our second installment of “Myth Busting Common Objections to Check Guarantee Services,” our editorial team reviews five more objections while providing effective solutions. Refer to part 1 for objections one through five.

Myth 6. We Don’t Really See the Need; We are Good With CareCredit

Busted!

For consumers who meet all cardholder terms and possess an acceptable credit score, CareCredit is a viable option. CrossCheck’s check guarantee services provide payment solutions for the remainder of consumers who do not meet the healthcare financing credit card’s requirements, and those who prefer not to have their credit checked. Without using credit checks, businesses that implement our services can receive more approvals and increase sales.

Myth 7. I Can Get This Service Through My Bank for Free

Busted!

Using a bank’s Remote Deposit Capture service, businesses assume the risk on all checks that are not cleared by the financial establishment. Conversely, funding is guaranteed when processing check with CrossCheck’s Remote Deposit Capture service. The fast, risk-free process also eliminates trips to the bank.

Myth 8. If We Get A Return Check, We Send it to the Magistrate/Sheriff; We Don’t Need Your Services

Busted!

Recovering lost revenue on returned checks in a timely manner is crucial. Sending returned checks to the authorities can result in lengthy waiting periods before a merchant’s money is returned. With CrossCheck, each approved check is funded to the merchant’s account in approximately 48 hours.

Myth 9. We Handle Everything Internally and Don’t Want to Pay for Something We Handle Ourselves

Busted!

Consider the current success rate of collection efforts. For example, is your business on average recovering 20 percent, 50 percent or 75 percent of lost revenue? Could your company benefit from improved results? As stated above, guaranteed checks are funded within two days with our services, and our electronic check processing saves time by eliminating trips to the bank.

Myth 10. We’re Satisfied with our Current Provider and Don’t Want to Make Any Changes at this Time

Busted!

We understand. However, if consumers are turned away due to a declined check, more than a single sale is potentially lost. Negative payment experiences may encourage consumers to seek out competitors for all future purchases. Our article “One Declined Check & the Lifetime Loss to and Auto Dealer,” details the possible magnitude of this loss.

For businesses that do not wish to make any changes at this time, CrossCheck supplies Plus Sales, a service that approves checks declined by other providers. Plus Sales is easy to use: when your provider declines a check, simply call our 24/7 customer service authorization line or log-on to our website to receive an approval code in seconds.

To remain successful, businesses must provide positive consumer experiences during the payment process, and Plus Sales can make it possible.

Check Guarantee Services: Benefits for Businesses

According to the 2016 Federal Reserve Payments Study, checks continue to be a top form of payment within the United States. To expand customer base, gain favorability with consumers and improve sales, businesses can adopt effective payment technologies and services from a top payments guarantee provider.

CrossCheck’s reliable check guarantee services aid merchants in a range of industries across the U.S. from medical and dental offices to auto dealerships and veterinary clinics. Less time spent on banking and preparing deposits, 24/7 customer service support, and the elimination of claim submittal and wait time for reimbursement are just some of the many benefits offered by our check guarantee and electronic check processing services. To learn more, download our free guide today.   

Electronic Check Processing Insider's Guide

Topics: Check Guarantee

Written by Jessica Beaudry

Inbound Marketer at CrossCheck.