CrossCheck Blog

Having the tools for check payment processing is critical for certain industries, especially those that specialize in B2B payments. Checks have been a commonly used payment method for many years. Even as credit card transactions grow more popular, checks continue to have prominence in retail markets. The 2017 Diary of Consumer Payment Choices report by the Federal Reserve Bank of Atlanta states that consumers tend to use "electronic payments and checks for high-value transactions." Additionally, according to an October 2018 Webinar by PYMNTS.COM, 64 percent of B2B payments are still made by using paper checks.

“For every check, there is a reason, and a time to every purpose under heaven” — not exactly the King James version of Ecclesiastes 3:1, but certainly relevant to the subject of check verification machines. Play along s'il vous plaît. Check verification machines are what merchants use to determine whether or not a specific check is recommended by a check guarantee company such as CrossCheck. All check processing machines — including check verification machines — became necessary after the Check Clearing for the 21st Century Act (Check 21) went into effect in 2004. Check 21 allows banks to process checks electronically instead of exchanging traditional paper versions with other financial institutions via nightly air service.

A lot can happen in an instant. For example, there is instant change, instant credit, instant gratification, instant mashed potatoes, and naturally, instant check verification. Dictionary.com says the adjective instant is defined as “succeeding without any interval of time; prompt; immediate.” No argument here. Instant check verification is paramount to many U.S. merchants though some would argue that instant coffee tops the list. Nevertheless, all would agree that the two most important factors are succeeding in an instant.

International Market Centers, L.P. invites home furnishings dealers, home décor retailers, interior designers, architects, and other industry experts to experience the Summer Las Vegas Market (LVM) 2019. This semi-annual event fills more than 5.4 million square feet with thousands of home furnishings/home décor exhibits, products and services suited for anyone in the industry. This year’s market takes place July 28 – August 1 at the World Market Center in downtown Las Vegas. Exhibitors will demonstrate products in categories such as mattresses, lighting, décor, housewares, floor coverings, home textiles, tabletops, gourmet products, general gifts and more!

Paper checks and check guarantee services are like everyday things that keep running and running: the iconic rabbit from the battery commercials, the backup fridge in the garage, the commuter car from way back when, and the guy in the movie named after a bunch of trees. Despite Fintechs saying they are "old and in the way," traditional checks keep millions of American businesses running and running. Furthermore, a few financial prognosticators also predicted checks were going to be obsolete decades ago. Nevertheless, paper checks continue to prevail. As a famous author once said, “The rumors of my demise are greatly exaggerated.” Why do checks keep running and running, and what role do check guarantee services play in their success?

Since checks are still a popular form of consumer payment, refusing them all together may be cutting out a slice of the proverbial pie ― a slice of profits that is. Additionally, checks are more cost-effective for merchants with low-profit margins when compared to the high cost of card processing fees. By accepting checks, however, merchants run the risk of having checks returned which equates to money lost. Every bit of revenue counts when running a business, so returned checks are not anyone’s cup of tea. This is where check guarantee companies come into play.

The “Smarter-Faster” PAYMENTS 2019 conference for payments professionals takes place May 5 – 8 at the Orlando World Center Marriott in Orlando, Fla. According to NACHA, the event producer, “PAYMENTS 2019 unites thousands of payments system stakeholders from business end-user and financial and technology services organizations to debate and explore the more pressing issues and opportunities today. Attendees will experience world-class education with concurrent sessions and workshops featuring payments and innovation experts.” The conference also features an interactive expo hall as well as networking events for executives and senior-level payments professionals from fintech, financial services and corporate environments.

CrossCheck, the leading privately held check guarantee company in the nation, is celebrating the success of its merchant customers during National Small Business Week 2019. The recognition coincides with challenging times for merchants who continue to thrive amidst ongoing threats from online giants, increasing overhead and new labor shortages. CrossCheck provides these merchants with guaranteed payment solutions that help increase sales and mitigate risk while saving time and money.

In our last column, we talked about the challenges and intricacies of being a car dealer, and along those lines, why a car dealer would need a reliable and robust Dealer Management System (DMS). The car retailing business is unique. It has a lot of moving parts and there is a lot of money flowing through it every week. The owners and managers need to stay on top of the numbers that drive the business every day, not once a month. The DMS is a kind of supercharged general ledger accounting system that addresses the unique needs of a car dealer. Consequently, you do not want to change DMS or providers lightly; it is a big commitment to learn how to use a DMS and is usually a long-term commitment.

“TRANSACT is the one show focused solely on the business of payments technology,” states its producer, the Electronic Transactions Association (ETA), the world’s largest payments industry trade group. Payments technology, however, is not the only focus. There are no less than 11 opportunities for electronic payments experts to socialize with peers, vendors and organizers over food and beverages.