CrossCheck Blog

Returned checks have been a domestic problem ever since checks were introduced in the U.S. by Boston businessmen circa 1681. Solutions vary, including pitches for “free online check verification” or “how to verify funds on a check before it bounces.” The bottom line, however, is that free check verification is as much of a myth as the proverbial free lunch or snake-oil elixirs. The cure, of course, is to contract a check verification and guarantee service provider. Acknowledging this fact, there are four general types of merchants who have or need check processing services: Merchants with check verification or guarantee. Merchants who don’t have check processing services. Merchants who want to accept check payments. Merchants with a returned check problem. Each of their stories is compelling, and each category has valid reasons for functioning with or without check processing services. The variables and outcomes are explored here.

Businesses that accept checks as a form of payment without a check guarantee service should certainly concern themselves with the question, “Who writes bad checks?” These merchants want to avoid accepting bad checks, and they can decrease the likelihood of doing so by better understanding who’s writing them and which check writer characteristics should be monitored.

Buying a house or condo is the most important financial decision that most of us will ever make. It takes a special degree of commitment, dedication, savings, financial expertise … and luck … to reach that level of achievement. Unfortunately, only about 64 percent of American families currently own homes. First-time home owners have a whole new list of things to deal with — mortgage payments, property taxes, home insurance, yard work, and who knows what else! Owning a home is not for everyone, but for many people, it is a lifelong dream. When people buy their first house, they are typically starting with a blank interior canvas. Their goal is to “make a house a home.”

One of the largest events for home furnishings dealers is just around the corner. The Summer Las Vegas Market (LVM) is scheduled for July 28 – August 1 at the World Market Center. This year’s market will showcase a bounty of products, services and educational opportunities for attendees. This is the perfect event for home furnishing professionals such as buyers, retailers and interior designers who want to learn business practices, network with other professionals and see new products on the market.

Cox Automotive’s “Dealership Staffing Study” addresses the dealership staffing challenges that plague auto dealers every day. This study randomly sampled 50 dealerships executives (owners, principals, and GMs), 343 dealership employees, and 834 people from the general U.S. population. Below is a synopsis of the challenges and solutions presented.

“Today is the slowest technology will be in our lifetime,” said Xerox President and COO Steve Bandrowczak in a Corporate Board Member article. “The pace of change will accelerate and leadership skills and leading through change are going to create a tremendous amount of winners and losers.” His observation about speed should hold true in places where electricity and internet connections are commonplace while his insights on leadership sound like a corporate application of natural selection.

Did you ever wonder what happens when you use your credit card at a merchant to buy goods or services? If you’re like most people, you probably never give these type of electronic payments a second thought. You just know that everything happens magically and instantly as you insert your chip in the reader or swipe the card, or enter the card information into the merchant’s online payment gateway. The next time you see it is when you get the bill from your card issuing bank a few weeks later. There is a lot going on behind the scenes, and it is pretty interesting how it all works. Here is a high level view of that process, but first a little background.

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.

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.