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The Top 5 Reasons for Working at CrossCheck

Posted by Michele Morris on Thu, Mar 18, 2021 @ 02:27 PM

If you have ever wondered if you should be working at CrossCheck, then the answer is a resounding “yes!”

CrossCheck is a dynamic and stable company that has provided payment guarantee solutions to U.S. merchants since 1983.

The privately held organization is committed to attracting and retaining a great team of employees in order to continue that success. Whether you’re new to the workforce, or simply a veteran seeking greener pastures, then working at CrossCheck might be the next stop on your road to fame and fortune.

So without further ado, here are the top five reasons for working at CrossCheck:

  1. You are new to the workforce.
  2. You want excellent employee benefits.
  3. You want a job that suits your lifestyle.
  4. You want a career that offers good earnings potential.
  5. You value employment growth opportunities.
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Tags: CrossCheck

Record High Lumber Prices Affect Building Supply Dealers

Posted by Joe Gargiulo on Tue, Mar 09, 2021 @ 11:22 AM

The announcement that Random Length Lumber Futures (for March 2021) have reached an all-time high ($1,004) has prompted a variety of solutions by contractors and other customers of building supply dealers. The record high lumber prices soared past the $1,000 per 1,000 board feet mark on Feb. 18, sending buyers into reaction mode. This figure is over twice the amount ($495.60) from Nov. 2020.

Experts say a strong home building market, low interest rates, and a boom in home remodeling are responsible for the increase despite other indications that demand for lumber is decreasing.

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Tags: Building Materials, Multiple Check

CrossCheck Helps Reduce the Risk of Accepting Checks

Posted by Mike Harris on Wed, Sep 23, 2020 @ 07:45 AM

With an increasingly uncertain world, the pace of change is swift and becoming more rapid. This is why risk management is more important than ever before, and adaptability by companies is key. Businesses must balance the need to be open for commerce while taking measures against the extra financial risk in the marketplace. This is the essence of our business model — CrossCheck helps reduce the risk of accepting checks so your business remains whole as it conducts commerce.

Not every negative event can be avoided, but the right approaches will allow companies to respond effectively in crisis situations and potentially even thrive. Furthermore, businesses must find a way to simultaneously safe guard against COVID-19 in 2020 while avoiding financial risk.

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Tags: Check Fraud, Small Business

Virtual Auto Dealer Options

Posted by Al Arco on Fri, Sep 11, 2020 @ 09:23 AM

In 1962, ABC broadcasted its first program ever in color. The show was called The Jetsons. As remarkable as that achievement was for the times, the animated sitcom was cancelled after only 24 episodes. In the 1980s, The Jetsons was revived for two short years before being shelved decades ahead of technologies such as digital cameras, cell phones, and virtual auto dealer options. Thankfully through syndication, reruns aired for a generation.

Hanna-Barbera Productions cartooned unthinkable technology in each futuristic episode. Below is a short list of “FAR OUT” technology available only to George Jetson (and in the imagination of the writers) a half century ago that actually exists today. And with the recent successful takeoff and landing of an automobile on August 25, 2020 in Japan, the list just got a little longer.

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Tags: Auto Dealerships, Check Guarantee

The History of Check Fraud

Posted by Joe Gargiulo on Tue, Aug 11, 2020 @ 11:31 AM

Nearly anyone can inadvertently write one bad check for insufficient funds, but doing it intentionally on a repeat basis constitutes check fraud. Also known as paperhanging, this type of crime is joined by a handful of other check fraud classifications.

According to a report by the American Bankers Association (ABA), total check fraud attempts have reached a new all-time high in value: $15.8 billion in 2018 compared to just $8.5 billion in 2016. The ABA continued by saying that the financial loss from successful check fraud attempts rose from $789 million in 2016 to $1.3 billion in 2018.

The ABA also said check fraud has been on the rise over the last 30 years due to digital channels. Is there a silver lining to this dark cloud? The answer is that U.S. banks prevent over 90% of check fraud attempts via early detection methods.

Article Summary

  • Types of Check Fraud
  • Check Fraud in Relation to the History of Checks
  • What Are the Penalties for Check Fraud?
  • In Closing
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Tags: Check Guarantee

Check Verification or Check Guarantee: What’s the Difference?

Posted by Brandes Elitch on Fri, Mar 13, 2020 @ 07:49 AM

When it comes to the question, “Guarantee or Verification?” there is no single right answer. Each merchant has different needs. Both services help businesses increase sales and mitigate risk, but there are fundamental differences.

Verification is basically professional advice that works best for some merchants, but they will need to conduct their own collections if a check fails. Others will opt for check guarantee — the assurance that even if the check bounces, the sale will hold, the merchant will get paid, and the consumer will be given another chance to make good. The merchant is free to choose either one, but normally the choice depends on the amount of the check.

Summary

  • Check Guarantee in a Nutshell
  • A Place for Check Verification
  • Behind the Curtain of Check Verification and Check Guarantee
  • The Secret Sauce
  • The CrossCheck Solution
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Tags: Check Guarantee, Check Verification

Checks Are Going Away … or Are They?

Posted by Brandes Elitch on Thu, Mar 12, 2020 @ 01:32 PM

If you work in the payments industry, you will regularly hear comments such as, “Checks and cash are going away, and pretty quickly too!” Sometimes we hear random comments such as, “Millennials are not using checks,” because they use smartphones and social media for mobile banking and payments. However, the 2019 Federal Reserve Payments Study shows otherwise. Let’s look at the facts.

Yes, there has been a decline in check usage over the last decade, but the value of check payments is still strong. According to the study, the value of check payments decreased four percent a year from 2015 to 2018. The current study shows a year-to-year drop from 18.1 billion items to 17.3 billion items — hardly a dramatic event. By the way, that is billions.

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Tags: Check Guarantee

The Top Check Guarantee Companies

Posted by Brandes Elitch on Mon, Feb 24, 2020 @ 07:34 AM

There are three main providers in the check guarantee business. All have been in business for many years, have seasoned and mature products, and a large book of business that covers the entire country. Naturally, merchants want to know how the top check guarantee companies differ from each other.

Obviously, I cannot speak for the other two providers, but I can offer general information about the industry. While we all provide similar services, the business model for each company is different (see below for "Company Differences" and "The CrossCheck Approach").

The fundamental differences are how the product is sold, who the target market is, how the pricing is determined, the types of hardware supported, how authorizations are handled, how claims are paid, and how responsive customer service is to the merchant.

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Tags: Check Guarantee

How Can Check Verification & Check Guarantee Help Merchants?

Posted by Brandes Elitch on Fri, Feb 14, 2020 @ 07:45 AM

We get calls from merchants who want to know the difference between check verification and check guarantee. The typical scenario is that the merchant takes a bad check, tries to collect on it themselves, and discovers how difficult it is to do that. Other times, a check is missing from a bank deposit, or the merchant is just tired of taking an hour off to go to the bank every day. They have heard about check service companies and now they want to know how they can benefit from using one.

Article Summary

  • Check Verification Versus Check Guarantee
  • Basic Check Guarantee
  • Electronic Check Processing
  • Some Merchants Prefer Checks
  • How Check Guarantee Helps Protect Merchants
  • How Check Guarantee Helps Consumers
  • Additional Protection for Merchants

There are two time-tested ways to deal with this. They are check verification and check guarantee.

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Tags: Check Guarantee, Check Verification

Is This a Good Check?

Posted by Joe Gargiulo on Thu, Feb 13, 2020 @ 09:45 AM

The CrossCheck website receives a lot of queries: “Is this a good check?” … “I need to verify a check.” … “I received this check in the mail, is it real?” … and a dozen variations on a weekly basis.

The marketing team responds as follows (or something similar) if the message is from a consumer:

CrossCheck provides check guarantee and other payments-processing services to merchants via monthly service agreements. We suggest you discuss the situation with the issuing bank. Thanks and good luck.”

Sometimes the messages are disheartening: “Just got burned by a bad check.” If it’s a merchant, we explain that we can’t do anything about that particular check, but we can guarantee future checks to mitigate their losses.

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Tags: Check Guarantee