CrossCheck Blog

Returned checks have been a challenge for businesses since checks first appeared in the U.S. in 1681. Solutions for this issue vary widely, from promises of "free online check verification" to advice on "how to verify check funds before they bounce." But the truth remains: free check verification is as mythical as a free lunch.

In the competitive world of auto sales, a perfect Customer Satisfaction Index (CSI) score is more than a badge of honor; it’s a crucial measure of success. CSI scores, derived from post-sale customer surveys, reflect the overall buying experience at a dealership. High scores signify excellent service, attracting new buyers and fostering customer loyalty, while low scores can harm both reputation and profitability. A 2024 J.D. Power Customer Service Index study on luxury and mass market brands outlines the most important areas of focus for dealers:

The furniture industry may have cause for optimism as we look ahead to 2025. Recent economic trends and evolving consumer behaviors suggest the potential for increased furniture sales, driven in part by improvements in the housing market. Here’s why:

According to a recent report from Edmunds, the average price gap between new and used cars has exceeded $20,000 for the first time in history. With new car prices soaring, many car shoppers are now pivoting to the used car market, where prices, while still higher than before, are relatively more affordable. This trend spells good news for used car dealers, as they can expect a boost in business over the next year. However, with increased sales volume comes the need for streamlined and secure payment processing solutions.

In the fast-paced world of auto dealerships, the service department often finds itself caught in a challenging web of labor shortages and rising costs. The pressure to maintain profitability while ensuring operations run smoothly is a delicate balancing act. Amid this complexity, there lies an overlooked yet promising avenue for enhancing profitability: payment flexibility through check guarantee services.

Check fraud, often referred to as "paperhanging," occurs when individuals intentionally write bad checks. While accidental mistakes can happen, repeated offenses are criminal. In 2023, total check fraud attempts soared to approximately $18.5 billion. Successful fraud losses climbed to about $1.4 billion. However, U.S. banks continue to prevent over 90% of these attempts through early detection.

Healthcare providers—whether they’re doctors, dentists, or veterinarians—share a deep emotional connection to their work. Picture this: a veterinarian faces the heartbreaking decision to turn away a sick dog because the owner can't afford the upfront costs or doesn't qualify for a credit card. The veterinarian is then left with a choice: either risk providing costly services, like lab tests and x-rays, without assurance of payment or send them elsewhere.

When it comes to check processing, merchants often face the frustrating issue of declined checks. This can lead to lost sales and decreased profits. Smooth and efficient transactions are vital to a thriving business and choosing a check processing company that is willing to assume more risk by approving and guaranteeing more check can be the difference between a large sale and no sale.

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 Southeast Acquirers Association (SEAA) conference in New Orleans was a whirlwind of insights and discussions. A major talking point? Surcharging and the potential impact on both merchants and consumers. There are sure to be many more discussions during the Midwest Acquirers Association (MWAA) happening now in Chicago and CrossCheck’s own VP of Partner and ISO Relations Travis Powers will be on hand to answer questions and offer solutions to take to your merchant clients.