CrossCheck Blog

Verify and guarantee a check instantly with CrossCheck! CrossCheck has developed a model for cost-effective and fast Check Verification and Check Guarantee that has attracted and made clients of the largest auto-dealer chain in the country, as well as some of the nation's largest veterinary chains, restaurant supply chains and natural gas delivery services. Our Check Verification and Check Guarantee services are an ideal option for all purveyors of goods and services, and especially for any business that operates on tight margins - which these days includes anything from auto dealers to grocery stores - where credit card fees will quickly turn cost prohibitive.

CrossCheck's ACH Pay-by-Link with Guarantee is the convenient payment solution for any business. Frictionless payments via email or text will also enable merchants to set up payments with tokenization, meaning customers only have to enter their information once. With credit card fees at high rates, checking accounts are still often the preferred method of payment, and our ACH Pay-by-Link is a superior, easy way to save customers from credit card interest rates, and save the merchant from high credit card fees. Once customers get the ACH Pay-by-Link as a text or email, they can enter their info on a phone or tablet and CrossCheck will handle the rest.

According to a recent survey by LendingClub and PYMNTS, 61 percent of Americans report that they are living paycheck to paycheck. Perhaps the most astounding statistic to come out of the survey, however, is the fact that 48 percent of respondents making $100,000 or more also say they live paycheck to paycheck.

There are several factors to suggest prices for both new and used cars will continue to rise well into 2022 from the record levels already reached this year. At an average in 2021 of $45,000 for new cars and $25,000 for used cars - and rising - many consumers will likely find it either unpalatable or even impossible to buy a new car. That is great news for auto repair shops. CrossCheck can help seal the deal with sensible payment options as cash-strapped consumers will be increasingly likely to pay for repairs, rather than throw their older cars on the scrap heap.

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.

“Dealers need to provide customers with a consistent, relevant, seamless experience throughout each stage of purchasing, including the dealership website.” – David Boice Recently, I attended a webinar given by David Boice, CEO and founder of a company called Advid. It was titled, “Lessons from Amazon Prime: evolving the consumer experience in the digital era.” I thought Mr. Boice had some important things to say about what consumers think and feel when they start their search for a new car, and I wanted to share this with our readers. To understand his message, we have to start at the beginning of the consumer buying experience.

What do Formula One auto racing and CrossCheck have in common? The answer is, “quite a bit.” Some explanation is in order. Formula One (aka “Formula 1” and “F1”) auto racing is one of the most exciting sports in modern Western civilization, with all the ingredients for a fabulous experience embedded into it. Article Summary Why is Formula One a fabulous experience? Who owns Formula One? What are the common denominators between F1 and CrossCheck? Why do auto dealerships prefer CrossCheck?

Recently, some of our merchant dealers have been asking us about artificial intelligence – what is it, how does it work, and most importantly, can artificial intelligence help auto dealerships increase revenue? To answer those questions, let’s start with some background. In 1950, Alan Turing wrote a paper titled “Computing Machinery and Intelligence.” His idea was: “Humans use available information as well as reason to solve problems and make decisions, so why can’t machines do the same thing?” The problem back then was that computers could not store enough information, or process it fast enough, to add value to the procedure. We needed more processing power, new software, and ultimately putting the GPU in the cloud. This took a few more decades, plus the power of Moore’s Law, to be viable.

The National Automobile Dealers Association (NADA) is the trade group for new auto dealerships in the U.S. NADA provides many valuable services for their members, including training programs, weeklong seminars, an academy, and setting up “Twenty Groups,” where a dealer will meet regularly with 19 other dealers in their area to get advice and guidance from their peers on current developments in their store. Another valuable service is developing research reports on the retail automotive industry.

Recently, Experian released their Q3 2019 “State of the Automotive Finance Market” report. The authors made a couple of important points — mostly about changes in the used car market — that automotive retailers should take note of. The good news is that used vehicles are generating a larger share of the U.S. automotive finance market. Used car financing increased 2.4% in 2019. It reached 55.15% of total financing. Why did this happen, and why is it good news for a dealer?