CrossCheck Blog

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.

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.

Even while employing the services of check processing companies that verify and guarantee checks, auto dealers often find themselves having to decline a down payment check on the recommendation of the check processing company.

Forget the stereotype of passive income as a distant dream. This is a unique opportunity: becoming an Independent Sales Organization (ISO) for check processing services. Partnering with a reputable company like CrossCheck allows you to build a steady stream of income that keeps flowing even when you're not actively selling.

Is the construction industry headed for a slowdown? Don't let wobbly markets and high interest rates throw a wrench in your cash flow! Here's a breakdown of what contractors and building material suppliers can expect for the rest of 2024, plus smart tips to ensure you get paid on time - no matter what the economy throws your way.

Merchants across many industries – auto dealers, building materials vendors, dentists, veterinarians, and many more – need efficient and secure payment processing solutions. While credit cards dominate, checks remain a popular payment method for many customers. But managing checks without a payment processing solution can be a hassle, leading to delays, errors, and potential fraud. This is where partnering with a check processing company like CrossCheck becomes a game-changer.

Let's face it, credit card fees can eat into your veterinary practice's profits. Between interchange fees, assessments, and potential chargebacks, those swipes can add up quickly. But what if there was a way to offer your clients flexibility while keeping your bottom line healthy? Enter the humble check.