CrossCheck Blog

According to the Association of Equipment Manufacturers (AEM), both sales and rentals of heavy equipment for the construction industry is expected to climb after the new year, even on top of a decent sales increase during 2021. In order for heavy equipment sellers to take advantage of that growth and secure each sale, CrossCheck has developed services that will ensure payment on everything from rentals to the purchase of big-ticket items, with our Multiple Check, Check on Delivery and Check Guarantee.

Demand for both residential and commercial garage doors is expected to increase 4.5% next year, boosting the garage door business to a $3.6 billion industry in 2022. The calculus is fairly simple: add a lot of value to a home by investing a relatively small amount. Whether it’s “lipstick on a pig,” or the final beautification of a home for sale, the garage door business is booming and customers are waiting.

Increased consumer awareness of environmentally friendly solutions like water-saving appliances, as well as smart technology and expansion into HVAC and more will boost opportunities for plumbers. More opportunities will lead to higher revenues, both in terms of size of individual tickets and number of customers, which will likely prompt a need for more solutions to accepting payment. With the Multiple Check and Check Guarantee services, Cross-Check can help plumbers accept larger checks with full knowledge that the payment will be securely deposited in their accounts.

A recent study by the Federal Consumer Financial Protection Bureau (CFPB) has determined that the issuance of credit cards has declined significantly since the start of the COVID pandemic. According to the study, the success rate of credit card applications dropped from 45 percent in January 2020 – the start of the COVID pandemic – to approximately 30 percent a few months later.

John is a building materials supplier. He has just received a wish list of innovative materials from a general contractor who is building an office and lab for a tech manufacturer. John knows the wish list is expensive but is excited to be part of creating what promises to be a structure that will revolutionize the construction industry and hoist it into tomorrow.

Among the many queries received by the CrossCheck team, “How do I recover an NSF check?” is one of the most frequent. But, before going any further a definition is in order. An NSF check (aka “non-sufficient funds check”) is a term used when the holder of a checking account is overdrawn and there is not enough money in the account to pay the check written against it. As a merchant, this can pose a problem when accepting checks. Attempting to deposit a check without sufficient funds will result in the bank returning it unpaid. Also, returned checks can come with the additional consequence of added bank fees. Whatever the cause, NSF checks will cost your business money. NSF checks can happen for many different reasons, but whatever the cause, NSF checks will cost your business money.

Accepting checks is a preferred payment type for many merchants — especially those selling big-ticket items — and is a reliable tool for increasing sales and widening customer reach. Accepting checks is one thing, but deciding how to accept check payments safely is another. That is why many merchants choose payment solutions like CrossCheck’s Electronic Check Processing to securely accept, process and deposit checks into their business accounts without leaving the office.

“Proper preparation prevents poor performance” is a phrase that I heard over and over while in basic training at Fort Knox, Ky. My drill sergeants always stressed the importance of staying ready so you never need to get ready. This simple phrase got me thinking about how businesses are coping during the pandemic. More importantly, what steps are businesses taking to position for success in a post-COVID environment? I have spoken to GMs, controllers, finance directors, CFOs and CEOs about some of the steps they are taking to navigate these rocky waters. Hopefully, their insights (summarized below) will provide you with inspiration and hope as we begin the second quarter of 2021.

Imagine a world where businesses and consumers could scan checks, upload the images via the web, and quickly determine if the checks are valid. Better yet, imagine if those same stakeholders could continue the process by depositing the checks, all without visiting a bank or leaving their offices. It could be a foolproof system, but on this date, April 1, (aka “April Fool’s Day”), the reality is that free online check verification doesn't exist ― never has and probably never will.

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.