CrossCheck Blog

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.

With our customers’ success in mind CrossCheck has created payment processing solutions that will appeal to all building materials vendors, especially as construction is slowing down compared to recent years and each transaction becomes more important.

For auto dealers, one crucial aspect often raises concerns – accepting checks for down payments. To ensure a sale, you want to provide customers with flexible payment options. This is where CrossCheck's Auto Industry RDC Solution (C.A.R.S.) program comes into play. C.A.R.S. is a suite of check guarantee solutions, which allows auto dealerships to accept checks for down payments without the risk of not getting paid. It includes RDC (Remote Deposit Capture) and Multiple Check, which lets the customer write up to four checks to be deposited at agreed upon intervals. Also included is Check on Delivery, which is especially valuable to the service department as dealerships can pre-approve payment of delivered parts orders.

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.

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.

All motorcycle manufacturers have been rejoicing as sales increased dramatically during the first half of this year, following an almost disastrous 2020. For instance, Italian manufacturer Ducati posted a 33% increase for Q1, while Harley-Davidson notched a 24% uptick for Q2.

There’s an old saying in business, “Nothing happens until somebody makes a sale!” This is true, of course, and so is this corollary: “Nothing happens with cash flow until the building materials customer pays the bill.” Cash flow is the lifeblood of the building materials industry. Sometimes a business with a full order book and a large accounts receivable position will be forced to close its doors because there wasn’t enough cash on hand to pay the bills that are due now. This is why it’s just good business to have a company credit policy at a building materials center. As somebody said, “If there’s no plan, there’s no hope for survival.” This raises the question: how do you create a credit policy?