More importantly, though, CrossCheck is periodically contacted by merchants who are looking for a new check guarantee company because they just parted ways with their old one. Disgruntled merchants come in all shapes and sizes, but their reasons for dissatisfaction generally center on a group of check processing faux pas:Read More
For the last 16 years, the Federal Reserve System has performed a triennial Federal Reserve Payments Study (FRPS) to analyze trends in credit, debit, ACH and check payments in the U.S. Following the FRPS 2016 study which revealed payment trends from 2012 to 2015, “a smaller and more targeted annual supplementary data collection was launched to keep information current between the triennial studies.” The 2017 annual supplement presents restated and new estimates from the 2016 study along with new estimates from 2015 to 2016.Read More
One third of Americans believe “traditional paper checks will die within five years,” state the results from the July 2017 Viewpost survey about the future of payments. Nevertheless, there is compelling evidence to the contrary as aptly framed by Mark Twain in a letter from 1897: “The report of my death was an exaggeration.”
Sources refuting consumer guestimations include the preliminary edition of the 2016 Federal Reserve Payments Study, the most prestigious report among the four profiled here.Read More
If you’re reading this, you know just how important it is to accept many types of payment because you never want to say “no” to a customer. This is exponentially important for purchases greater than $100 because checks are used for 1 out of 5 of those transactions.Read More
Choosing Vendors Wisely
The Cost of One Bad Check
How can a vendor help your business? If you’re like most owners and managers, you reflexively answer “reduce cost,” but then all sorts of caveats start to arise in your mind because you’ve hired cheap vendors before and you’ve probably lost a small fortune to their errors and failures.
After 30 years in the check processing industry we have certainly seen many trends come and go. Just 10 years ago who would have thought that customers would swipe their “smart” phone over a payment terminal to complete a transaction? Back then nobody knew what smart phones were, let alone the still-nascent Near Field Communications (NFC) technology.