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Will Merchants Need to Accept Facebook’s New Libra Cryptocurrency?

Posted by Brandes Elitch on Wed, Jun 26, 2019 @ 08:45 AM

Recently Facebook made a big announcement. They are launching their own currency, hoping to go live in the first half of 2020. Actually, it is a cryptocurrency called Libra. They are developing a digital wallet to take the currency, called Calibra.

Facebook says that their goal is to bring a new type of digital payment to anyone with a smartphone, which some people say is the functional equivalent of an online digital bank. You buy or cash out your Libra online or at a local exchange point, like a grocery store. You spend it using interoperable third-party wallet apps, or the Calibra wallet that is built into WhatsApp, Messenger, and its own app. The idea is that sending money to friends or paying for something at a merchant is just as easy as sending them a Facebook message.

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Are you a merchant with a returned check problem?

Posted by Joe Gargiulo on Wed, Jun 19, 2019 @ 11:59 AM

Returned checks have been a domestic problem ever since checks were introduced in the U.S. by Boston businessmen circa 1681. Solutions vary, including pitches for “free online check verification” or “how to verify funds on a check before it bounces.” The bottom line, however, is that free check verification is as much of a myth as the proverbial free lunch or snake-oil elixirs.

The cure, of course, is to contract a check verification and guarantee service provider.

Acknowledging this fact, there are four general types of merchants who have or need check processing services:

  1. Merchants with check verification or guarantee.
  2. Merchants who don’t have check processing services.
  3. Merchants who want to accept check payments.
  4. Merchants with a returned check problem.

Each of their stories is compelling, and each category has valid reasons for functioning with or without check processing services. The variables and outcomes are explored here.

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Tags: CrossCheck

Check Payment Processing

Posted by Kyle Escamilla on Fri, May 24, 2019 @ 06:45 AM

Having the tools for check payment processing is critical for certain industries, especially those that specialize in B2B payments. Checks have been a commonly used payment method for many years. Even as credit card transactions grow more popular, checks continue to have prominence in retail markets.

The 2017 Diary of Consumer Payment Choices report by the Federal Reserve Bank of Atlanta states that consumers tend to use "electronic payments and checks for high-value transactions." Additionally, according to an October 2018 Webinar by PYMNTS.COM, 64 percent of B2B payments are still made by using paper checks.

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Check Verification Machines

Posted by Joe Gargiulo on Wed, May 22, 2019 @ 02:14 PM

“For every check there is a reason, and a time to every purpose under heaven” — not exactly the King James version of Ecclesiastes 3:1, but certainly relevant to the subject of check verification machines.

Play along s'il vous plaît.

Check verification machines are what merchants use to determine whether or not a specific check is recommended by a check guarantee company such as CrossCheck.

All check processing machines — including check verification machines — became necessary after the Check Clearing for the 21st Century Act (Check 21) went into effect in 2004. Check 21 allows banks to process checks electronically instead of exchanging traditional paper versions with other financial institutions via nightly air service.

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Instant Check Verification

Posted by Joe Gargiulo on Mon, May 13, 2019 @ 10:45 AM

A lot can happen in an instant. For example, there is instant change, instant credit, instant gratification, instant mashed potatoes, and naturally, instant check verification.

Dictionary.com says the adjective instant is defined as “succeeding without any interval of time; prompt; immediate.” No argument here.

Instant check verification is paramount to many U.S. merchants though some would argue that instant coffee tops the list. Nevertheless, all would agree that the two most important factors are succeeding in an instant.

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Tags: CrossCheck

Check Guarantee Services

Posted by Joe Gargiulo on Thu, May 09, 2019 @ 08:45 AM

Paper checks and check guarantee services are like everyday things that keep running and running: the iconic rabbit from the battery commercials, the backup fridge in the garage, the commuter car from way back when, and the guy in the movie named after a bunch of trees. Despite Fintechs saying they are "old and in the way," traditional checks keep millions of American businesses running and running.

Furthermore, a few financial prognosticators also predicted checks were going to be obsolete decades ago. Nevertheless, paper checks continue to prevail. As a famous author once said, “the rumors of my demise are greatly exaggerated.”

Why do checks keep running and running, and what role do check guarantee services play in their success?

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Check Guarantee Companies

Posted by Kyle Escamilla on Mon, May 06, 2019 @ 07:45 AM

Since checks are still a popular form of consumer payment, refusing them all together may be cutting out a slice of the proverbial pie ― a slice of profits that is. Additionally, checks are more cost effective for merchants with low profit margins when compared to the high cost of card processing fees. By accepting checks, however, merchants run the risk of having checks returned which equates to money lost. Every bit of revenue counts when running a business, so returned checks are not anyone’s cup of tea. This is where check guarantee companies come into play.

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CrossCheck Hosts Company Update & Employee Recognition Awards

Posted by Harrison Friedes on Fri, Mar 01, 2019 @ 10:15 AM

CrossCheck presented its Company Update & 2018 Employee Recognition Award Ceremony on Feb. 27 at the headquarters in Petaluma with staff from the Irving, Texas Telesales office attending via conference video feed.

The event looked back on the previous calendar year, addressed 2019 projections and growth, and recognized employees with awards and prizes for their achievements and efforts. The presentation was followed by separate group luncheons in Petaluma and Irving.

Spirits were high as employees received an inspirational introduction by Executive Vice President and Chief Operating Office Chris Schumacher, who began with the company update.

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CrossCheck Launches Contest Program to Reward Its Salespeople

Posted by Harrison Friedes on Thu, Feb 28, 2019 @ 06:45 AM

CrossCheck has launched a quarterly sales contest to reward its best-performing sales people. The inaugural competition began January 1 and ends March 31. Sales teams in CrossCheck’s Petaluma, Calif. and Irving, Texas offices are eligible. Next quarter's contest begins April 1.

"The efforts of our sales people enhances our public image," said Senior Vice President of Sales Charles Dortch III, "and these sales contests encourage longevity and commitment from our highly valued employees."

Salespeople placing first, second and third in the category of highest new revenue generated during Q1 will earn prizes. This contest is a part of a larger effort to recognize employees for their hard work in contributing to the ongoing success of the 35-year old company.

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CrossCheck at Auto Dealers Management Luncheon

Posted by Joe Gargiulo on Wed, Feb 13, 2019 @ 08:45 AM

One of CrossCheck’s finest, Senior Vice President Charles Dortch III, will be the featured speaker at a business luncheon by the Sacramento Chapter of the Auto Dealers Office Management Association (ADOMA) on Feb. 19. He will discuss the lifetime customer value offered by CrossCheck services and how they help increase sales and mitigate risk while saving time and money.

Highlights include CrossCheck's Auto Industry RDC Solution (C.A.R.S.), Flat Fee Warranty and Plus Sales (for checks declined by other vendors). He will also cover the services of two CrossCheck affiliates, Constant Processing and Qualia Collection Services.

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Tags: Charles Dortch III, Events / Conferences, CrossCheck, Auto Dealerships