Check machines are a very common and often overlooked piece of technology used by merchants and other businesses today. Checks continue to be a preferred payment method for a sizable portion of consumers for certain purchases. Consequently, vendors should be equipped with check machines to streamline their check transaction process and mitigate the risk of bad checks.Read More
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:
- Merchants with check verification or guarantee.
- Merchants who don’t have check processing services.
- Merchants who want to accept check payments.
- 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.Read More
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.Read More
Like the old adage about tools only being as good as the craftsmen who use them, CrossCheck leverages check processing machines to help merchants increase sales and mitigate risk while saving time and money.
Check processing machines became a necessity after Congress passed the Check Clearing for the 21st Century Act (Check 21) in 2003 and it went into effect the following year. The vulnerabilities of the old system — including the overnight exchange of checks between financial institutions — became apparent in the days following Sep. 11, 2001 when all non-military aircraft were grounded for security reasons. As a result, Check 21 allows banks to process checks electronically, making for a more efficient and sustainable check clearing system.Read More
The onboarding process varies as a function of the services chosen by the merchant, the size of the merchant and whether or not it has multiple locations processing checks.Read More
Saving lives with check processing services? The claim is ambitious, for sure, but this article makes a solid case in proving the point. Nevertheless, we look forward to receiving feedback in the “Comments” section after viewers have assessed the content. As the saying goes, “you be the judge.”Read More
Beginning as inconspicuous sheets of blank paper, checks undergo dramatic transformations during their time on Earth. After printing, binding and perforation, checks are designated for assignment inside checkbooks where some never see the light of day, only to be shredded at some point in time when deemed expendable or when checking accounts are closed. Others live high off the hog, helping to purchase anything from a quart of milk to a new Mercedes Benz. This is their story.Read More
The September 11, 2001 attack on the World Trade Center in New York’s financial district changed the nation in many ways. The emotional scars still linger, the rebuilding of physical structures continues today, and Congress reformed the way the banking industry handles check processing.
During the second half of the 20th Century, paper checks were flown between US depository financial institutions on a nightly basis. That approach reached crisis on 9/11. For security reasons, all non-military aircraft were grounded for two days following the hijackings and check processing was temporarily halted in conjunction with air travel.
In 2003, Congress passed the Check Clearing for the 21st Century Act (Check 21) to abate future disruptions, opening the door for banks and other institutions to process checks electronically. The law enables recipients of paper checks to create scanned digital versions, eliminating the need to handle paper checks. When Check 21 took effect October 2004, a function known as remote deposit capture (RDC) was introduced to facilitate the acceptance of those scanned images as deposits.Read More
For 33 years, CrossCheck has partnered with merchants throughout the US to guarantee checks and offer payment solutions catered to the special needs of each vertical. Last year, we revealed CrossCheck's most popular content in 2015 and this year we're presenting our top free check processing guides. These mini publications offer sales tips, industry insights and an introduction to payment processing for the benefit of all merchants.
With so many in-house resources to choose from, we narrowed the selection to our most popular guides and organized them by industry. Happy downloading!Read More
Most new products or services enjoy an extended honeymoon sans any competition for several years or even decades. Given enough time, however, they are often replaced with “new and improved widgets” that provide even greater utility to consumers and businesses.
The founder of CrossCheck developed “the better widget” of check processing services in 1983 after receiving a pitch for check guarantee services while operating a record store. Per “The History of CrossCheck in the Payments Industry,” he was dissatisfied with the approach that was presented to him, so he created his version of Standard Check Guarantee to improve the existing model.Read More