CrossCheck Blog

Since an ISO’s goal is to maximize revenue, it’s in his or her best interest to have check services in his portfolio. But choosing the appropriate provider encompasses many factors: Company reputation, system reliability and compatibility, and ongoing support. Often times, a Retail Systems Support (RSS) department is an ISO’s point of contact at a check service provider. The RSS team works very closely with ISOs and merchants alike, recommending specific service types, setting up equipment in-store, and troubleshooting technical issues that may arise. To help prepare ISOs in learning what the relationship is like selling check services with a provider, a member of CrossCheck’s RSS department was interviewed. Read more about what assistance is available and why ISOs should be selling CrossCheck’s suite of products to their merchants:

Check verification and guarantee companies get calls almost every day from merchants who say that they want verification, but they’re unclear about the difference between verification and guarantee. Here’s a short definition of each. Verification: A merchant needs to verify that the check writer has a valid checking account and does not appear on a negative database that shows a history of failed payments. Verification is advice: The check verification company will either recommend you take the check or recommend you don’t take it. If it still bounces, the merchant takes the loss.

As an ISO, you primarily sell card processing, but sometimes a merchant will ask about your ability to process other payments. This might include recurring payments, such as monthly health club dues. Recurring payments are a natural for the Automated Clearing House (ACH). Some ISOs do not have a solution for processing ACH payments or they have tried to find one and have come up short. It is difficult to find a bank to process ACH transactions for ISOs, and here we’ll explore why.

Sometimes, the most obvious thing to do is staring you right in the face, and yet it doesn’t seem so obvious. For example, everyone knows that the bank robber Willie Sutton said when asked why he robbed banks, “Because that’s where the money is!” However, it turns out that Willie didn’t really say it. He said that this comment was made up by a reporter who was interviewing him because it made good copy.

Hardly a day goes by without a call from an ISO, merchant, or processor who asks us for help in finding someone to process ACH transactions. There is usually some urgency in these requests – we can hear it in their voice. This is partly because of the customary and normal positioning by the ISO to handle all payments for the merchant: - Check (via remote deposit capture and guarantee)

Time is money, right? So I’m not going to beat around the bush. If you are smart enough to be selling check services, having a couple of precise, formulated qualifying questions in your arsenal is a huge asset. These two, simple questions will open the door to a conversation and can become an opportunity to provide a solution that will help your merchants be more profitable. And when they win, you win. So are you ready for the top two questions?

I’ve been involved in check processing for a long time, yet it still surprises me when I meet someone in the industry who doesn’t understand the value of a check guarantee service. It’s not just about risk, though check services do a good job of reducing risk. It’s not even about bad checks and check services certainly minimize those. Having a check service is about enabling sales and problem-solving. In fact, I think checks are the best solution out there to make sales happen that wouldn’t normally happen. Better than credit cards, better than debit cards, and much better than good old cash. Let me explain…

As the National Sales Trainer for a check processing provider, I talk a lot. I talk for a living. I’m constantly talking to sales agents about how to sell payments services, how to get to the decision maker, what it takes to make a sale happen and how check services are still a necessary part of your portfolio. Checks, you ask, really? Absolutely! Over 20 billion checks are written each year for over 30 trillion dollars. If you claim to be a full-service payment provider, you need to be talking about checks, too.

I’ve returned from attending the MidWest Acquirers Association's 11th Annual Conference this week in Chicago. It was a good trip and I had the chance to visit with many of our ISOs and payment services partners. It’s apparent that the payment processing industry is heating up again.(Or maybe it was the 90 degree weather?) Mobile payments solutions were hot, of course, but I also received a lot of attention on our new MED-RDC service. A remote deposit capture service just for medical businesses, you ask?Well, yes, and we’re very excited about it.

As a payment professional, you know your merchants work hard to stay in business and every sale counts. Same for you, right? One way to improve sales is through check services.