Check Guarantee

Accept Risk-Free Payments with Check Guarantee

What is Check Guarantee?

Check guarantee services protect merchants from incurring the financial loss of accepting bad, bounced, or returned checks for reasons including insufficient funds (NSF), closed accounts, and stop payment orders issued by banks. 

The Guarantee Factor

CrossCheck recognizes the need for efficient, cost-effective solutions to check acceptance and processing as well as a range of enhancements for specific merchants and industries. This “Guarantee Factor” allows merchants to accept more checks and is ultimately better for their business. CrossCheck even approves checks declined by the competition.

How does Check Guarantee work?

CrossCheck provides two distinct types of Check Guarantee services.

With Standard Check Guarantee, merchants request check approval at the point of sale via phone, terminal, or the CrossCheck web portal before making a deposit. If approved checks are returned from the bank unpaid, merchants submit claims by mailing checks to CrossCheck for reimbursement.

Chexpresso machineElectronic Check Processing with Guarantee allows merchants to capture check images with desktop scanners or the CrossCheck Mobile Pay app for smart devices before submitting them to CrossCheck. There are no claim submissions because items returned from the bank unpaid are sent to CrossCheck instead of merchants. Electronic Check Processing with Guarantee may be conducted via Conversion or Remote Deposit Capture (RDC).

Both Standard Check Guarantee and Electronic Check Processing with Guarantee may be further enhanced with premium services to individualize merchant needs.

How much do Check Guarantee Services cost?

The fees for Standard Check Guarantee and Electronic Check Processing with Guarantee generally include monthly service plans and per-item transaction fees that vary according to a merchant’s industry, the number of checks they deposit each month, and the total amount of unpaid checks they accept over a specific period of time.

Who uses Check Guarantee?

Merchants using Check Guarantee are typically in retail automotive, auto aftermarket, motorsports, home furnishings, heavy equipment, building supplies, and construction/renovation as well as medical, dental and veterinary offices.

What are the benefits of Check Guarantee? 

Check Guarantee helps increase sales and mitigate risk while saving time and money. Check Guarantee benefits include:

  1. Check approval anywhere in the country as well as Canada and U.S. territories.
  2. Complimentary account set-up, staff training, and equipment programming.
  3. Free Customer Service and Tech Support any time of day or night, even on major holidays.
  4. Optional enhancements offering individualization as well as greater protection and flexibility.
  5. Complimentary loaner equipment.

Free Consultation

Benefits

  • Increase sales
  • Mitigate risk
  • Save time and money

Industries

  • Retail automotive
  • Auto aftermarket
  • Building supply
  • Heavy equipment
  • Medical, dental and veterinary offices
Common Objections to Using Check Guarantee

Merchants not accepting checks typically have a history of experiencing financial loss from bad checks. Unfortunately, these merchants are turning away good business because a significant segment of buyers continue to prefer paying by check. By adding Check Guarantee, these merchants can resume selling to all buyers using any form of payment: cash, check or charge.

According to the most recent Federal Reserve Payments Study, only ACH payments (mostly between depository institutions) surpass checks as the highest form of non-cash payments on average: $37 for debit cards, $91 for credit cards, $1,614 for checks, and $2,159 for ACH. Checks are preferred by consumers for large dollar amount purchases as well as 97 percent of small and medium-sized businesses per the Q3 SMB Technology Adoption Index.

CrossCheck declines the fewest checks in the industry. Merchants whose checks are declined by another check guarantee provider should consider CrossCheck's Plus Sales Service. Let CrossCheck run your declines to help save the sale and maintain a positive cash flow.

Like the merchants who have experienced financial loss from accepting bad checks, merchants who don’t believe in the cost-effectiveness of checks are turning away good business because a significant segment of buyers still prefer paying by check. By adding Check Guarantee, these merchants can resume selling to buyers paying with cash, check or charge.

The effectiveness of Check Guarantee is not dependent on the volume of the checks that merchants process. First and foremost, Check Guarantee helps increase sales and reduce risk while saving time and money. Check Guarantee helps merchants whether their total monthly check volume is $5,000 or $500,000. Furthermore, CrossCheck’s Plus Sales service can be used on an “as needed” basis.

CrossCheck can help solve a bad check problem with Check Guarantee, but more importantly, its primary goal is to help merchants increase sales with a variety of payment solutions. For example, the Multiple Check service helps consumers short on cash make large dollar amount purchases without using credit.

Customers being turned away represent lost profits if they choose to purchase from a competing merchant who will accept their check. Check Guarantee enables merchants to accept a wide variety of business and personal checks without turning away business.

CareCredit can help consumers with good credit, but what happens to consumers who do not qualify because their credit is less than perfect? CrossCheck’s Multiple Check solution provides these consumers with 30 extra days to complete their payments without credit or a credit check.

Using the justice system to collect on bad checks is time-consuming and stressful. With Check Guarantee, every approved check is funded to merchant accounts in 48 – 72 hours without hassle.

“Do it yourself” merchants may have unsatisfactory collection rates or simply take too long to recover funds from bad checks. Others simply cannot collect at all. Either way, Check Guarantee provides cost-effective solutions that surpass in-house collection efforts in terms of time and money saved.

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