Accepting Checks Is Important

Checks continue to be a viable form of accepting payments according to recent studies. Checks are preferred by many consumers and remain as the most popular type of business-to-business (B2B) payment. Checks also help merchants widen their customer reach by offering another payment option. Furthermore, some business models prefer check payments because credit card transaction fees take a chunk out of their profits.

Selling Big Ticket Items

Checks are preferred by many consumers, including those buying big-ticket items.

“Consumers tend to use cash and cards for lower-value transactions, and electronic payments and checks for higher-value transactions,” states The Diary of Consumer Payment Choices, a report by the Federal Reserve Bank of Atlanta.

Whether it entails accepting a down payment on a vehicle, selling a new bedroom set, or invoicing an emergency dental procedure, merchants accepting checks guaranteed by CrossCheck consistently increase sales and mitigate risk while saving time and money.

Accepting B2B Payments

A recent Federal Reserve Payment Study showed that checks are the preferred method of making business-to-business payments.

Similarly, the SMB Technology Adoption Index states that 97 percent of small and medium-sized businesses (SMBs) responding to the survey “still rely on paper checks to make and accept B2B payments.”

CrossCheck's Remote Deposit Capture (RDC) enables merchants to quickly process guaranteed B2B payments without leaving the office.

Say Yes to Checks

Checks continue to be preferred by consumers and businesses for certain transactions, and deserve a rightful place among the other forms of payment (cash, card and ACH).

Each payment type has pros and cons, but accepting guaranteed checks offers competitive advantages such as lower transaction fees, less risk and greater trust among consumers disenchanted with digital payment channels.

CrossCheck designs cost-effective solutions for accepting guaranteed checks as well as a range of industry enhancements. CrossCheck understands that accepting guaranteed checks helps merchants increase sales and mitigate risk while saving time and money, and is the number one reason why they should "Say Yes to Checks."