Check Conversion Guarantee

You know that weird looking guy who hangs around your store and is always looking in the window. The one with the earrings in his eyebrows and the purple spiked hair like the Statue of Liberty. The one who has more tattoos then Allen Iverson. The one who would require your wife to take her mother’s angina pills if he ever came by to date your daughter. The one who has 87 cents in his pocket and has never applied for a credit card. The one who just walked into your store and wants to purchase that $300 leather jacket. Thank goodness he wants to pay with a personal check!

That’s because you just installed the Check Conversion Guarantee service from CrossCheck. If you own a single retail store or a national chain then you should certainly be interested in the latest in check acceptance technology. You have probably heard about Check Conversion or Check Truncation, but aren’t sure how it works. In short, it is the converting of a paper check to an electronic transaction much like a credit card transaction.

How does Check Conversion Guarantee work?

  1. The customer writes a preprinted personal check to purchase items.
  2. The check is run through the RDM check imager which reads the encoded information (MICR line) at the bottom of the check.
  3. You will then swipe the customer’s driver’s license when it contains a magnetic stripe or manually key in their driver’s license number or state ID .
  4. Next you will key in the dollar amount of the sale.
  5. The attached Ingenico iCT220 terminal or the virtual terminal on your PC will dial out either using your regular phone line or IP through the Internet and in a few seconds come back with either an approval or decline response.
  6. The customer will sign the approved original authorization receipt from the printer and a copy is provided to the customer. Should the check be declined it is because there is current negative information in the database and then the check writer is referred to call a customer service rep who is experienced at handling that type of inquiry with tact and diplomacy.
  7. You will then hand the approved check back to the customer for him to keep. The RDM check imager will automatically Frank the check so that check number cannot be used again in the future.
  8. At close of business, you will transmit all transactions in a batch for settlement .
  9. Cross-Check informs both the customer’s and merchant’s banks of the transaction and the funds are electronically transmitted to the merchant’s business checking account in 1 to 2 business days, just like any credit card sales.
  10. The transaction appears on the customer’s bank statement, your merchant business checking account statement, and a separate monthly statement mailed to you each month by CrossCheck or you can use the online reporting.

What happens if a check bounces?

If the transaction doesn’t clear, CrossCheck attempts to collect the amount. You are not even notified. As a busy merchant you don’t have to hassle with returned checks, chasing down deadbeat customers, or incurring large NSF fees normally charged by your bank which now average $26.00 in the United States. Once the check was approved at the point of sale it becomes the responsibility of CrossCheck. You remain fully funded (except in the case of stop payments – coverage is available for stop payments) and there is no interruption to your cash flow.

How much does CrossCheck Check Conversion Guarantee cost?

  • Discount Rate Most Businesses are 1.00% to 1.25%
  • Per Check – 20 Cents
  • Monthly Minimum – $25.00
  • Monthly Subscription Fee – $15.00
  • Returned Item Fee – $5.00 (Versus $26 Average from Bank)
  • Web Reporting – Free
  • Optional: Accept Business Checks – $20.00 per Month
  • One-Time Account Setup – $25.00

Recommended Equipment:

In order to perform check conversion guarantee you will need to either supply your own PC or purchase an Ingenico iCT220 terminal. If you use a PC then CrossCheck support will assist you in loading the virtual terminal. You are welcome to purchase a new iCT220 for just $199.00.

Then you will attach a check imager to your computer with a USB cable or directly to the Ingenico iCT220. As a special bonus CrossCheck would be happy to loan you a free check imager for as long as you process your checks with them. That is a savings of about $400.00 versus if you had to purchase one yourself. Here are a couple of popular models of check imagers.

Brief Summary

1. Accept All Checks – More Sales Now!

  • Out-of-town or Out-of-state
  • When the bank is closed
  • The customer doesn’t meet your ID requirements
  • First time customers
  • When you’re not sure * When there is no one in authority to approve the check

2. Larger Sales – Increase Impulse Buying!

  • A check makes all the customers liquid assets available
  • Funds are often transferred from savings accounts, money market funds, etc. after the purchase
  • Checks increase customer’s available “on-hand” cash assets
  • Over 50 million people do not have a credit card and those that do are occasionally at their limit

3. More Satisfied Customers!

  • Makes check acceptance a positive experience for the customer
  • Customers will find it easy to make an initial purchase and will return to buy again
  • Good word of mouth advertising
  • Our logo and signs eliminate the embarrassing question: “Will you take my check?”
  • Speed up check out lines with electronic authorization and check readers * Remove negative “No Checks” signs

4. Happier Employees!

  • Eliminate employees taking the blame if the check is declined
  • Simplifies and standardizes check acceptance procedures
  • Make more and larger sales and profit through check promotion
  • Eliminate hold or authorization time through electronic processing

5. Other Important Benefits!

  • A Competitive edge over merchants with restrictive check policies
  • The guarantee rate is usually less than credit card rates
  • The authorization procedures are similar to credit cards
  • Eliminate collecting returned checks
  • With the new Check 21 rules checks usually clear the same day which means more customers may have overdrawn checking accounts. Without check guarantee in place you will have more NSF checks and much higher bank fees. The CrossCheck program eliminates this problem for you!

If you are ready to sign up for this excellent program from CrossCheck then please complete the CrossCheck Preapp form below. We will then transfer the information that you provide to the original application paperwork and then email it to you for your signature. For more information please complete the Request Info form, email us at or call Kevin direct at 215-489-7878 or toll-free at 800-717-1245.