ROHNERT PARK, Calif. – CrossCheck, Inc., the nation`s largest privately held payment-guarantee company, has announced phenomenal growth of its ChecksByNet and CheckNow services. The total dollar amount of checks processed through CheckNow in 2002 increased 497.6 percent from 2001, and the total dollar amount of checks processed through ChecksByNet increased 164.8 percent. Both services are based on patent-pending technology.
CrossCheck was the first company to provide an online check payment settlement mechanism. ChecksByNet is a unique program that an online consumer can use to write a check over the Internet for products or services by filling in their check information on the simple, secure web page. CheckNow works in a similar way, but the consumer gives the merchant their check information via phone or fax and the merchant submits the information to CrossCheck through its secure web page. With both programs, once the check information is submitted, a check may be printed out seconds later on the computer printer designated by the merchant and then deposited in the bank for payment. Check payment and guarantee systems such as ChecksByNet and CheckNow may become increasingly important for businesses as e-commerce increases, especially as many consumers do not have credit cards or access to credit.
comScore Networks, Inc. has estimated online consumer sales for 2002 (excluding auctions) to have hit $74 billion, a 39 percent increase over 2001, despite the turbulent state of the economy and the worst retail holiday season in years. According to comScore`s research, there were sharp increases in the number of new online buyers and there was greater spending among buyers with more online shopping experience. The majority of online consumers said that they believe the Internet is the easiest or most convenient way to shop, it saves time, and that they use the Internet as a tool to find the best deals. Thirty-eight percent of Internet users expressed that they are still uncomfortable providing their credit card information over the Internet. The Federal Trade Commission reported 162,000 identity theft complaints in 2002, 42 percent of the complaints involved credit cards, 19 percent involved the Internet.
Founded in 1983, CrossCheck provides payment guarantee solutions to more than 79,000 retail and dealer outlets nationwide and handled more than $10.2 billion in guaranteed transactions in 2002. Its goal for nearly two decades has been to provide merchant customers with increased profitability while reducing their financial risk. CrossCheck is known for industry firsts and cutting-edge-technology in the point-of-sale financial services marketplace. For more information, visit CrossCheck`s website at www.cross-check.com or call (800) 654-2365.
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