CrossCheck Inc., the nation's largest privately owned payment guarantee company, has reached an agreement with Preferred Check Management, Inc., (PCM), to purchase for cash, PCM's Check Guarantee and Verification business known as VeriChek. VeriChek customers and sales channels do business in sixteen states with heavy emphasis in California and New Mexico.
The acquisition closed July 15, 1999, with account conversion to be concluded in late August 1999, and will add to a growing list of names under which CrossCheck products and services are marketed nationally.
"The VeriChek customer base, which is principally made up of auto repair and parts, boat repair, auto stereo, electronics, clothing, and convenience stores, will make a wonderful addition to the growing list of CrossCheck customers. The acquisition also brings a vibrant POS system and regional authorization, claims handling, and collection software system to our business which gives CrossCheck one more way to support our partners, regional banks and mid-scale ISOs," stated Dave Siembieda, CrossCheck's Executive Vice President of Sales and Marketing.
"I am very pleased with the planned sale of PCM's VeriChek customers and systems to CrossCheck, with whom we have always had a fine association. With our development and focus over the last year on our new 'Legal Age' validation system for liquor and convenience store customers, I believe that this sale will be beneficial to both our existing guarantee and verification customers and our future ëLegal Age' customers," noted Ken Kirby, President of PCM, Inc.
For further information, CrossCheck can be contacted at (800) 654-2365 or visit their Web site at www.cross-check.com. PCM, Inc. is headquartered in Pollock Pines, California and can be contacted at (530) 647-2522.
