If you’re spending too much time traveling to and from your bank — not to mention the time spent parking and waiting in line to make your business’s deposits — you’re wasting more than time. You’re wasting money and valuable company resources.
And don’t think it’s any different if you send someone else — many times when you send employees in your place, they don’t just go to the bank, they also run a few errands of their own.
But you can streamline your processes, saving both trips to the bank and money, by using remote deposit capture, an online banking function that allows businesses to scan checks and then transfer the images electronically to the bank for posting and clearing.
“Besides saving you time, remote deposit capture helps you maximize productivity in the office,” says Heather Levingston, a vice president and business deposit consultant with Wells Fargo Bank. “Plus, it’s safer. Instead of having your employees exposed as they travel to the bank with checks, the bank processes your hard-earned funds.”
With checks you can deposit at your desktop, key personnel does not have to leave to get to the bank by 3 p.m. or 4 p.m.
Smart Business spoke to Levingston about remote deposit capture, how it works and how it can benefit your company.
How does the remote deposit capture process work?
Once you start the remote deposit capture program with your bank, you’ll receive a scanner, which you’ll use to scan customer checks as your business receives them. Once a check is scanned, an electronic file is sent to your bank, and the bank processes the check.
The original checks never leave your business and should be destroyed after a certain period of time. The images, however, remain available to you via an online system, and you’ll have access to them for any customer service inquiries or audits.
How can remote deposit capture improve recordkeeping, increase productivity and reduce costs?
Everything is electronically filed and stored, so there’s less of a chance for human error. The remote deposit capture system will make sure that deposits balance before the process is completed, which further decreases errors.
If your company has more than one location, each location can scan the checks it receives and deposit them into a single account at one bank. Therefore, the owner will always be able to see all the images deposited into that account from multiple locations. Plus, audits will be less burdensome because information is readily available and easily accessible.
Again, it increases productivity and reduces costs by saving the time and expense of having to make trips to the bank, and the owner can use his or her time and money more productively.
Another benefit comes from accelerating the clearing process, which speeds up cash flow and lessens the amount of time you’re waiting for the funds to be available.
