Remote deposit capture technology (often referred to as RDC) is a tool that provides a better understanding of your company’s cash position, in addition to saving you time and money, says Debbie Miller, vice president and commercial deposit specialist at Consumers National Bank.
“You are able to print daily reports of your deposits and have better, more detailed records for an audit or your accountant,” Miller says. “You can assign others in your office to make the deposits and you’ll no longer need to copy your checks before depositing them, which will save time, paper and toner. You also won’t need deposit slips or to endorse the back of the check when making a deposit.”
Remote deposit capture technology allows businesses to deposit checks electronically at remote locations for virtually instant credit to the intended account. Paper checks are digitally scanned and an image of the check is electronically transmitted to the customer’s bank.
Smart Business spoke with Miller about the benefits of this technology and how it can help your business.
What are the primary benefits for a business that uses remote deposit capture technology?
Businesses that use remote deposit capture technology realize a number of benefits that can save both time and money. First, it’s a tool that is always available and is not subject to the hours that your local branch office is open. You can deposit personal and commercial checks directly from your office, which reduces your risk of check fraud by limiting the number of people who will handle the checks. In addition, you can get convenient on-demand check image research and deposit history data online, which puts more information at your fingertips. This technology also enables you to more easily consolidate funds from multiple locations.
What are some things to keep in mind as you make the transition if you haven’t been using it?
The transition to remote deposit capture technology is typically an easy one to make when you work with your bank, which provides you with the necessary software and hardware. The bank will set up everything and provide the training needed to make the process run smoothly. Beyond that, there are numerous everyday tasks that you might encounter that take you away from your work that can be eliminated by using this tool.
Remote deposit capture eliminates the need to make a trip to the bank, stand in line and wait for a teller to approve your deposit. If there is inclement weather, which often happens in the winter and makes travel by road more difficult, you can save the trip and use technology to make the deposit. How many times have checks sat on your desk waiting to be deposited because you just made a trip to the bank or have too many more pressing commitments on that particular day to make the trip? When you deposit checks electronically, you can do it one at a time or in batches.
Security is another concern. Have you ever thought about what would happen if the deposit was lost or stolen on the way to the bank? In addition to reducing that risk, if something unforeseen does happen, remote deposit capture technology allows you to run a history report versus hunting around and trying to recreate a deposit if it’s lost or stolen. You’ll also avoid having to pay the bank a fee for research because you didn’t make a copy of the checks you deposited and are in a situation where you need that information.
What’s the best way to find a service that fits your business?
Take the time to sit down with your business banker to get updated on the newest products and services that can help your business. Remote deposit capture technology has improved over the years and has become a standard service that many businesses use, providing numerous benefits. It’s not just a valuable tool for companies that aren’t in close proximity to a local bank. It’s become a tool that enables businesses to focus more intently on providing a great product and a high level of service to their customers.
Insights Banking & Finance is brought to you by Consumers National Bank
