For businesses and non-profit organizations that receive a lot of checks, remote deposit capture can make it faster and easier to deposit them. Remote deposit capture (commonly referred to as RDC) is a secure process that allows you to deposit checks into your bank account electronically, without having to visit a bank. Using an RDC scanner, you can deposit multiple checks at one time. After a brief validation process, the check information is transmitted to your bank along with the relevant deposit details, and the funds are deposited into your account.
Let’s take a closer look at some of the benefits that remote deposit capture can provide your business:
1. Enhanced Convenience. With remote deposit capture you can deposit multiple checks at once from your business, so there’s no need to worry about having to physically make it to the bank during business hours. Remote deposit capture can be especially helpful for businesses that operate outside of standard banking hours, such as nights or weekends. RDC can also be helpful for businesses with multiple locations, as deposits submitted electronically can be seen in real time by necessary teams, regardless of their physical location.
2. Improved Cash Flow. For many businesses, the most important benefit of remote deposit capture is improved cash flow. Since checks can be deposited sooner, they can clear faster, which means your business won’t have to wait as long to access the funds.
3. Enhanced Security. When you use RDC to deposit checks for your business, you can benefit from built-in validation processes and security features that help minimize check fraud and unauthorized access to sensitive information. Also, when you’re not physically bringing checks to the bank, you remove the risk of having them lost, stolen, or damaged during transit.
4. Reduced Errors and Improved Accuracy. When checks are manually processed, they’re susceptible to human error, including data entry mistakes and misread check amounts. RDC uses tools that automatically read and verify the information on each check, reducing the potential for mistakes.
5. Improved Customer Satisfaction. When you have RDC, you make it easier for your business to accept checks as payment. Offering your customers the ability to pay by check, and having a system in place to cash those checks in a timely manner, can improve the overall payment experience for your customers.
In today’s fast-paced world, most business owners are looking for ways to save time and improve efficiency. If your business currently has a large volume of check payments and someone is manually trekking to the bank to deposit them, RDC is worth exploring. Many banks also offer mobile deposit to their business customers through their mobile banking app, so if your business only gets the occasional check payment, you can likely forgo the RDC scanner.
If you are a business owner in MA or RI who is interested in learning more about remote deposit capture, or considering switching your business accounts to a bank with mobile deposit capabilities for its business customers, BankFive can help. Contact us today to start a conversation about RDC, mobile deposit, and our business checking and money market accounts.