Not Using Remote Deposit Technology? It’s an Easy Innovation for Your Business
Sometimes it’s the small-scale innovations that can make a real difference. Think: cup-at-a-time coffee makers or keyless car doors. Or retractable garden hoses. For your business’ cash management, remote deposit capture is the banking equivalent of this kind of simple, everyday technology that can add real efficiency and ease for your company’s financial operations.
Using remote deposit capture means your business can transmit check deposits to your bank electronically. For check-centric businesses – everything from property management companies and retailers to professional services, health care providers, realtors, municipalities, utilities, home services contractors and more across the business landscape – remote deposit capture offers convenience, streamlined record keeping and timely deposit of funds.
“It’s the convenience factor,” says Bruce Davidsmeyer, Vice President, Product Management, Western Alliance Bank. “Without remote deposit capture, the deposit process is time consuming and inconvenient. Traditionally, a staff member will prepare a deposit and then make a trip to the bank, taking valuable time away from the office. This process might happen 20+ times a month. Or a business could hire a courier or an armored car service. Instead, a business can use remote deposit capture, which provides a much more cost-effective alternative, not to mention other benefits including robust deposit research and reporting capabilities that allow for integration with a company’s accounting system.”
Benefits of remote deposit capture also include reduced administrative duties, building in flexibility and adding security, as well. Here are just a few ways using remote deposit capture can benefit your business:
- Timing of making your deposits is up to you, whether during bank hours or not. The service also makes it easy to consolidate funds from different locations.
- Depositing checks directly from your premises reduces the number of people who need to handle your paperwork, limiting the chance of loss or error.
- Remote deposit capture provides check images and deposit history online. As a result, account research is quick, easy and accessible any time.
- The process can seamlessly integrate with your accounting software.
- Depositing funds quickly to your desired account maximizes your business’ cash flow.
Getting started with remote deposit capture is simple – all a business needs is a computer, an internet connection, a dedicated check scanner and a web browser. While many banking organizations offer remote deposit services, you’ll want to find the right resource for this increasingly essential convenience. Consider:
- A commitment to customer service, including hands-on training for staff members, alongside on-demand support.
- Delivery of not just remote deposit capture, but also a full suite of treasury management products tailored to your specific needs.
- Flexible online management tools that work for a big enterprise or a sole proprietorship, with access and security options suited to your business.
- The ability to offset the cost of remote deposit services via the breadth of your banking relationship.
“The appeal on the front end is convenience and the reduction of the time your staff uses to prepare and deliver deposits,” says Western Alliance’s Davidsmeyer, “but businesses also realize sizable efficiencies in the management of their cash. Once you’ve integrated remote deposits, the benefits are built in.”
The bankers at Bridge Bank are expert resources for transitioning your company to remote deposit capture, or for any banking and financing needs. Learn more about how remote deposits can add convenience, save time and improve your business’ cash management practices.
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