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6 Ways Remote Deposit Helps Businesses Work Smarter
Local businesses are always on the lookout for ways to work more efficiently.
Especially if it will also help them to cut costs or protect against potential losses.
If your payment processing is still being done manually, this area of your business could be one of the best places to streamline your day-to-day operations. And remote capture could be one of the best ways to accomplish it.
Often known as remote deposit capture, this banking technology gives your team a highly automated system to deposit paper checks without having to leave the office. Using a desktop scanner, your team simply scans batches of checks and sends the deposits electronically to your business account, avoiding the extra time and expense of transporting and depositing checks in person and generating backup paperwork.
If you receive a high volume of checks, the benefits for your business can be huge. Here are six potential results to consider:
1. Better Cash Flow
If you currently receive credit card or ACH payments, you already understand the cash flow benefits that come from a more automated collections process and accelerated clearings.
When you use remote check deposit services, you can expect similar benefits. Any deposits made before the cutoff time at your financial institution can be processed the same business day, with funds available as soon as the following day. And faster funds availability means stronger cash flow and working capital.
2. A Simplified Banking Relationship
If you have multiple business locations, you may rely on more than one banking partner to accommodate your full geographic footprint.
Remote deposit gives you an easier alternative by letting your team make on-site check deposits from any location that’s equipped with a check scanner. No branch trips required. This gives you the convenience of depending on one trusted financial partner for all of your business banking needs.
3. Streamlined Everything
Remote deposit can work wonders for your payment management process. Instead of collecting paper deposit tickets, you can enjoy 24/7 online access to detailed reporting data and copies of prior deposits. By using a check scanner to quickly digitize and deposit payments, you can:
- Increase your business’s accuracy and control
- Easily monitor transactions through online banking
- Track deposit reporting and simplify reconciliation
- Help reduce administrative costs
Best of all? You’ll free up valuable time for yourself and your staff to focus on customer service and other key priorities.
4. Fewer Mistakes
The traditional way of managing payments by check can get complicated when you have multiple employees responsible for handling payments, especially when they are at different locations. This can lead to errors, delays, and even misplaced checks.
Remote deposit centralizes the whole process and ensures consistency, which helps reduce the types of mistakes that could lead to lost or stolen financial information, and it eliminates the extra hassle and risk that can come with making after-hours deposits in person.
5. Protection for Customers’ Financial Data
Whether you serve consumers or other businesses, taking steps to protect their payment information is crucial to keeping their trust. Remote deposit helps you safeguard their sensitive data from potential fraud or identity theft due to a data breach at your business. That’s because your remote deposit system does not store images of customer checks on your workplace computers. Instead, deposit information is stored securely on an outside network.
6. Fewer Delays for Better Oversight
Rather than waiting for checks to pile up before taking them to a branch, you can use remote deposit to process payments as soon as they’re received. This real-time processing can help you identify payment issues sooner and address them promptly.
Check It Out
For more information about remote deposit services, reach out to your local banking center or learn more about WesBanco’s Business Services.
Content is for informational purposes only and is not intended to provide legal or financial advice. The views and opinions expressed do not necessarily represent the views and opinions of WesBanco.
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