Benefits of Remote Deposit Capture for Companies

Remote deposit capture is a modern update of banking for corporations where businesses are able to present checks digitally via a scan from a mobile device. Once scanned, the check is processed faster without the need for staff to take a regular trip down to their bank and wait in line. Most companies batch up checks to deposit them once or twice a week due to the staffing time involved – this is certainly truer for smaller companies with a limited accounting staff – but by using remote deposit capture, this can be avoided.

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Let’s look briefly at some of the clear benefits of using this new deposit option that some financial institutions now offer customers.

Faster Clearance or Quicker Deposit

When using remote deposit capture, banks can see all the relevant information right away. They’re able to act on it quickly, speeding the way to faster processing. For financial institutions that are set up to enable faster processing when customers digitally scan checks they have received, they can enable quicker check clearance.

Even when they cannot clear checks any faster, just being able to open the mail, scan a check, and send it over to the bank right away avoids deposit delays for the company and saves money on losing a member of staff for an hour to go wait in line.

Secure Technology

Using the latest security measures, banks feel safer with remote deposit technologies. The latest high-definition photos provided within the banking application offers immediacy and indisputable detail clarity for banks. This improves protection for financial institutions worried about duplicate checks and various kinds of fraud. In many ways, remotely depositing checks turns out to be safer and removes an obvious bottleneck in the banking process at the same time.

Instantly Accessible Records

For corporations, they can visually see each physical check that’s been scanned into a remote deposit capture banking app. The historical record not only shows each transaction, but corporations can match up the high-definition scanned image of each check with the deposit in their checking account statement. The clarity is especially important because corporations are often dealing with six-figure, seven-figure and eight-figure check values.

For the financial institution, having a digital record of each check and a history of the transactions with a corporate customer over the years provides valuable information. They can track their customers’ transactions to determine patterns which helps identify anything out of the ordinary. They can also offer services that match their upcoming needs using the benefit of insights gleaned from financial transactions.

With financial security being on the minds of most corporations today, it’s good to know that using remote deposit capture makes their money and staff safer. Staff members aren’t nervously walking or driving to the bank with large checks in their jacket pocket. The likelihood of a fraudulent check getting passed off as real is less likely too because banks can observe patterns and know when a payment is out of the ordinary. More banks should take up this technology in the coming years.

Adam Hansen

Adam is a part time journalist, entrepreneur, investor and father.