How Remote Deposit Capture Can Improve Your Operations
by Mashum Mollah Business Published on: 07 October 2020 Last Updated on: 26 September 2024
The way business is done today is not the same as two decades ago. Companies are continuing to see the importance of incorporating technology in their operations, and this is across all industries. In the manufacturing sector, machinery has been integrated with sensors that create alerts when there is a need for maintenance. Hospitals are increasingly using electronic health records, and the banking sector has embraced remote capture deposit.
As much as the technologies used across the different sectors differ in how they work, they all achieve a common goal: increasing efficiency. Remote deposit capture is among the useful technologies in the banking sector today. These tools allow banking customers to make deposits by scanning their checks and submitting them to their banks.
Panini is among the manufacturers that have made banking better by producing remote deposit tools such as a check scanner. Their products are designed to improve the experience of account holders through security assurance and seamless data flow. The tools also aligned with regulatory compliance and document authenticity, which are both critical in banking.
Check scanners offer business solutions that come with the following benefits:
1. Electronic archives
RDC tools help businesses with data management. Unlike physical checks that need to be stored in files and have a likelihood of being misplaced or lost, remote data capture provides electronic archives. It is easy for the business owner to trace and retrieve checks and eliminate the need for the businesses to continually follow up with the bank for queries related to the check. This also makes it easy for business owners to understand and manage their accounts.
2. Better management of fluid funds
Did you know that traditional deposit methods take longer to allow access to fund compared to remote deposit capture? The maximum number of days that it will take your business to access funds from payments made is two to three days. Liquid funds management, therefore, becomes easier and faster. This will also mean fewer trips to the branches and more time spent in developing the business and making profits.
3. Reduction of check fraud
Check fraud is committed in a number of ways. It is the illegal or deceptive means of using checks to make purchases or payments using checks. That could be by using stolen checks, fake checks, or invalid checks. If gone unchecked, this can cause huge losses to a business.
Fraud check is something that remote deposit capture tools can prevent. For instance, when integrated with the state’s fraud and compliance database, it can show fraudulent items such as closed accounts. Using it to cross-check accounts can help you steer away from potential fraud. The tools can also scan for duplicate deposits and alert you on checks that have already been processed. They also have check RCD and unified check letters that help prevent scams.
There are more security measures in place when working with RDCs that ensure that business finances remain secure and protect against threats.
4. Faster feedback
There are several ways in which bounced checks can hurt a business. For one, they have to pay for the bad check fees and even attract some banking restrictions. They also negatively impact the cost and time of collection. Among the features that the RDC tools boast is returned check notifications. Unlike the traditional deposit methods where you can go for weeks without knowing about a bounced check, this tool will give you speedy feedback on the deposited check’s status, allowing you to act in a good time.
5. Time-saving
Remote deposit capture systems help employees in a business to scan and deposit checks virtually. This creates much-needed flexibility in business operations by cutting the amount of time spent in facilitating transactions. This is particularly useful in businesses that handle huge volumes of transactions. This significantly saves time., money, and other resources used in signing off deposits.
Time-saving and efficiency in businesses translate into increased productivity and customer satisfaction, all of which are good for the bottom line.
Take away
RDCs are user-friendly and do not require special training to use. This means that the time it takes to incorporate them into business operations is also significantly low. They are also compatible with readily available hardware in the business, eliminating the need to purchase new equipment, thus avoiding additional costs.
What’s needed to run the technologies is a business account where the funds will be deposited, a stable internet connection, and a personal computer. Training employees on how to implement the technology is also vital. However, the system is simple and will take a short time to train and transition from the traditional system. Most businesses are today using remote deposit capture, and they have seen significant improvement in the efficiency of their operations.
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