6 smart reasons to switch to online check deposits

January 29th, 2013 Chase Stafford

Two of the most challenging – and often most frustrating – issues small businesses and entrepreneurs face in today’s world are cash flow and busy schedules. Daily trips to the bank to deposit checks are routine and time-eating tasks for most small business owners.

Here’s the good news!

Now more banks are offering a highly productive electronic service known as Remote Deposit Capture. It’s an effective online service that lets you scan and deposit checks from your office or other locations without having to go to your bank. It streamlines your operations, bumps up productivity, frees up time, and gives you “same day credit” to account receivables for improved cash flow.

The way it works is easy. Log onto a secure site, scan your checks and deposit them instantly into your account.

Remote Deposit Capture offers all kinds of real-world benefits for your business:

1. Save time.

A lot of small business owners have to travel to their bank every day – sometimes multiple times – to deposit checks and keep cash flow moving through. But with Remote Deposit Capture, you don’t have to visit your bank – you can deposit most checks directly from your office.

2. Save gas.

It’s great to cut down on business expenses like gas and mileage. By not having to drive to your bank, you’ll save money.

3. Deposit on your own schedule.

With Remote Deposit Capture, you don’t have to limit yourself to your bank’s regular business hours. You can make deposits any time, any day – before, during or after banking hours.

4. Improve your cash flow.

Every small business can face cash flow crunches. But with Remote Deposit Capture, you can manage and control your cash flow situation more effectively and accurately. Your daily check receipts can be deposited the same day and you get your cash flow moving faster, eliminating headaches.

5. Improve accuracy.

With the ability to instantly generate Remote Deposit reports and daily file recaps, you can quickly and accurately capture remittance numbers and streamline your accounts receivable records, keeping them up-to-date.

6. Dual control for security.

Remote Deposit Capture can be set up to protect your business by providing separate access levels to decrease the chance of internal fraud. One person can initiate a deposit and scan the deposit, and another can review, approve and submit the deposit for processing.

Add it all up and Remote Deposit Capture is one of the best small business banking tools available. It makes you more productive, saves time, and ultimately saves you money.

About the author

Chase Stafford is Vice President of Commercial Banking at MidWestOne Bank.

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