Benefits for Your Business
With Remote Deposit, there’s no need for employees to transport deposits to the bank or worry about missing deposit cut-off times. That’s time that can be spent more productively on your business.
Transportation or courier costs are completely eliminated, saving your company an annual expense that can easily run into the thousands. And, because deposits are verified on the front end, you reduce the time and money spent on account balancing and reconciliation.
By eliminating the need to transport checks physically, you can deposit more items at earlier cut-off times. This can mean accelerated clearing and improved availability of funds.
Does Remote Deposit mean my funds will be available faster?
Quite possibly, especially if you have difficulty in meeting bank deposit cut-off times.
Can I transfer Remote Deposit data to my other accounting and financial software?
Yes. In most cases, deposit information can be exported as a comma-delimited text file and uploaded to other financial software.
What kinds of checks can be scanned for remote deposit?
Any check denominated in U.S. dollars and with valid U.S. banking, routing and transit numbers.
What if a check is damaged and cannot be scanned?
This is a relatively rare situation and scanners can read most checks. But, should the damage be serious enough, it will need to be deposited at the bank.
What if I enter the wrong deposit number?
No problem. Only balanced deposits can be transmitted, so mistakes can be corrected immediately. The system reads the amounts on the checks and balances them against the amount you entered for the total. In the case of a discrepancy, you will be able to correct the amount on the front-end.