How Remote Deposit Can Help Your Business Work Smarter, Not Harder

Written by Suzi Harper, Personal Banker & Commercial Services Manager

In this day and age, we are always looking for convenience. Convenience comes in many shapes and forms, but nevertheless we want it because essentially it makes our day-to-day life easier. We want easier. We want more efficient. We want to make the most out of our time both personally and professionally. We want to work smarter, not harder. Sound familiar?

We understand that need to make the most of your time because we want the same. We want to work more effectively and to help you find ways to work more efficiently at your own business. That is where our Commercial Services come in. We have built a suite of products and services designed specifically to help your business work harder, not smarter.

Remote Deposit is one of those products that can be a tremendous time-saver for your business. Simply explained, Remote Deposit allows you to securely make deposits electronically by utilizing a desktop scanner that is connected to your PC. Users scan checks from their office and then transmit data and check images to their bank for deposit. If you receive a large volume of checks, the benefits for your business can be huge. Here are just a few:

1. Improved Cash Flow
If you are currently receiving ACH and credit card payments, you already understand the cash flow benefits that come from a more automated collections process. Think faster funds availability and what you can do with that.

When you use Remote Deposit, you’ll see similar benefits. We provide an extended cutoff time for our Remote Deposit customers, allowing them to have more time to make their deposits with funds available that same day. Faster funds availability means stronger cash flow and working capital.

2. Streamlined Convenience
Remote Deposit can improve your payment management process. You can prepare and submit deposits directly from your office when it’s most convenient for you. By using a check scanner to digitize and deposit payments, you can:

• Easily monitor transactions through online banking
• Have 24/7 online access to detailed reports of deposits
• Track deposit reporting and simplify reconciliation
• Receive customized deposit reporting
• Help reduce administrative costs

3. Stronger Banking Relationship
If you have multiple locations, you may rely on more than one banking partner to service your full geographic footprint. With Remote Deposit, you can save time spent preparing deposits and consolidating funds from multiple locations. All deposits can go to one bank. This gives you the convenience of one trusted financial partner for all of your banking needs.

4. Minimize Fraud
Fraud. It is in the news daily. Unfortunately, it’s not going to go away so if you can do something to help protect your business’ data you would, right? Remote Deposit helps you do just that. By depositing checks faster, the collection process starts sooner and reduces the risk of check fraud.

5. Increased Accuracy and Timeliness
Managing payments by check can get complicated. The streamlined process that Remote Deposit provides helps to avoid the complications and remove the errors in hand-written deposits. The real-time processing with Remote Deposit also means fewer delays. Deposits can be made as received, rather than waiting for enough to come in to go to the bank. It also helps you to identify any payment issues that you may have, allowing you to address them in a faster manner.

If you receive a high volume of checks, learn how Remote Deposit Capture at Farmers Bank can help your business to boost productivity and manage risks. You know – Work Smarter, Not Harder.