There are many benefits for a business to choose check processing software and services. One of the primary reasons is that it is faster and more convenient than accepting paper checks. Trips to the bank are unnecessary. As electronically deposited checks are processed ahead of paper checks, there is an improvement in recovery rates of checks that originally were returned due to non-sufficient funds. There are no re-deposit fees or fees on returned checks and collection fees are greatly reduced. This also means that the funds are accessed more quickly once the transaction is complete.
Although there are a large percentage of consumers that prefer to conduct business with credit cards and electronic payments, there are still many that continue to write checks. There are check processing options such as remote deposit capture and electronic check conversion which enables a business to accept and deposit checks without making a trip to the bank. By accepting checks, businesses can provide another option for payment to their customers. This, in turn, increases sales while reducing the risk of returned checks. These methods enable businesses to accept checks as easily as credit cards.
Financial institutions often invest in comprehensive check processing solutions. They can help streamline processes to increase revenue and reduce overhead. Customer service levels can be enhanced at banks, credit unions and service bureaus. In most cases, the solution can be fully integrated into existing systems. Imaging is the most current technology in payment processing. Documents are scanned and stored on electronic media, rather than on paper in file cabinets. They can be archived and retrieved quickly and easily. The data contained in the electronic files can also be used to generate statements as needed. Manual and dual entries into existing financial systems are no longer necessary.
The technology employed allows for misread or unreadable characters to be corrected. Other functions do not need to be paused while this task is completed and it can be done remotely if necessary. Most solutions feature a full set of reports and anti-fraud measures. Signatures can be verified and authenticity of the check confirmed. Data export options enable formats to meet the user’s specifications and transmitted to a variety of industry standard media. Check processing software provides many advantages over traditional methods. It can save time and money by streamlining processes, and increasing check recovery rates. Fees for insufficient funds are reduced and the amount of personnel needed for processing the same volume is decreased.