The advent of Remote Deposit Capture or RDC answered a specific need where eCommerce was concerned. Most importantly, it enabled businesses and retail merchants to electronically transfer data and information regarding check deposits. Whether you own a large or a small company, your bank should offer this this important business tool. Many businesses and other organizations today now benefit from RDC in a number of ways including what we have listed here.
Having to take time out of your schedule to run to the bank and make your daily deposits is a hassle and a waste of time. Remote Deposit Capture enables the business owner or merchant to electronically scan and send a photo of the customer’s check to the bank that is used for company business. While the business owner is waiting the funds to be deposited into their account, they hold on to the check until the process is completed.
The owner or employee and the checks they receive for payment are kept where they should be, namely at the business. Another key benefit in addition to the convenience involved is the fact that it is a lot easier to deal with a bounced check and the person that wrote it, especially if you have it in your possession.
iPhone Bank Deposit Applications
If you have an iPhone with a camera, you can take a picture of the check (front and back) and send those images to the company bank account. The main advantage here is that the salespeople you have in the field can take a check from a client or customer and deposit it within minutes. Basically, this enables you to have the funds sooner which means that you can access it quicker and either invest it or use it for other business purposes.
No More “Float” Periods
Many consumers will pay by check when making purchases the day before they are paid. That 24 hours is referred to as a “float period.” Not only does the merchant have to wait a day for the funds, their bank may add additional fees if the float period is stretched out too far. Since the passage of the Check 21 law in 2004, float periods have decreased significantly. Prior to the enactment of this law, float periods could last up to a week or longer.
Posted in Uncategorized on Dec 13, 2013