June 21, 2013
Save Time and Money with Remote Deposit Capture
Are you tired of filling out deposit slips and making endless trips to the bank to deposit your business checks? Are you paying employees to stand in line at the bank for you?
Now there's a better way with remote deposit capture (RDC), a relatively new service that lets you make deposits directly to your bank accounts without leaving your office. Here's how it works.
The bank provides you with a remote scanner that hooks up to your computer, and software for connecting to your bank's system. To deposit checks, you log into the RDC program, scan the checks, and electronically transmit them to your bank for processing. It's safe, secure, and simple to do. Anyone with basic computer skills can learn the process in just a few minutes.
RDC offers many advantages to you and your business.
For starters, it eliminates trips to the bank, which can be real timewasters for you and your employees. RDC also helps to improve cash flow. Your checks will clear more quickly, which reduces your float and makes the funds available sooner. Most banks will offer same-day availability of RDC deposits, subject to certain restrictions.
From a convenience standpoint, RDC saves the time and effort of filling out deposit slips and endorsing your checks, since the program automatically deposits the checks into your account and endorses them for you. It also eliminates the stress of getting to the bank before it closes – a real concern for businesses that count on daily deposits to keep accounts at minimum levels.
With RDC, you can deposit checks one at a time as they come in throughout the day. Or, you can save them up and deposit them all at once, depending on your working preferences. You can set up the system so that others, such as your accountant or accounts receivables person, can make deposits. You can even deposit checks at night and on weekends. However, keep in mind that after-hours deposits will not clear until the next business day.
Finally, RDC makes it easy to track deposit activity by electronically capturing all deposits and saving the data on your computer. Most systems also offer deposit activity reports that are easy to download for review. RDC cuts down on paper, since you don't need to copy checks or deposit slips.
At Bank of Southern California, we understand the importance of making safe, secure deposits for small and medium-sized businesses. That's why we offer a dedicated client services team that installs the RDC scanner and software in your office and makes sure it works properly before teaching you how to use it.
Once the system is up and running, we offer fast, responsive support if you encounter any problems.
We can all benefit from saving a little extra time and money. For today's busy business owners, remote deposit capture offers a great place to start.