How Can Remote Deposit Capture Help Your Small Business

Remote deposit capture is one of the many digital banking tools designed to help small business owners run their business more efficiently.
 

It’s undeniable that digital banking technology has made our lives easier. If you run a small business, many of the features that you enjoy in your personal banking are also available through your business banking. 

One of the biggest benefits of this technology is remote deposit capture straight from your business computer. Let’s look at how you can start using business remote deposit capture as soon as possible.

What is Remote Deposit Capture?

Like with your personal banking, remote deposit capture comes as a standard option as part of your cash management services for your business banking. It’s one of the many cash management services designed specifically to keep your business running smoothly and make your role as a business owner more efficient. 

Similar to personal mobile deposits, remote deposit capture allows you to deposit checks straight into your business bank account without having to visit a branch in person. However, unlike mobile deposit, you’ll usually need to use a computer and scanner to do this.

Business owners who deposit a large number of checks or aren’t near a branch very often can benefit from this service. Remote deposit capture speeds up your cash flow cycle, allowing you to receive your money faster.

What are the Benefits of Remote Deposit Capture?

There are numerous benefits to using remote deposit capture with your online banking for business. One of the most important is that it saves you time! You already have a long enough to-do list when you’re running a business, so taking a trip to the bank every few days off the table can make running your company much more efficient.

Remote deposit capture can also help you save time preparing deposits and gives you more freedom and flexibility to bank in a way that works best for you. You can make deposits whenever a check comes in, at any time—even outside standard branch hours.

If you’re already using a courier to save time on bank trips, a remote deposit capture service will also save you significant money over the year. This is a standard offer as part of your business banking services, so there are no additional fees to take advantage of this and no need for the courier. 

Another crucial benefit to remote deposit capture is that your funds will be available more quickly than if you wait to take them into the bank. Instead of waiting for checks to clear, on top of the days it takes from when you receive the check to when you go to a bank to deposit it, you’ll get that money as soon as it clears because you can pay it into your account immediately.

You can also consolidate funds from remote locations if you have multiple storefronts and funnel these into a single financial institution. This makes money management easier and helps keep your cash flow as efficient as possible.

By using digital banking for business purposes, you also improve your control over your money and reduce possible risks such as check fraud. Remote deposit capture is an excellent addition to your organization’s risk management practices, with automated tools catching duplicate checks and flagging them for you to review. 

Any returned check deposits are recognized earlier with accelerated clearing built into the deposit system. You also minimize the risk of checks being lost, damaged, or stolen while in transit to the bank, improving your overall security.

How Does Remote Deposit Capture Work?

The technology for remote deposit capture works in a similar way to using your mobile phone for mobile check deposits. But instead of using your smartphone, you use a computer instead.

1. Sign into your business banking portal. You should be logged into your business banking system to start this process. Once you’re signed in, go to the Remote Deposit Capture section in your menu and choose the account you want to deposit into.
2. Scan checks via a computer. You’ll need to use a desktop computer to process your checks. Connect a scanner to your computer, then scan both sides of each check you want to process in this session.
3. Prepare the deposit. After scanning, the digitized versions of your check will appear as images on your desktop computer. The remote deposit capture system will automatically read the information on the check, pulling out details such as the payee, the date, and the amount.
4.  Review the check information. Before you complete the process, it’s important to review all the check information for any errors. 
5. Send the deposit. When you’re ready for the check to be submitted, save your information and submit it for deposit.

How to set up remote deposit capture

If you’re ready to implement remote deposit capture in your business, you’ll want to install the software onto your desktop computer. You don’t need to have an FNBT business checking account to use this system, but if you do or want to open a new one, we have a variety of options available.

Once you are set up, you can view and manage your business account online if you’re making remote deposits, including viewing images of deposited checks for added convenience when you need to reference details. Additionally, you can pay bills or vendors directly from your account.

Learn more about the remote deposit capture technology we use, along with the system requirements you’ll need and how to install your scanner.

Get Remote Deposit Capture for Your Business

Run your business more efficiently and smoothly with enhanced digital technology like remote deposit capture and other cash management services. Add this feature to your existing FNBT business checking and savings accounts, or contact us today to open a new account. 

Not sure what type of business account works best for you? We’re always here to help you find what you need, so visit one of our convenient locations throughout Northern Illinois and Southern Wisconsin to get started. Like you, we’re a business and we understand the value of time and efficiency when it comes to running your business operations to better serve your customers. Stop in and see us in Beloit, Darien, Delavan, Argyle, Monroe, Clinton, Janesville, Elkhorn, Rockton, Roscoe, Walworth, Williams Bay, or Winnebago.