Finance 101 teaches that profits and cash flow are not the same thing. If you’re a business of any size, a key to survival and growth is accelerating cash flow and getting the money into your bank account as soon as it comes in the door.
Matt Olsen of Alliance Bank says that thanks to recent changes in banking laws, remote deposit capture is fast becoming the industry standard that will free a business from the demands of deposit slips, endorsement stamps and other banking tools which prevent a business from meeting deposit deadlines.
This combined hardware and software “solution” is changing the ways businesses deposit funds into their accounts. This process will provide a company almost the entire business day to submit a check for deposit through an on-site scanning device and receive same-day credit while minimizing the paperwork and time required by your staff. No more frantic rush jobs when the bank courier has shown up before the mail.
How do you know if remote deposit capture is right for your business?
Olsen suggests that businesses large and small can benefit from remote deposit capture. If you’re expending a lot of time to process deposits for either a courier or one of your own employees to take to the bank, then remote deposit capture may help your business accelerate its cash flow. When taking into consideration the time of your employees or the bank courier fees, you may find that you’ve reduced your expenses as well. If you’re already using a lockbox for all of your accounts receivable, remote deposit capture may not offer any benefits.
Remote deposit capture is already in place nationwide with a select group of banks of all sizes though it may not be available at all branches. Olsen points out that this service also entails an element of credit risk for banks so the service may be offered primarily to bank customers that already have a credit facility in place and can demonstrate a certain level of technological sophistication.
If your business could benefit from acceleration of its cash flow, then give your banker a call to ask about remote deposit capture. Don’t let your competition beat you to the punch on this one!
Please feel free to contact me with questions or ideas for future articles!
Related Tags: Remote deposit capture, image deposits, item capture, imaged cash letters, Check 21, cash flow, small business, factoring, accounts receivable
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment