Technology is changing the face of banking. In recent years, we’ve seen an increased adoption of technologies like online banking, mobile deposit, person-to-person payments and mobile pay.
“While many developments in technology have been focused on the personal banking experience, there are applications and conveniences, like remote deposit technology, which are designed to make life easier for business owners on the go,” says Marianne O’Connor, Cash Management Advisor at Northwest Bank.
Smart Business spoke with O’Connor about what remote deposit technology can do for your business.
How can remote deposit technology benefit businesses?
Remote deposit technology is handy on those days when you just can’t get to the bank. You can make deposits any time, right from your office. Some banks will give you the option to make deposits after normal business hours and still post to your account on the next business day.
It can also save time spent signing checks because it virtually endorses the back of the checks when they’re scanned in. Customers have easy access to 24 months of reporting and check images, which are conveniently stored right in the system.
What are some misconceptions that could prevent some businesses from taking advantage of this tool?
When people are hesitant to adapt to technologies like remote deposit, it’s often because they’re afraid it will be difficult to understand. The bank’s job is to make your life easier and provide one-on-one training to help you become familiar with the new technology.
You want to work with a bank that has a dedicated team of support experts available to promptly answer any questions you may have. The system is easy to use — deposits can be created and sent in a few simple steps. But you still need a support team that can help you when issues come up. Customers who sign up for remote deposit typically find it saves them valuable time and streamlines their deposit process.
Another common misconception is that it’s expensive. In reality, it’s affordable for businesses of any size. Work with your bank to develop a plan that meets your specific needs.
What’s the key to making an effective transition to remote deposit technology?
Preparation and education are important for a smooth transition. Banks will often help your business designate multiple users as a backup in case the primary depositor isn’t available and teach them about the importance of having a safe place to store their checks until they can be shredded or destroyed.
You should recognize the value and importance of continuous education, and work with your bank to stay on top of changes as they come up. Training during the setup process and ongoing support once the new system is in place is vital to successful adoption.
What security benefits are provided by using remote deposit technology?
Remote deposit is secure and offers the latest in encryption technology to keep customer data safe. It recognizes check numbers and dollar amounts, stamping ‘electronically deposited’ on the check after it’s scanned through the system — eliminating the possibility of depositing the same check more than once.
It’s a useful tool for business customers because it’s easy to use and cost-effective. For businesses that operate outside of banking hours, or companies whose owners are too busy to make it to the bank regularly, remote deposit is a convenient feature that helps keep operations running smoothly.
All it takes is a quick credit approval to get started. Before you sign up for remote deposit, talk to your banker to develop a plan that works for your business. ●
Northwest Bank is Member Federal Deposit Insurance Corp. (FDIC), Equal Housing Lender
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