Businesses are pursuing all sorts of digital transformation these days. Yet, despite the shift online, paper checks still represent a common payment form that businesses regularly engage with. However, that doesn’t mean these companies can’t use technology to make the check deposit process more efficient and painless.
All types of businesses are taking advantage of online banking as tools for self-service finance are becoming more popular and accessible. And when it comes to depositing a check, or a large batch of them, online tools make the job easier than ever before.
Forget about waiting in line during the lunch bank rush or having to drive across town to the nearest branch only for it to be closed. With online deposit tools — like those available from Bank Midwest — you can manage checks with ease and simplicity.
What is remote online deposit?
For the longest time, there was one way to deposit a check: visit the nearest branch and wait in line for a representative to complete the transaction. In the early 2000s, online deposit first started to become a service, and in the last five years it’s grown to be a widely used business banking service. This is because more companies now have devices, reliable internet and access to online deposit tools.
The process of depositing a check remotely is fairly easy. You take a picture of the check (using a scanner or smartphone, if using mobile deposit) and upload it via the tool, enter the amount it’s for, and then it’s sent to the bank. Bank Midwest doesn’t even require you to sign the check, which makes the process that much simpler.
What are the benefits of online deposit?
Online deposit features can cut an hour-long bank trip into mere minutes. These time savings are a major benefit for businesses, especially those with small staffs who can’t afford the frequent, extended trips to just deposit a check and nothing else.
These tools bring the bank to you and can help your business:
- Efficiently deposit checks, money orders and cashier’s checks.
- Significantly reduce the risk of manual errors.
- Prevent fraud by allowing you to safely destroy paper copies knowing you have a saved digital image of the check.
- Improve your cash flow with same-day access to deposited funds (Bank Midwest offers same-day credit if the check is scanned by 5 p.m. CT, and next-business-day credit if after).
The advantages are clear, especially for businesses that regularly make batch deposits. In essence, online deposit eliminates menial (but time-intensive ) bank trips and allows you to deposit a check at any time of the day, whether the branch is open or closed, across the street or across town.
It’s also useful for businesses with multiple locations, including some not near a branch from your banking provider. Those locations can more efficiently manage their checks by utilizing online tools to make seamless deposits. Online deposit also benefits growing businesses. Companies that expand don’t have to open up new accounts for each new location, which avoids a complex financial situation.
While cash-intensive businesses may use online deposit less frequently, they can still benefit from the service. On the occasion when you do need to deposit a check, Bank Midwest’s tools make the process as painless and quick as possible.
What you need to get started
Some businesses might be hesitant to take advantage of online deposit because of the perception that the service is complicated and requires a lot from them. The reality couldn’t be further from that — but there are a couple requirements to getting started.
Firstly, you’ll need suitable technology. For personal banking remote capture, consumers need only a smartphone. Business banking is a bit different, and commercial organizations will need a scanner. Bank Midwest customers don’t have to worry about procuring one, as we’ll provide your business with the requisite scanner.
Plus, once you have that scanner, you can deposit checks from whatever location you find yourself in. For instance, Bank Midwest works with business banking customers that have since moved to Arizona and New York, but which still use our scanners to make seamless deposits.
One thing to look for when starting with remote online deposit is a user-friendly platform. No added IT department resources are needed to support online deposit with Bank Midwest, and we take all new users through a demo to ensure they are totally familiar with the interface and how the process works.
Anything else to know?
Say you accidentally scanned a check more than once. No reason to fret, Bank Midwest has duplicate detection that prevents checks from being scanned more than once, or scanned to more than one bank. This keeps online deposit safe for your business and ours.
Getting started with online deposit from Bank Midwest
Leveraging online cash management tools and services allows your business to do more with less. Online deposit is fundamental to efficient modern operations, saving you time and money. Plus, there are very low barriers to adoption.
Interested in learning more about how to get your business started with online check deposit? Contact us today.
LEARN MORE ABOUT TREASURY MANAGEMENT
Online or remote deposit is a secure and convenient service for helping manage financials yet it’s only one piece of a collection of services that fall under the Treasury Management umbrella. Read more about the basics of treasury management which summarizes everything from making ACH payments and payroll to receiving online customer payments, paying credit card statements and managing overall business cash flow.
Please contact Bank Midwest’s Business Services team to learn more about Cash Management — 844.238.3838.