Why your business needs a check scanner Remote deposit is a way to process payments without sending checks to the bank. With remote deposit, you can scan (or snap) an image of a check, send the image to your bank, and see the funds added to your account more quickly. For small businesses, every opportunity to save time and money is extremely important to your bottom line, which is why you should consider this technology. Let’s cover the basics of remote deposit technology. Do Small Businesses Really Need a Check Scanner? Although personal checks are less-common between individuals, business-to-business transactions, especially in certain fields that collect fees, make these scanners still very much in demand. Getting the money into your account faster is just one advantage of using a Check Scanner for operations. How Remote Deposit works Remote deposit services work with an electronic image of the check. This image is sent to the account holders’ bank. This allows the bank involved to first of all verify funds availability and then proceed with transferring the funds. Part of why this is a great win-win for businesses is that you get your money processed earlier, and the instant verification also provides protection against bad checks. As far as costs are concerned, deposit scanners are priced anywhere from several hundred dollars up to thousands depending on volume of checks your business expects to process. Instead of purchasing outright, check scanners can also be rented, or occasionally provided as part of a promotion packaged for banks that wish to partner with your business. If checks aren’t a huge part of your business, there are also options other than a dedicated check scanner. For example, you may be able to use a plain old consumer scanner for personal remote deposit. Some banks allow you to use a fax machine, and some even allow you to use your mobile phone's camera for remote deposit. Compliance and Security It’s possible that remote deposit will save you time and money. You may be able to skip trips to the bank, armored car services, and time waiting on check float. However, there are tradeoffs. You also have to worry about new legal issues when you switch to remote deposit. Since you’re not sending checks to the bank, you have to know the rules about how to handle the checks after you scan them. Ask your remote deposit service provider for directions on how to stay compliant. Why Banks Offer Remote Deposit Banks and third-party service providers will increasingly offer remote deposit capture services to businesses and consumers. It makes life easy for customers: deposits are faster, and they’re much more convenient. Remote deposit is also less labor-intensive for banks- you’ve created the image so they don’t have to. Most internet banks allow you to make deposits with your mobile device, and small banks and credit unions are also getting in on the game.If you run a business, you may also find that treasury management or lockbox services perform remote deposit capture for you.