Keyword - Remote Deposit Capture
What does remote deposit capture mean? These are the new buzz words in the banking industry today and if you have not heard of it yet you will. Isn't it amazing how industries will sometimes use terminology that only the "insiders" get and their target market simply doesn't understand. If you asked the local merchants in your area what is "remote deposit capture" is you would get a resounding "Huh?" At least one company out their (Heartland) got the name right. They call it "Express Funds". Whatever you call it, RDC is the new technology that allows a company to electronically scan checks at your business and transmit the image to your bank instead of driving down to the bank and physically depositing your checks. It is all about convenience, savings and cash flow. Imagine making a bank deposit electronically faster that you can back out of your parking space to go to the bank. At the same time you can reduce your bank fees and save on labor cost as well as increase productivity. Have you ever calculated the cost to your company to have you or an employee drive down to the bank and sit in line? What about the liability exposure your company experiences for that simple trip to the bank? By switching to a electronic deposit process from your office you can get the money to the bank faster and more securely than the old fashion way. You can make deposits 24/7/365 which frees you up from living with your banks arbitrary cut off time. Some companies that offer this service will allow you to make deposits as late as 7 PM and still have the money in your account the next business morning. This is not a memo post (like most banks show on deposits), but actual money in the bank to draw from or start earning interest on. |
