Some people suggest that the cheque is dead. While it’s true that the use of cheques has waned in popularity, Canadian banks still process nearly one billion cheques a year. If your business accepts cheques, then you should look into investing in a cheque scanner.
A cheque scanner scans the front and back of each cheque. It then authenticates the images of the cheques. Once the cheques are authenticated, the money is then directly deposited into your business bank account. It’s just that easy. With a scanner, you don’t have to manually deposit the cheques and you can also get your funds deposited sooner.
When you deposit cheques manually, the bank puts a hold on the money until it can verify the cheque. With cheque scanners that hold is shorter, and that means you have access to that money more quickly.
There are different kinds of cheque scanners out there, so there are some factors you need to consider when you’re comparing cheque scanner prices.
1. Bank Compatibility
Cheque scanning technology can greatly benefit your business. It can make your day-to-day banking easier. And it can improve your business’s cash management practices. However, it all means nothing if your bank can’t process the information a cheque is transmitting.
Before you start looking at cheque scanners, talk to your bank to find out what kind of cheque scanner (if any) they can support. That information will help determine which models of cheque scanners you should be looking at.
2. Volume of Cheques
How many cheques you receive in a day determines what kind of cheque scanner you should be getting. For instance, there’s no need to get a cheque scanner with the highest processing capabilities if your business only receives a few cheques a week.
However, if your business deals primarily in cheques or receives a high volume of cheques, then a chequer scanner that allows you to scan multiple cheques at once and has a high processing speed is one that you would want. You want to be able to scan your cheques quickly.
3. Database Feature
Many cheque scanners save the scans they take of your cheques to your computer, giving you a database. This could be a handy feature to have if you constantly need to go back and look at cheques. It keeps everything organized for you, and it’s easy to pull up a cheque to look at it again. If you don’t need to look at cheques after they’re deposited, then this isn’t a feature you need to prioritize.
Talk with the Pros
Investing in new hardware and software for your business can be challenging if you’re not 100-percent sure which features you’re looking for. If you need more information or need answers to any questions you have, then ask a professional. A cash management solutions representative can answer all of the questions you have and choosing the right scanner at the right price. Make sure you have the best information before you start comparing cheque scanner prices or investing in any kind of cash management solutions.
Cheque scanners can greatly improve your cash management, you just have to make sure you know what you’re looking for. Also make sure you compare features to cheque scanner prices. There’s no need to buy the most expensive cheque scanner if you don’t actually need it.