Businesses need to hop on board with the latest technology if they want to stay afloat. Cheque imaging can cut costs, save time, streamline processes, and improve service. Find out how.
Cheque imaging is not only the way of the future, it’s also the way of the present. Big corporations aren’t the only ones that can and do benefit from the use of technology in business. To keep up, small and medium-sized businesses should get on board and integrate more technology into their companies, which includes investing in cheque imaging.
If you accept cheques, you know how time consuming it is to process them—the time, resources, and man power it takes simply to accept this kind of payment adds up and can be a drain on your budget, slow down your productivity, and frustrate your customers. With cheque imaging, the entire process is digital, so it’s faster, easier, and more convenient than ever before, which means it’s also less expensive than dealing with paper cheques. Here are just three reasons why cheque imaging is useful for your business.
When you go digital, you get faster access to cheque information and your funds. You don’t have to wait the full ten days for them to clear like with paper cheques—they’re cleared in two to three days. That’s because they don’t have to be physically sent to different locations to be processed so you’ll know if someone is trying to give you a bad cheque and if there are any problems with the payment much faster. You’ll also have your money in your account quicker, which will help with your cash flow.
Additionally, you won’t have to take up tons of space and spend money on a bunch of filing cabinets in order to store all the paper cheques. They’ll be conveniently stored digitally, where they’ll be easier to access whenever you need to take a second look. They’ll be organized with an index, so you can find any information you need in seconds, which will simplify your account reconciliation as well.
As a business owner, you know how important customer service is in order to increase your customer satisfaction rate. The happier your customers are, the more likely they are to return repeatedly for future purchases. When you invest in cheque imaging, you’ll be able to address customer queries effortlessly. You’ll be able to see all of your cheques online so you can relay information back quickly, and you’ll be able to email the proof of payment to customers if needed. They’ll be pleased by the fast and excellent service, which they’ll remember the next time they’re in need of your products or services.
Time and Money Savings
Of course, you’re always trying to find innovative ways to save time and money—everyone is. You become more efficient and save time when you invest in this technology and streamline your processes. You will also save on the costs associated with the labour, equipment, and supplies needed to accept, process, store, and sort cheques. Because the hardware is also equipped to detect fraudulent or counterfeit cheques, you’ll also save yourself from the risk of missing cash from bad cheques. When you cut out all of these expenses, you see more money in your bank account, so your business can grow, thanks to technology.
If you stay in the past, your business won’t be able to grow. You won’t be able to keep up with the big boys that have integrated technology into their business practices long ago. When you invest in cheque imaging, you not only streamline your processes and improve customer satisfaction, but you also save money and time, which every company can benefit from.