Technology is making its way into every facet of business. Cheque management is no exception. As the world becomes increasingly digital in nature—when you can do virtually anything online—cheque imaging will soon become the norm. Banks are integrating cheque imaging technology into their systems and leading companies are taking advantage of this amazing new solution. But large conglomerates aren’t the only ones who should be investing in cheque imaging. Small and mid-size companies looking to streamline their operations, cut administrative and labour costs, save time, and improve service should also be getting on board in order to stay ahead of their competitors.
Here are three reasons why your company should embrace cheque imaging.
1. You’ll Save on Time and Costs
If your business accepts a lot of cheques, you know processing them is a huge time waster. Accepting this type of payment might be convenient for your customers, but it can drain your budget with administrative and labour costs. Having to photocopy both sides of the cheques, manually input data for your records, and physically store them in filing cabinets, where you’ll then have to waste time trying to find them in the future is an unnecessarily slow process. Plus, then you have to drive to the bank and wait in line in order to get your funds.
With a cheque scanner, you simply take a photo of the cheque and the data is automatically stored. In just a few moments, you can deposit the funds online through your bank’s online portal. Because everything is done digitally, you can cut many of your operational and labour costs since the process will be streamlined and faster than ever.
Productivity will increase, and you’ll also reduce the risk of human error being made by manually inputting the numbers, so you’ll save time fixing those errors and reduce your risk of loss. Because this technology also enables you to detect counterfeit cheques, you can also save yourself from being defrauded, saving you even more money. Cheque imaging is faster and less expensive than dealing with cheques in paper form, so you’ll save time and money when you invest.
2. Improved Cash Flow
With a cheque scanner, you can deposit your funds whenever you need to, making it more convenient than going to the bank. If you’re like most business owners, you probably wait until you have a lot of cheques to deposit before you go to the bank, and that’s only when you find the time to make the trip. With remote depositing, you won’t find yourself waiting to deposit them because you can do it anywhere, anytime. The faster you deposit them, the faster you’ll have access to your funds.
Additionally, digital cheques don’t have to be sent to different locations to be processed and verified. That means they’ll be cleared in just two or three days instead of the typical ten business days, so you’ll see your money in your business account sooner. This means you’ll optimize your cash flow and have more liquidity, which is vital to any business.
3. Increased Customer Satisfaction
Keeping your customers happy should be one of your top priorities. Happy customers keep coming back and stay loyal to your business. With cheque imaging, you can increase your level of customer service so you can improve your customer satisfaction rate.
If an issue arises with a customer’s cheque, it can be resolved right away, effortlessly. You’ll be able to view all of your cheques online and relay the information back quickly. You won’t have to spend time going through endless filing cabinets to find the cheque since all of the data is online. You even have the option of easily emailing proof of payment if needed. The better you can resolve cheque issues, the more pleased your customers will be with your business.
Help your company succeed by embracing cheque imaging technology today.