Technology has not only revolutionized the cash handling process; it has also transformed the way that cheques are processed by banks and businesses. Cheque scanners are designed to increase the efficiency of processing cheques, saving businesses time and money along the way. The digital scanners process cheques by capturing images of the front and back of the cheque and intuitively noting the amount, bank account, signature, etc. The image file can then be saved in a database, giving banks and businesses easier access to information.
Cheque scanners can be used both by businesses and by customers; they add a level of convenience to completing business by cheque. There are many different scanners available that can suit the individual needs of your business by price point or specifications. If you’re considering making the investment in cheque scanning technology, here are five advantages that will benefit your business.
1. Savings on Administrative and Labour Costs
The administrative costs that go along with handling cash can be astronomical! It is always a good idea to be looking for ways that you can reduce your back-of-house costs so that you can maximize the profitability of your business.
Investing in a cheque scanner can help your business save on administrative costs. When you invest in a scanner, you reduce the amount of time that is required to process cheques, you save on labour costs. You will also experience savings on labour by avoiding errors that occur when manually processing transactions. Likewise, you will also save on storage costs as you will no longer need to keep physical copies of cheques; everything will be stored digitally.
2. Increase in Security
The nature of personal cheques means that there is an inherent risk of your business being taken advantage of. Cheque scanners cut down on any potential fraud or scams that might occur by verifying and authenticating each cheque that is processed. Any digital cheques submitted are verified using digital signatures and public key cryptography, giving your business an additional level of security. Scanners cut down on the number of touchpoints that cheques must go through; there won’t be as many hands working on processing a single cheque. This reduces your margin for error as cheques can be processed securely right away.
3. Accessible Data
Traditionally, hard copies of cheques had to be kept on file so that any confirmations of information could be looked up. This not only takes up a lot of physical space but it also is time consuming to track down every cheque. With cheque scanning technology, you can easily sort and store all of the same information digitally. Using a database gives you the freedom to easily access data on an individual cheque, run reports, and mine data, giving your business access to more information, quickly.
4. Ability to Deposit Remotely
Remote deposit is one of the biggest advantages for customers and businesses alike. Having the ability to deposit and process a cheque with just a few clicks of a button is revolutionary for the cheque industry. Once scanned, your paper cheque is transformed into a digital image that is sent to a bank and deposited; this gives you access to those funds quickly and allows banks to easily verify and authenticate cheques.
5. Improve Productivity
Manually processing cheques is extremely labour intensive. You must photocopy both sides of the cheque, enter data, and physically file and organize the cheque. If your business depends upon accepting a large volume of cheques each day, think of the amount of time it will take to process each one. Scanning technology allows you to process cheques right away by storing, organizing, and depositing them quickly and automatically.