5 Benefits of a Cheque Scanner (Updated 2019)

    Jun 25 2015

    Topics: Cheque Scanner

    Cheques are still a popular payment option in many industries. If your business receives a lot of cheques from customers, it might be time for you to consider investing in a cheque scanner. Scanners come in a wide variety of sizes, speeds, and models, and they have many different features to choose from.

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    So regardless of the size of your company, you’ll be able to find a scanner that is perfect to suit your needs and that will provide you with a great ROI. Scanners are reliable, accurate, quick, and durable.

    If you’re still not convinced, check out these five benefits you’ll be able to reap if you invest in one today.

    Increased Productivity

    In this digital age, companies are flocking to the latest technology in order to streamline their operations and increase productivity. A cheque scanner can do just that by allowing you to stop manually processing cheques.

    When you think about the time spent photocopying cheques, manually inputting numbers, physically storing, organizing, and retrieving information later on, and waiting in line at the bank for deposits, you realize that your business isn’t being as productive as it could be. And the more cheques you have to process manually, the lower your productivity ultimately gets. With a cheque scanner, you eliminate the need for all of these time-consuming and tedious tasks, so you can work more efficiently. You can scan hundreds of cheques per minute, so you stop wasting time.

    Remote Deposits

    With a cheque scanner, there’s no need to manually deposit cheques at your bank anymore. Simply scan the cheque through the scanner and send it off to your bank. In a matter of seconds, you’ve deposited your cheques, and since they don’t have to be transported anywhere for verification, you’ll get your money faster—in most cases, twice as quickly as you would if you processed traditional paper cheques. Remote depositing is fast, easy, convenient, and secure.

    Automatic Information Storage

    Cheque scanners use magnetic ink character recognition to quickly read and save the data from cheques. All of this information is automatically digitally stored and organized in a database. You can easily manage, retrieve, or file this information with just a few clicks of your computer mouse. You no longer have to waste time with filing cabinets—just search for a client’s cheque and you’re done! You can export the database and send it around your office just as easily, too.

    Reduce Costs

    Every company is trying to reduce operating costs. When you use a cheque scanner, you’ll require less manpower to process the transactions, which makes it much cheaper for you to accept cheques. When all processing can be done in minutes instead of hours, your labour costs won’t be as high. What’s more, you’ll save on storage costs since you won’t need space for filing cabinets, you’ll reduce the cost associated with the time you’ll spend fixing errors since cheque scanners are accurate and reliable, and you’ll even spend less on fuel since you won’t have to make trips back and forth to the bank several times a week.

    Increased Security

    Electronic cheques are handled by fewer people and also checked against databases for companies and individuals who have a record of fraud, so you can reduce the chance of getting scammed. Cheques are also verified for authentication, using public key cryptography and digital signatures so you know the provider is authorized to send cheques from that account. Plus, e-cheques are automatically encrypted and checked for duplication, so you know your deposits are safe.

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    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3

    905.696.0733