Although businesses accept and make payments in a variety of forms—hard currency, debit, and credit—cheques will always be a form of payment. Unfortunately, the process of accepting and using cheques can be both time consuming and labour intensive.
Because of these drawbacks, businesses are switching from paper to digital cheque processing at an increasingly rapid rate. Cheque imaging has become faster, more convenient, and less expensive than ever before. Large, medium, and small businesses can profit from its benefits. Cheque imaging is the way of the future.
Thinking of integrating cheque imaging into your business? Here are five things you should know.
You Will Have Accelerated Access to Information.
Paper cheques can take up to ten business days to be cleared. During this time, you do not have access to your funds or cheque information. Waiting ten days can set you back significantly in the business world.
Cheque imaging speeds up this long process. The cheques no longer have to be sent to various machines or transported to several locations to be processed. You can have access to your information in just two to three days. Your money will be in your account much quicker, and you’ll find out as quickly as possible if someone is scamming you with a bad cheque or if there is an issue with any of the payments.
Your Cheque Storage Will Be More Convenient and Accessible.
Storing years of paper cheques can be costly and take up a lot of space at your office. With cheque imaging, storing cheques has never been easier; there’s no need for a storage room filled with paper cheques in fireproof filing cabinets. What’s more, you won’t need to sacrifice hours of valuable time searching through the storage files to access a particular item. With cheque imaging, you can store years’ worth of cheques on CDs. In fact, a single CD can store up to 30,000 cheque images.
You Will Simplify Your Operating Processes.
Cheque imaging will also simplify the process of account reconciliation at your business. Because each cheque image can be stored and organized with an index, you can quickly and efficiently find exactly what dollar amount, date paid, cheque number, or account number that you are looking for—without spending hours searching for the information.
Your Customer Service Will Improve.
With cheque imaging, customer queries or concerns can be addressed quickly and efficiently. You no longer have to wait weeks to respond to a client’s inquiry about a cheque payment. You can instantly search any of your cleared cheques online. Since the cheque is now a digital image, you can easily email the image to a customer as proof of payment, or print it off and send it through the mail. Cheque imaging is a valuable tool for customer satisfaction—your clients will be impressed at how quickly you solve their problems.
Fraudulent Cheques Can Be Identified More Easily.
One of the greatest benefits of cheque imaging is its ability to detect fraud more accurately. You can easily compare number sequences, dollar amounts, signatures, and different cheque stock to detect the possibility of suspicious payments.
Take the Leap
Integrating cheque imaging into your business will save you time, money, and effort. You’ll have quicker access to information, save in storage costs, simplify your operating processes, increase customer satisfaction, and identify fraud more easily. Why not take the leap into the world of cheque imaging? You won’t be disappointed.