As a small business owner, you know the truth of “time is money.” You have a to-do list that just keeps growing, on top of your daily tasks.
One of those tasks is cash management and accounting. You probably spend a fair amount of time reconciling accounts and preparing deposits. As vital as these tasks are, though, they can also be time-intensive. If your time is tied up in these, the time you’re investing is costing you a fair amount of money. You could be spending that time on business development tasks or closing potential deals.
Speeding up the cash management process can save you money and get you back to those other money-generating activities sooner.
That’s where cheque validation, sometimes known as cheque capture, comes into play. In the last few months, this technology has taken on even more importance for business owners who receive cheques. With the click of a few buttons, you can be on your way to faster cheque processing and account crediting.
How can cheque validation with a cheque scanner help you? These three benefits paint a clear picture of what you’re getting.
1. Cheque Validation Is Fast and Convenient
The biggest benefit of cheque validation is how simple it is. The process can vary between financial institutions, but the idea behind it is the same.
You’ll need to access an application provided by your bank, as well as which details to enter and how to enter them. Most applications are designed with user convenience in mind, so they’re typically very simple to use. If you do run into trouble, you can usually call on associates at the bank to assist you.
You’ll take a picture of the cheque to be deposited. The image is securely transmitted to the bank, and the funds are deposited to your account.
For business owners who process many cheques, a cheque scanner is the next level up. The device allows you to scan many cheques in a batch, reducing your time. It also provides better quality images and information, which makes it even easier for your bank to process your deposits.
2. Cheque Validation Is Safe and Secure
One reason banks are so slow at handling cheques is that they want to be sure the cheques are handled correctly. Processing a cheque too quickly could leave them backtracking to fix errors in your account. That can also impact their service to you.
Nevertheless, business owners like you need fast service. A bank that takes too long to credit your account or clear your cheques is going to hinder your cash flow. That’s why cheque validation is a great solution. It can meet your need for fast and efficient service, while also providing safety and security when making deposits.
Cheque scanning equipment reads security features on cheques, such as magnetic ink, which means a cheque can be validated before it’s sent to the bank. Secure connections through mobile devices or the cheque processing equipment can also help ensure your information is encoded correctly and transmitted safely.
3. It’s Available Anytime
In the current environment, many banks have reduced their hours or changed which branches are open. There are new protocols in place that slow down the process of seeing a teller or using the ATM.
Most business owners might have struggled to find time to get to the bank once a day or once a week. With changes to banking hours, it’s now even more difficult to get there as often as you need to go.
Cheque validation makes it easy for you to handle this banking task anywhere, anytime. Whenever you have cheques to deposit, simply hop into the banking application or fire up your cheque scanning equipment. Save yourself the stress of trying to make bank runs several times a week, and switch to cheque validation so you can get back to the activities that really make your business tick.