If time equals money, then saving time can also mean saving money. Small business owners and entrepreneurs can usually use all the time they can get. The list of tasks to be done on a daily basis is daunting. One of the primary jobs many small business owners have is dealing with cash management and accounting, including reconciling accounts and making sure deposits are prepared and go to the bank regularly.
It's a vital chore and one that can take a lot of time. It can, therefore, cost a lot of money in potential sales and business development if not in literal dollars. Anything that makes this process easier, faster, or more reliable is worth looking into. One technological development that helps is cheque validation via a mobile phone. Sometimes called cheque capture, this process gets cheques credited to your account faster.
Here are three key ways cheque validation with a cheque scanner can help you.
Fast and Convenient
The process may vary slightly from one bank to another, but the idea is the same for all of them. Using an app provided by your bank, you take a photo of a cheque you need to deposit. This photo is securely transmitted to your bank, and the money is deposited into your account. Each bank's mobile app will have its own details, such as how you need to enter the cheque amount or how you choose what account to deposit the cheque into. But most of the apps are not difficult to use, and your bank can help you navigate the details.
Safe and Secure
Banks want to make sure your deposits are handled quickly and correctly as much as you do, to provide better service to you as a customer, and also to prevent having to backtrack and fix errors in customer accounts. So the systems which are used to handle mobile cheque validation are carefully engineered to be secure and reliable. You can trust mobile cheque capture as much as you can trust any type of mobile banking, as long as you are careful to use good security procedures like having strong passwords on accounts.
Mobile cheque validation also protects against the accidental loss of a cheque before it is deposited. Anyone who has experienced losing an important cheque before it is deposited will appreciate the benefits of being able to deposit cheques instantly.
Making time to get to the bank can be a challenge in a busy business owner's week. If the business receives a lot of cheques, it can mean having to make time for bank runs even more frequently. The time cost of cash management is greatly reduced when you can make deposits anytime, from anywhere. If you can deposit cheques right away and gain access to that money without going to the bank, you can save time without giving up fast access to your cash. Depending on how much of your business is transacted by cheques, you may be able to save multiple bank runs per week, saving you hours of time over the course of a year.
Mobile cheque validation can make it easier and faster to put your money in the bank where it belongs, giving you greater financial flexibility and saving you both time and money.