If your business processes cheques regularly, then a cheque scanner is a good piece of technology for you to invest in. Taking cheques to the bank in order to deposit them takes a lot of time, which is something most people don’t have. Cheque scanning technology is part of a great cash management system.
What Is a Cheque Scanner?
Many businesses don’t accept cheques any longer because it takes extra effort to deposit them and it takes a long time to receive the money. This is true if you aren’t using cheque scanning technology.
There are two different types of scanners: a single-speed scanner and a high-volume scanner. The scanner scans the front and back of the cheque and creates two digital images. Then it sends the information to a computer program for processing. After that, it analyzes the handwriting of the dollar amount and the banking information at the bottom. After it’s verified, the cheque is deposited into your account.
If your company receives fewer than 50 cheques a day, the single-speed scanner is a good option. If you receive more than 50, then it’s better to go with a high-volume scanner.
Another Tool for Your System
Investing in a cheque scanner means you have another tool for your cash management system. A good cash management system is made to help you process your cash quickly and efficiently without errors. If your business processes many cheques throughout the week, it’s wise to invest in a scanner to help you process them faster.
Saves Time
If your business processes many cheques, it can be time consuming to make the trip to the bank to deposit them and then wait the amount of time necessary for the bank to process them and deposit the money into your account.
You want to have access to those funds as quickly as possible, and with a cheque scanner, you can. After you scan the cheques and send the information to the bank, the bank actually processes the information faster than if you had physically deposited them. Not only are you saving time, but you’re receiving access to the funds more quickly, allowing you to use those funds for your business.
Increases Efficiencies
In business, it’s vital that your cash management processes and system are efficient. When you have efficient processes, you’re able to save your business time and money. You won’t waste human capital by having employees spend time depositing cheques when they could instead be providing customer service. Investing in a cheque scanner helps create greater efficiency in your cash management system.
While the use of cheques has declined over the years, it’s a method of payment many consumers still use. Cheques are only considered to be inefficient because of the time it takes to process them. However, with a cheque scanner, that amount of time decreases sharply, allowing you to access your funds much sooner. A cheque scanner is thus a good investment to your cash management system because it increases efficiency, saves you time, and saves you money.
