Canadians use approximately one billion cheques a year, which means many businesses accept them. If your business accepts cheques regularly or deals primarily in cheques, then you could benefit from a cheque scanner. A cheque scanner is a piece of hardware that scans your cheques and takes a digital image of the front and back of it. It then sends those images to a computer program to verify the cheque. Once verified, the money is directly deposited into your bank account.
When you process cheques manually, you have to take the cheques to the bank yourself. Then the bank puts a hold on the cheque (for at least four days) in order to verify it. That’s a lot of manual work and a lot of time without access to those funds. Purchasing a cheque scanner can save you time and allow you access to your money quickly.
There are many different kinds of cheque scanners out there, so it’s important to keep in mind these specific factors when you’re looking at cheque scanner prices.
How many cheques you receive in a day or in a week is one of the variables to consider when determining which cheque scanner you should be investing in. Take a look at your finances over the past few months to determine how many cheques you’ve processed. If it’s hundreds or even thousands, then you should invest in a top-of-the-line model that can easily scan hundreds of cheques per minute. However, if you’re not processing a high volume, then you should invest in a single feed device.
There’s no reason to purchase a top-of-the-line model if you don’t actually process that many cheques. Once you determine the volume of cheques you need to process, you can make an informed decision about what processing speed you need and start comparing cheque scanner prices.
Cheque scanners can make your business life so much easier by directly depositing money into your account. But it can only do that if the device’s software is compatible with your bank’s software.
Before you purchase a cheque scanner, talk to your bank representative and find out which cheque scanner model software it supports. That information can greatly impact which models you can choose from and can make comparing cheque scanner prices easier by narrowing the field.
Digital Management and Organization
Some cheque scanners have database management and organizational features. If you know you’ll need to keep a record of the cheques you’re depositing, or if you usually have to go back and look at previous cheques, then a digital management and organizational feature might be something you’ll want to look into.
With this feature, you won’t have to manually organize data. Everything will be organized for you as your scanner scans the cheques. It’ll save you a lot of time. If, however, you don’t need a database feature, then remember that when you’re comparing cheque scanner prices. There’s no need to buy a cheque scanner with features you don’t need and won’t ever use.
When you’re comparing cheque scanner prices, it’s important that you determine which features are available and whether you need them or not. Make a list of the features you do want or may need in the future and then find the models that offer those features.
Next, make sure you talk to your bank representative to ensure the model you’re thinking of purchasing actually works with its software. A cheque scanner is a worthwhile investment if your business accepts a significant number of cheques. Having money directly deposited into your bank account instead of being held also increases the consistency of your cash flow and helps you channel money back into your business. In short, it can improve your cash management.