Everything You Need to Know about Remote Deposit | Pstezscan

 

Payments can be processed remotely without sending paper checks to your bank or credit union. You can make deposits faster and more accurate by scanning images (or taking photos) of checks instead of moving physical documents by levergaing the functionality of remote deposits.

Here’s everything you should know about it:

                          

Remote Deposits: Who Uses Them?

Remote deposit technology was first used by businesses. Many organizations receive a large volume of checks, and they need to get funds available quickly for operations, payroll, and expansion.

Remote deposits are also convenient for consumers. Mobile deposit accounts allow busy individuals to deposit checks without going to a branch, saving them time and money.

There are a variety of organizations that use remote deposit, including nonprofits, government entities, and others. As the technology is widely available, organizations can choose less-expensive hardware and services.

Remote deposit services: where to find them

Almost all banks and credit unions offer a remote deposits services and use remittance Software. Consumers have it especially easy-download the app for their bank, and it's likely to already be available.

It's important for businesses to understand how their accounts work (fees for each check, for example, and alternative payment methods).

The treasury management department at your bank might even be able to assist you with outsourced payments.

Remote deposit is offered by banks for a variety of reasons

Businesses and consumers are eager to utilize remote deposit capture services offered by banks and third-party service providers.

●      The process makes life easier for customers: Deposits are processed more quickly and conveniently.

●      Banks are able to make remote deposits with less labor. No teller or branch location is necessary, since the customer creates the image.

Remote Deposit: Pros and Cons

Using remote deposit should save you time and money. By cutting out bank trips, armoured car services, and check float, you can save time. There are, however, tradeoffs to consider.

Remote deposit systems are never error-free. The problem becomes magnified with large volumes when you automate things, since you are at risk of hardware failures and errors. A smoothly functioning system, however, virtually eliminates human error.

What is the turnaround time for a remote deposits?

Mobile deposits don't take any longer than standard check deposits, unless there are image complications. Although it can take up to two full business days for a check to clear, most clear within a full business day.

What is the procedure for endorsing a check for remote deposit?

Check endorsements are written according to the instructions provided by the bank. It's likely that your bank will ask you to write "for mobile deposit," but if you're not sure, you should ask customer service.

Have more queries or need a remittanceSoftware? Check this out.