Boost Business Productivity with Remote Deposit
Online system can reduce administrative time, speed access to cash and help the environment.
Remote deposit can help simplify your check deposit process and reduce administrative time and costs. You can deposit checks from your office desktop and transmit them electronically to your bank account anytime, day or night.
Using Union Bank's remote deposit also helps make funds available more quickly because you are not restricted by the branch business hours or having to make time-consuming trips to the bank. Plus, it helps you be more eco-friendly.
Here are six ways that remote deposit can benefit your business:
1. Streamline operations
With remote deposit, you no longer need to fill out a deposit slip. Simply scan the checks you want to deposit into the system using a bank-approved check scanner. The scanner captures check information including account number, routing number and amount, which are transmitted through a secure Internet connection. This leaves you and your staff with more time to focus on growing and managing your business.
"Convenience is key," says Rebecca Sherrick, Global Treasury Management Retail Sales at Union Bank. "Any time you save time, you're saving money." Sherrick cited an accounting firm she worked with in which the owner was losing valuable time with clients because he had to go to the bank to make deposits. "Now, he does everything from his desktop at the end of the day after the meetings are finished."
2. Improve access to cash
Remote deposit gives you an extended deposit deadline to submit your deposits, which helps reduce deposit holdovers and increases your access to working capital. If you submit deposits before 8 p.m. (Pacific Time), you will receive same-day ledger credit on those funds.
Remote deposit includes an optional intelligent routing feature that determines whether a check will be deposited as an Automated Clearing House (ACH) or image transaction. Funds cleared through ACH before the deposit deadline are available the next day.
3. Reduce office work
The virtual endorsement feature in remote deposit eliminates the need to manually endorse the checks before deposit. Because check images are captured electronically, you can benefit from increased accuracy and help reduce the risk of costly human errors. Remote deposit can also:
- Increase efficiency. We have many scanner types that handle low to high check volumes. With multi-feed scanners, you can scan up to 100 checks per minute.
- Save paper. Images of all deposited checks are stored electronically, which can help eliminate time-consuming photocopying, filing and storage of deposit records.
- Improve customer service. Because the scanner captures the check image, you'll have immediate access to the image to respond more quickly and accurately to customer inquiries regarding payments.
4. Integrate with your accounting system
Remote deposit is designed to interface with your existing account receivables system, providing a quick way to export data into commonly used formats. Other benefits:
- Fewer errors. Electronic reconciliation helps eliminate manual data entry, which reduces the potential for mistakes.
- Electronic storage. Images of all deposited checks are filed digitally for easy reference.
- Built-in auditing system. The system can alert users of discrepancies or questionable scanned items.
5. Increase security
Electronic transmission can help lower the incidence of lost or stolen checks. What's more, remote deposit uses the same industry-leading security protocols as online banking for greater peace of mind. For additional security and control, you can manage user access and assigned entitlements.
6. Help the environment
By driving less, remote deposit can help your business be greener, Sherrick says. Say you currently make two 45-minute trips each week to drop off deposits and your branch is five miles away; your vehicle gets 15 miles to the gallon in city driving, and gas costs $3.14 a gallon. Using remote deposit, in a year you would save 69.3 gallons of gas, reduce greenhouse gas emission by 1,345 pounds and would save 78 hours and $217.71. Use Union Bank's carbon emissions calculator (unionbank.com/emissionscalculator) to see what you could save.
FOR MORE INFORMATION
Establish remote deposit for your business and start saving time and increase your availability to funds. For more information:
- Stop by a banking office
- Call Global Treasury Management Sales at 800-883-0285
- Visit unionbank.com/smallbusiness
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How Remote Deposit Works
Remote deposit can help businesses save time and money by avoiding the need for trips to a bank branch or ATM for manual check deposit. To start, you need a computer, bank-approved check scanner and Internet connection. For larger volume check processing, you may want a multifeed scanner that scans multiple checks simultaneously.
Here's how remote deposit works:
- Log in to your account and select remote deposit.
- Enter the number of checks and total deposit amount.
- Scan each check being deposited. The check images will immediately appear on your computer screen.
- Review deposit details online. Deposits received before 8 p.m. (Pacific Time) receive same-day ledger credit.
Detailed deposit confirmations are available online and provide transmission time, deposit amount and item count.