5 Fastest Ways To Deposit Cheques
Cheques have been one of the oldest methods of payments after cash. However, the time and cost associated to process cheques have taken up the limelight away from more significant business tasks. Saving time and money while being efficient is every organization’s ultimate goal. Businesses that receive cheques on an ongoing basis need to have an efficient and faster way of depositing and processing them to improve their cash flow.
Here are the five fastest ways to deposit your cheques and boost your productivity:
- Deposit using a Mobile application:
One of the fast ways to deposit cheques on the go is by using a mobile banking application. You can deposit cheque payments directly into your business account by simply downloading your bank’s mobile app and taking a photo using your smartphone.
Benefits: An ideal solution for businesses that receive smaller volumes or amounts of cheques and who want to access their cheque deposits within the same business day.
- Deposit using Lockbox service: Some banks offer a lockbox service where your customers can mail their cheques to a PO box. The bank then gathers and processes the cheques, credits your business account and provides easy access to information needed to update your accounts receivable system.
Benefits: An ideal solution for businesses that receive cheque payments from different parts of the country and who want a consolidated total daily receipt in a single deposit.
- Deposit using an ATM: Some bank’s automated teller machines are equipped to accept cheque deposits without having to waste time in finding and filling deposit envelopes. The ATM reads your cheque information quickly with its enhanced imaging technology and processes the deposit without any hassles.
Benefits: An ideal solution for businesses that want to deposit cheques at their convenience after regular business hours.
- Deposit using a Depository unit: Businesses can simply drop off their cheques at their bank’s secure depository unit and the bank will process the deposit in a timely manner.
Benefits: An ideal solution for organizations that want the flexibility to deposit cheques outside of their regular business hours. You can save time by not waiting at the branch to verify and process the deposit.
- Deposit cheques remotely using a Cheque scanner:
Another fastest way to deposit cheques at the comfort of your workplace is by signing up for a Remote Deposit Capture (RDC) program offered by your bank to deposit cheques
Benefits: An ideal solution for businesses that want to deposit multiple cheques in a batch or at their own convenience without visiting a bank.
Cheque scanner solution for every business
Paystation offers a wide range of cheque scanners from the top brands in the market which includes Digital Check, Panini and Canon. Let us help you find the right scanner for your business need.