Remote Deposit Capture Will Improve Your Business Operations

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During the COVID-19 pandemic, more businesses have looked to digital solutions to reduce the need to visit the bank. For some, online banking and mobile banking provide easy access to business account information and bill payments. For businesses with high check payment volumes, Remote Deposit Capture (RDC) provides time-saving benefits and improved funds availability. According to NCR, this increased business use of RDC technology is expected to continue even beyond the pandemic.

As the size of your business grows, so do your needs. To help your business run more efficiently, you need the right mix of products and solutions to reduce the time it takes to get things done. Certainly, when it comes to your business banking needs. If you are spending too much time processing payments, running to the bank, standing in line and waiting for checks to clear, Dime Community Bank’s Remote Deposit Capture1 is an effective solution for your business.

Remote Deposit Capture will help improve the ways you collect payments, deposit checks and do your banking. Most of all, you will save time and money by scanning and depositing checks right from your business. In addition to convenience, your business will benefit from improved cash flow through faster funds availability and check clearing.

Here’s how Remote Deposit Capture will improve your business operations and cash flow.

How Remote Deposit Capture will improve your business operations

Dime provides you with the tools to help reduce trips to the bank to deposit checks. In addition, we provide faster access to deposited funds through our Remote Deposit Capture1 solution.

What is a Remote Deposit Capture?

Simply put, remote deposit is a convenient way to make electronic deposits without sending paper checks to the bank. Getting started is easy. All you need is a PC , internet connection and check scanner (often provided by the bank at no charge).

Once your equipment and software set up is ready, you can scan and deposit checks electronically into your bank account. After that, each scan creates digital deposits, which are then accepted by the bank, posted to your account and then made available based on a schedule.

Business person writing out check

1. RDC speeds up funds availability

How many checks and payments does your business process each day? If you receive a high volume of check payments, waiting on checks to clear can put stress on your cash flow and operation. As a business owner, you need a solution to help reduce those burdens.

Dime Community Bank’s Remote Deposit Capture will help your business benefit from improved availability of funds. For instance, RDC deposits typically become available faster than traditional paper deposits. By eliminating the physical transportation of checks, checks clear faster.

How RDC improves funds availability for your business

With Dime’s RDC solution, you will:

  • Accelerate clearing and funds availability via same day deposits
  • Eliminate the physical transportation of checks
  • Reduce the time it takes to deposit customers checks
  • Gain faster access to funds
  • Lower check processing costs
  • Simplify your payment processing

2. RDC Improves Security and Reduces Fraud

Through faster check processing and clearing, your business reduces the negative impact of returned checks and check fraud.  In addition, you will experience greater security for check processing by using encrypted software to electronically transmit your checks to the bank.

How Remote Deposit Capture improves security and prevents the risk of fraud to your business

With Remote Deposit Capture, you will improve risk management and mitigate payment fraud through these features:

  • Faster clearing of check identifies fraudulent checks sooner
  • Reduced mistakes or lost checks
  • Greater security by transmitting checks via secure website to the bank
  • Ability to review check images
  • Reduced instances of returned items and payment fraud
  • Reduced risk of mail theft
  • Provides record of each check deposit and transaction history
  • Provides a  safer way to deposit checks

Through Online Banking and Bill Pay, your business can add fraud protection and risk mitigation through Positive Pay1.

3. RDC provides convenience, saves time and cuts down on trips to the bank

When running a business, you rarely have enough time to eat. And, when it comes to depositing checks, you are probably rushing to bank before closing time. With Remote Deposit Capture1 from Dime, you will have time to catch your breath and do more.

How Remote Deposit Capture saves time and money for your business

To start, we will set you up with an RDC portable check scanner1, software and everything you need to just scan and go. Best of all, it is a secure, convenient and simple process.  

With Remote Deposit Capture, you will improve business productivity through these features:

  • Deposit checks directly from your office with a desktop scanner and internet access.
  • Save time by scanning and depositing checks securely from your office
  • Save money by reducing transportation and courier costs to deposit checks at the bank
  • Reduce employee trips to the bank
  • Streamline check processing

Additional ways to save time and money

Dime’s Online Banking and Bill Pay takes the hassle out of business banking. For example, you can view your accounts, conduct transactions 24/7 and pay bills directly from your office or home.

4. RDC improves your cash flow

Improving cash flow is important to the financial security of your business. Through accelerated clearings and improved availability, you will improve your cash flow and provide more working capital for your business. If you struggle to get checks deposited on a regular basis, Remote Deposit Capture will help reduce the time it takes to process checks.

How RDC improves the cash flow of your business

With Remote Deposit Capture, you will run a more-efficient operation through these features:

  • Improve your cash flow cycle with more frequent deposits
  • Build your cash flow faster by reducing payment processing time
  • Collect funds sooner and improve funds availability
  • Eliminate the time associated with paper transactions

Other Considerations

For small businesses that receive a low volume of checks, a mobile device is a good alternative. For instance, you can bank on the go with Business Mobile Banking2 and make single, remote deposits.

Schedule a Call with Your Banker

No bank provides the personal attention your business needs like Dime. Above all, we give you the commitment, dedication and follow-through service you deserve. Your banker will help you by providing financial solutions that evolve with your needs.

To learn more about how Remote Deposit Capture will improve your business operations and to speak to a local Dime business relationship manager, please email business@dime.com to schedule an appointment. Or, visit dime.com/branches to find your local Dime branch.

Need Help with Cash Management?

Learn about the 8 essential cash management tools for small businesses.

In addition, you can learn about 4 ways to run a more efficient business.

DIME COMMUNITY BANK IS THE BEST BUSINESS BANK IN NEW YORK

1 All products subject to Dime approval.

2 Must have Dime Online Banking to use Dime Mobile Banking. Dime Mobile Banking App is available for select mobile devices. Mobile Banking is a free service from Dime. However, your mobile carrier may charge for data and text message usage. Transfer of funds and bill payments from savings and money market accounts are limited to six per monthly statement cycle.

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