Remote Deposit for Businesses: What Is Your Time Worth?

by Heather Adams 17. July 2013

Remote Deposit Capture Scanner

Remote Deposit Capture (RDC) means you can make check deposits to your business accounts right from a location of your choosing. All you need is a scanner and internet access. This not only gives you precious time back in your day, it puts the control in your hands - YOU decide when you want to make your more rushing to the bank before they close.

It sounds like Remote Deposit Capture is only for the big guys, I know, but this product is perfect for any company that has checks to deposit. If you add up the time it takes to get in your car, drive to the bank, wait in line, exchange pleasantries with the nice teller while he/she processes your transaction, and drive back to work, think about all the time you'll save once you rid yourself of this daily chore. You don't have to be a big business to appreciate the value of time saved.

In today's society, technology can be scary. But it can also give you back what so many of us wish there was more of - time! Use the technology today to give yourself more time and control to do your banking at your convenience.

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The Wonder That is ACH

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The Wonder That Is ACH

by Heather Adams 14. August 2012

ACH payments are used by most people in the world today, even if they aren’t aware of it! This amazing technology is used to pay bills, transfer money between accounts and receive income; yet so few people actually know what it is or how it works. Maybe that’s a testament to just how common it is - people don’t even realize they are using it! So what is ACH? ACH stands for Automated Clearing House, and loosely defined, it is the electronic delivery of money in and out of your account.

This October marks my 20th year in the banking industry, and while ACH was available back in 1992, writing a paper check still dominated. In 1997, someone told me, “Paper checks will be obsolete by 2020.” Now here we are less than eight years away, and while I don’t believe checks will disappear completely, I don’t believe he was too far off the mark.

Remember when you bought lunch for a friend or paid his way into the movies because he “forgot” to bring his wallet? Remember hunting that person down to get the money back? Well, people may still “forget” their wallets, but no one is EVER without their phone, right?? With ACH virtually at your fingertips, those perpetually “forgetful” people can pay you back with a simple person-to-person payment service, which they can easily download as a smartphone App! Sound crazy? That’s the wonderful world of technology.

I can’t help feeling a little sad and OLD knowing that my 12-year-old nephew may never know the joy of feeling like a real grown up when he writes his first check, but I have to admit, it’s exciting to have been part of the banking evolution over the last two decades. ACH payments have tremendously changed the way we bank, and I’m eager to find out what will be next!

Find out how your business can take advantage of our ACH services.

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Online Banking for Businesses: Why some banks charge

by Heather Adams 27. June 2012

In today's society, online banking is a given – not only for personal use, but for businesses as well. Every business needs online banking to check balances, verify transactions and to pay their employees via direct deposit. Online banking is an extremely valuable product that can save businesses time and money if utilized properly.

So this begs the question - if it’s so necessary, why do so many banks charge for it?

While online banking makes life so much easier for the end business, there is a lot of work involved with maintaining the product and making sure all transactions run smoothly. In many cases, there are whole departments dedicated to overseeing online banking. Depending on which functionality a company utilizes, there could be risk involved, annual reviews, daily report monitoring and more. Also, if the website is outsourced, the vendor will charge the bank. 

Banks offer this service because the value greatly outweighs the time and effort it takes to run it. We, as bankers, understand that in order to make our business customers thrive, we need to give them the tools to do so. This starts with the basics: a checking account, a debit card…and online banking. 

There are so many functions that a business can use without ever leaving the comfort of the office, including checking balances, pulling cleared check images, transferring funds, paying employees and making deposits. But none of these functions happen in a vacuum. For each service offered, there are people behind the scenes making sure everything goes off without a hitch. It is for this reason that many banks charge for this valuable service. 

That being said, rather than taking issue with the monthly fee, first weigh the convenience factor, and then you'll see it's worth it. 

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