What is Remote Deposit Capture?
Remote deposit capture (RDC) is an increasingly popular service that enables businesses to scan any type of check, as well as money orders, and transmit the images to a bank for posting and clearing. A growing number of businesses are adopting RDC to expedite their check depositing process, saving them time and money.
The process for remote deposit capture is simple. After you receive a check, just place it in a scanner provided to you by Unity FI Solutions, then scan it to send it to your bank via an encrypted internet connection. Your bank then posts the funds to your account and assigns availability.
Adopting a remote deposit capture solution will reduce the number of return items you receive, allow for earlier fraud detection, cause fewer data entry errors and greatly decrease your processing costs.
Our Unique Solution – RDC Deposit Anywhere
Normally, remote deposit capture involves using a separate scanner for each depositary bank to which a user is sending checks. Because using multiple scanners can be very costly and time-consuming, Unity FI Solutions developed RDC Deposit Anywhere. This solution allows for all checks to be scanned with one scanner, and then deposited to multiple banks using our Unity FI Solutions software. This not only saves space in your workspace, but also helps your business significantly reduce scanner and software costs.
Contact us if you’d like to learn more about speeding up your check deposits.
Benefits of Remote Deposit Capture
Companies that choose to take advantage of remote deposit capture stand to gain numerous benefits, including:
- Faster check clearings – because RDC allows checks to be deposited from the location of your business, there is no need to spend time transporting checks to your depositary bank. Compared to manual check deposit, remote deposit capture typically allows businesses to receive funds two to three days faster. Plus, remote deposit capture is available to use 24/7, so you don’t have to wait until your bank opens to deposit checks.
- Improved cash flow – When your checks clear faster, your company’s cash flow and working capital improve, providing additional flexibility for your business.
- Lower processing and transportation costs – companies that use remote deposit capture save money on multiple fronts. Expenses associated with traveling to the bank, such as gas, employee wages to transport the check, etc., are eliminated. Occasionally, you may still have to take a check to the bank for deposit, but nearly all checks are compatible with RDC scanners. Additionally, remote deposit capture recognition software can extract data from checks to reduce or eliminate the amount of time it takes to manually key information.
- Expanded banking options – remote deposit capture expands your business’ banking options by eliminating the need to bank with a financial institution near your place of business. You no longer have to find a bank whose physical location is convenient for check deposits. By removing these geographical constraints, you can begin looking for a banking relationship anywhere in the nation and find the one that works best for you.
- Reduced return item risk – since remote deposit capture results in faster check clearings, you’ll know about return items sooner, giving your business more flexibility in collecting on these items.
Many customers choose to couple our remote deposit capture solution with our check guarantee solution. This enables you to use your RDC scanner to send us return items, which we’ll re-present for you (up to two times) and collect the money owed to you.
What You Need for Remote Deposit Capture
RDC requires very little setup. To get started, you’ll need:
- A check scanner (which is provided by Unity FI Solutions)
- A depositary bank to receive the check images
- A computer with a secure internet connection
- Software from your RDC provider – Unity FI Solutions provides this to all of our remote deposit capture clients
- Updated legal agreement
Remote Deposit Capture Risks
Despite being a relatively new technology, remote deposit capture holds limited risks for users. Using an encrypted connection limits the risks associated with transferring your check images over the internet.
Financial institutions using remote deposit capture should consult all FFIEC guidelines regarding Internet banking before using the solution.
Remote Deposit Capture FAQ
How long does it take to get remote deposit capture set up at my business?
After signing all the necessary agreements, we can have the solution up and running at your company in just five business days.
What are the typical savings for businesses using remote deposit capture?
The savings you’ll realize from using remote deposit capture vary from business to business. It largely depends on the number of checks you regularly deposit and how frequently you’re used to going to the bank to do so.
How much does a remote deposit capture solution cost?
Unity FI Solutions tailors its products to meet each individual client’s specific needs. So, the cost of remote deposit capture varies from business to business. However, our remote deposit capture solution is typically less expensive and more flexible than those from banks. Give us a call, and our experienced team will discuss how we can customize a solution to fit your requirements.
Why not just get a remote deposit scanner from my bank?
Although most banks offer remote deposit scanners for businesses, Unity FI Solutions provides one scanner that works with all banks. So, if your business needs to deposit checks into more than one bank, our solution saves you both money and space.
How do I receive my scanner?
For faster and smoother set-up, we recommend our clients purchase a scanner through us, and we will deliver it. If your business already has a scanner and wishes to reduce costs, we will do our best to make your existing scanner work.
Other questions? Just reach out to our support team. They are ready to answer any questions that you have and walk you through the process of becoming a remote deposit capture user.