two people sitting at a computer and looking over papers

Remote Deposit: There Are Lots of Ways To Get Paid


Small business owners face a number of challenges in growing and operating their companies, but advances in technology have simplified one facet of business – payments. Digital and mobile technology provide business owners quick access to capital, freeing up time, expanding growth options and cutting “paperwork” down to a few clicks of the mouse.

Historically, payments and collections have been time consuming. All of the essential cash management chores such as recording payments, preparing deposits, driving to a bank branch, waiting in line and reconciling the books cost companies money. However, through the use of remote deposit and payment technology, payments are received and processed digitally via computer, smart phone, tablet and a variety of payment gateways. The result? Less time and money needed to track and manage cash flow.

Business Gets Digital

Remote deposit enables businesses to deposit paper checks from any location. Simply scan the check or snap a picture of it using the camera feature of your smart phone and upload payments to the company account on line.

Most banks now offer remote payment and deposit capture as part of their on-line websites. Simply log on to your accounts page, upload images of payments, check account balances and get back to business. It is digital banking technology designed specifically for small business owners.

You save time, cost and hassles by managing business accounts remotely. You also have access to accounts on your schedule – 24/7 – so you can balance the books after dinner if that works best for you.

Time and money are scarce business resources. Remote deposit conserves these resources, increasing the productivity of staff from CFO to data entry clerk. Today's digital and mobile technology simplifies the process of payment collection, deposit and reconciliation, leaving more time and capital to grow a business to profitability.

Capital Access – NOW!

Remote payment and deposit are conveniences for customers too. The more payment gateways you offer – from on-line cash transfer sites to debit/credit cards at point-of-sale, and from paper checks and even cash, the faster your business is paid. It is as simple as that.

Cash flow management is essential, especially in a lean economy. By making remote payments when and where it's convenient for customers and clients, your small business has access to funds in real time – immediately upon receipt by the bank.

Today, same day posting is the norm, thanks to electronic funds transfers (EFT).

Traditional branch deposits are fine as long as the branch is open, which usually means that payment checks post until 5:00 or 6:00 PM local time for same-day availability.

With remote payment capture and digital deposit, most banks accept same-day transactions until 7:00 PM because the transaction by-passes the branch and goes straight to processing. This means you and your customers make remote deposits after traditional business hours, and still make the same-day cut-off. Payments are recorded immediately so those funds are available for the next business day.

Smart Phones = Smart Business

Mobile technology has eliminated the need for computer access. Customers make payments using their smart phones – payments that are deposited into the company account when they're received. Today, customers and company owners don't even need a computer or a Wi-Fi hotspot to make and pay for a sale.

If you have cell phone coverage, you have access to the company books. And with highly-encrypted data transfer protocols, transactions are safe and secure no matter where or how they're made.

The same goes for payments from customers. Money is transferred securely into your accounts, with complete deposit records available for printout anytime, anywhere – remotely.

Time To Get Digital?

You bet it is.

Using this established technology, your business saves time (and that's money), customers have numerous ways to make payments and you have access to funds faster.

Payment reconciliation is handled automatically, and you can even sync up payment and account information with your client relations management (CRM) software to track every order, every payment and identify downstream log jams before they become problems.

The initial expense is low, the learning curve is short and your business benefits from the day you go digital. So, get on board and get up to speed.

Remote deposit and payment capture is the way business is done…and done right.

Business - Financial Planning

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This article contains general information only. Sunflower Bank is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. This article is not a substitute for such professional advice or services, before making any decisions related to these matters, you should consult a qualified professional advisor.