Adding Remote Deposit Capture to the Bank Reseller Offering
Written by: Lyle Knox
With more budget cuts across the board for all different types of financial organizations, there is a growing trend to devise alternative methods that will assist in streamlining the decreasing availability of funds, while working to continue to operate efficiently and effectively.
Too often organizations are finding such drastic budget cuts as a crippling necessity just to keep the doors open – much like putting a band-aid on the problem, when major surgery is what is needed. And to be realistic, a band-aid will not cover up major budget ‘cuts’.
What is needed here for bank resellers is to think outside the box – inward, and cease doing business the old fashion way. Many organizations have jumped on the marketing wagon, helping to increase visibility to generate revenue, but what if they were to think ‘inside’ the box – making improvements from the inside out to help elevate some budget short falls?
The outward – inward approach refers to using a new format within the organization that has been used successfully by other outside organizations, thus bringing it in-house to re-think the way everyday business is conducted. This is accomplished by starting with the finances, because after all, it really is about the bottom line. Bank resellers programs accomplish this task by arming banks with the tools, resources and software to provide efficient, web-based payment solutions to their valuable customers.
Remote Deposit Capture (RDC) is one such payment processing solution that allows businesses to help their customers streamline their deposit revenue and handle transactions from a remote location; such as the home, an office, mobile or tablets with less risk due to RDC risk management process. The image of a check is scanned into a computer and then transmitted to the bank.
By using a platform that incorporates processes involving ACH, card processing, ID verification and check scanning, it can help financial organizations reduce overall costs, speed up integral timelines and improve the quality of transactions with less human error.
Some of the benefits to using the Remote Deposit Capture (RDC) system are:
It is compatible with financial institutions
Streamlines the accounting process
Reduces the need for multiple payment processing platforms
Payments are processed in real-time
Allows recurring payments to be applied automatically
Saves time and money
Internet-based payment solution
Combines all forms of payments: checks, money orders, website
Takes seconds, not hours to process
Increases employee productivity
Since the inception of Automated Clearing House (ACH), both the government and commercial sectors use this system to process large volumes of credit and debt transactions.
When bank resellers incorporate RDC into the daily workings of their organization, they will bring the network of financial transactions into the 21st Century and join the environmental age of the paperless society.
*Risk assessment is the process to determine the possible risks related to Remote Deposit Capture and to mitigate those risks by conducting the risk assessment process.