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Deposit Checks Without Leaving The Office |
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Using Remote Deposit Capture Technology Improves Cash Flow and Office Productivity |
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| Now you can deposit checks without leaving your office. With e.service® Deposit RCTM, our remote deposit capture solution, you simply scan paper checks and approve a deposit right from your desktop. The scanner captures an image of each check and all pertinent data including the payment amount. Vanco then seamlessly converts the approved information into an electronic format for secure transmission and deposit into your bank account. Checks deposited by this exciting method never have to be endorsed on the back, physically presented at the bank or returned to the check writer. During the scanning process, checks are automatically marked to indicate that they have been electronically deposited. In addition, an easy-to-access image of each check is automatically archived in Vanco's secure online Service Center for any future reference. All you need to get started is a computer with Internet access and the check scanner that we ship to you. |
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| Benefits |
| See how Vanco's e.service® Deposit RCTM can accelerate your check clearings and free up staff time. |
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| FAQs |
| Get answers to frequently asked questions about remote deposit capture. |
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| How It Works |
| View the steps involved, from scanning your checks to approving your deposit. |
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| Get Started |
| Enroll online, download a startup packet or contact us to learn how easy it is to get started. |
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| e.service® Deposit RC® |
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Benefits of Remote Deposit Capture |
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| Remote deposit capture offers a number of benefits to your organization, including the following: |
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Accelerates Clearings |
| Accelerated check clearing combined with reduced transportation and processing costs result in improved cash flow for your organization. |
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Improves Cash Flow |
| Accelerated check clearing combined with reduced transportation and processing costs result in improved cash flow for your organization. |
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Frees Up Staff Time |
| Vanco's remote deposit capture eliminates labor-intensive tasks such as preparing deposit slips, endorsing checks and driving to the bank. And because this solution utilizes technology that recognizes the dollar amount on most checks, there is no need to manually enter this information. Simply review the scanned information before approving the deposit. |
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Notifies You of Potential Problems Sooner |
| Checks drawn on accounts with non-sufficient funds and deposited by conventional methods would normally be returned after several days. These checks are now identified sooner allowing you to address potential problems on a more timely basis. |
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Reduces Photocopying Costs and Filing Space Needs |
| Remote deposit capture automatically archives an easy-to-access digital copy of every check you scan eliminating the need for you to make photocopies of electronically deposited checks. |
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Simplifies Check Processing |
| Vanco provides all the tools you need to get started, including a high quality scanner and over-the-phone training. And since remote deposit capture is web based, you won't need software or expensive IT resources to use it. You'll love this new way of processing checks! |
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What's in a name? |
Remote Deposit Capture has different names depending on how the
service is used. It may be referred to as "Check 21", "Check Conversion", "Corporate Capture",
"Merchant Capture", "Image Deposits", "Image Cash Letters", etc.
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Efficiency |
Remote Deposit Capture reduces time and resources needed to process
payments, resulting in continued cost savings to your business.
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Did you know? |
Researchers project that almost 20 percent of all businesses
will be using Remote Deposit Capture by the end of 2010.
Source: Aite Group
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How Remote Deposit Capture Works |
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Collect |
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Your organization continues to receive and gather checks exactly as it does now. |
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Prepare for Deposit |
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Your organization feeds checks through the easy-to-use scanner that Vanco provides. The scanner captures an image of each check and attempts to recognize the dollar amount. If the dollar amount is recognized, it appears automatically on the screen. If not, the screen prompts you to manually enter the correct amount. |
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Review and Approve |
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After all your checks have been scanned, make sure all the dollar amounts match up before approving the deposit. A list of all scanned checks to be approved will appear. |
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Confirm |
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Vanco generates a deposit report confirming the total amount to be deposited into your organization's account. |
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Go Green! |
Electronic processing reduces the burden on our nation's
transportation systems and the environment. Every year, paper checks use more than 67.4 million
gallons of fuel and add more than 3.6 million tons of greenhouse gases/CO2 to the environment.
Source: National Automated Clearing House (NACHA)
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Frequently Asked Questions |
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Who benefits from remote deposit capture? |
| The remote deposit capture process contributes significant efficiencies, cost reductions and competitive advantages to the organizations and businesses that use it. Electronic payment processing has advanced to the point that the processing is seamless, and for the most part, transparent to donors. |
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How widespread is the use of remote deposit capture? |
| All major financial institutions now use some form of remote deposit capture technology to convert paper checks into electronic transactions and it is increasingly used by other large organizations. Vanco's solution is designed for small organizations as well as large organizations. |
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How did the movement toward electronic payments and remote deposit capture begin? |
| Due to the improved speed, safety and cost of processing payments electronically, both the government and private organizations have been encouraging a move from paper-based payments to secure electronic payments for many years. |
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Is remote deposit capture governed by any regulations? |
| The Federal Reserve's Regulation E and the National Automated Clearing House Association (NACHA) Operating Rules regulate electronic payments processed over the ACH network. Because of Reg E and NACHA Operating Rules, consumer accounts are protected from unauthorized or fraudulent transactions. |
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Is remote deposit capture safe and secure? |
| Yes. Once paper checks are converted, electronic payments have less risk involved than physically transporting checks to the bank. |
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Can I capture additional information? |
| Yes. After each check is scanned, you can enter other information (e.g. donor/member IDs, envelope numbers) in addition to what the scanner captures. |
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