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Check Processing & Payments Information

Time is Money: 3 Ways to Get That Hour Back

Posted by Todd Little | Thu, Mar 07, 2013 @ 03:00 PM

daylight savings timeThis weekend, we lose an hour. That's right, this time of year, the spring version of Daylight Savings Time kicks in and steals an hour of our time. While most of us appreciate the extra sunshine at the end of the work day, Daylight Savings Time won't be giving us that hour back until November. And time is money, isn't it? With that in mind, now is a good time to look for ways to save time on our business tasks, especially when it comes to check payment processing.

Here are 3 ways to save time processing payments...and make your customers happy at the same time.

Remote Deposit Capture - Do you or a staff member spend time going to the bank to deposit checks? It probably goes something like this: You gather up your checks, list them on a deposit slip, photocopy it, drive to the bank, look for parking, wait in line and make your deposit with the teller. If you do this daily you could be spending 1-2 hours each week. Translate that into dollars and a small change can mean a big impact on your cash flow.

So, there's got to be a better way, right? It's called Remote Deposit Capture and it allows you to deposit your checks without a trip to the bank. No more filling our deposit slips or waiting for the next available teller. Checks are processed using your PC and a check imager and check transaction activity is available online. Another advantage? Your satellite offices or locations can deposit checks to one main account, saving them time, too. Not only that, but CrossCheck offers this service with guarantee features.

Future Deposit/Multiple Check - Layaway was all the rage over the holidays and for good reason. With a layaway program, customers can save for big purchases by letting them make a series of payments over time. Upon completion, they get to take their purchase home but that could be months later. A Future Deposit/Multiple Check service improves upon the concept, saving time for the retailer and providing the customer some immediate satisfaction. You get the sale done in one transaction and they get to take their purchase home without repeat visits. 

Here's how a Future Deposit service works. Your customer writes 2 - 4 checks for a purchase. The first check is processed immediately, the remaining checks are deposited over a period of time, usually 30 days, according to a schedule you and the customer agree upon. Used with a Remote Deposit Capture service you don't even have to go to the bank! The customer is happy; they're able to take their purchase home that day. You're happy; you've made the sale and save on the administrative time needed to run a layaway program, or the time to restock in the case of a forfeited sale. Future Deposit is useful for all kinds of businesses. Think auto repairs, vet bills, dental work, roofing...

COD - Here's a service that saves time for your customers by allowing them to have items shipped or delivered. With a COD check service, a business can ship an order knowing the check payment is guaranteed. Consumers appreciate being able to write a check as an alternative to using a credit card. Businesses, too, love the convenience of having their purchases delivered and in the business-to-business world most payments are still made by check.

Putting one or all of these services to work for your business could save you an hour or more each week. And time is money, right?

For more information on how check services can save your business time and money, download the Insider's Guide to Check Services.

 

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Written by Todd Little