Posted by Brandon Weaver on Thu, Jul 10, 2014 @ 10:00 AM
People are exposed to nearly 20,000 ad messages per week ranging from TV commercials, radio ads, billboards, cell phone application ads, pop-ups, and website banners. Talk about sensory overload on steroids! As a home furnishings merchant yourself, you may even be contributing to this statistic in one form or another with a catchy jingle or special promotion. But there’s no shame in that, you have to generate brand awareness and market your own promotions.
At the most basic level, all ads are interruptions. Take commercials, for example: they stop the program at critical plot points, are often louder than the program in order to catch your attention, and sometimes the same commercials are shown repeatedly to hammer home their message.
Most consumers find most of this annoying, and so they created a market for methods to escape this “noise.” TiVo, Netflix, pop-up blockers, and subscription-based phone apps all allow you to skip advertisements.
What Do TV Commercials and Bank Deposits Have in Common?
Trips to the bank are also interruptions for every home furnishings store manager. You collect cash and check receipts yourself, fill out deposit slips, and drive to the bank. Or, you assign an employee for this all-important job. Either way, one member of your team is not on the sales floor to answer customer questions, verify deliveries, and ensure product is moving out the door. When repeat customers and referrals are vital to your profits and marketing mix, making frequent bank trips hurts your business in more ways than one.
Remote Deposit Capture: It Pays to Be Lazy
Home furnishings store managers are responsible for enough on a daily basis without having to worry about making trips to the bank. Get some peace of mind for a change. Ask yourself:
- How much time do I spend driving to and from the bank?
- How much time do I spend waiting in the teller line?
- How much do I spend on gas for these errands?
Interruptions hinder your ability to maximize profit and generate cash flow. If bank errands require 60 minutes twice per week, that’s 2 hours of missed productivity. Let’s say you assign it to an employee making $15 per hour. Not only are you losing that time, but it may cost you up to $1,500 a year just to deposit those checks.
Much of the noise you experience from banking errands can be eliminated with one simple solution - remote deposit capture. Remote Deposit Capture (RDC) encourages you to be lazy without feeling guilty about it. With RDC, your business can enjoy the highest check approvals, receive check guarantee benefits, and deposit checks right from your desktop – essentially bringing the bank teller window to your point of sale. We call it the trifecta; you can call it a profit generator.
Layaway vs. Multiple Check – One is More Profitable
Calling on layaway customers to encourage them to pay off their account may be another interruption you could do without. It can also be a direct expense, since merchandise on layaway takes up valuable space and can reduce your income per square foot. A Multiple Check program enabling you to verify 2-4 checks to be deposited over the next 30 to 90 days may eliminate both. If your check processing service guarantees verified checks, then you know your revenue is secure, and you can let your customer take her purchase home the same day. Multiple Check is more profitable than layaway because you increase sales, free up floor space, and create a very happy customer who gets immediate satisfaction from her purchase. Think of Multiple Check as “in-home layaway.”
Let’s face it, there’s only 24 hours in a day and you conduct business during only a fraction of them. Don’t waste precious minutes going to the bank. We can’t guarantee to eliminate TV and radio ads from your daily routine – we’re not TiVo or Netflix after all. But we can guarantee you’ll never have to leave your store to deposit checks.
Even better, we’ll guarantee payment on approved checks. So save yourself the headache and losses from bounced checks. Guarantee yourself payment while depositing checks from your desktop. See what it’s all about in this free remote deposit capture guide.