Posted by Tom Lombardo on Wed, Oct 15, 2014 @ 11:00 AM
Americans write a check to pay for one out of every five purchases of $100 or more, and over the course of the recession the value of an average check ballooned to $1,420.50 while one in five people said they increased their use of checks.
Why are checks gaining traction now, right in the midst of a revolution in digital payments? First, because a handwritten check is an exceedingly secure form of payment, and second, because checks have the highest rating for bookkeeping accuracy, an aspect of checkwriting that appeals to fiscally conservative consumers whose ranks grew dramatically during the recession.
And yet many small businesses have not yet adopted Remote Deposit Capture (RDC) technology, despite the fact that doing so allows you to:
- Save time and money by eliminating or reducing trips to the bank. How much time and money can I save with RDC?
- Verify the check’s authenticity, virtually eliminating the risk of check fraud
- Deposit the check into your merchant account right then and there, accelerating cash flow
- Obtain a revenue guarantee for the amount of the check, depending on the check processing company you choose. CrossCheck not only guarantees the check but also eliminates any claims process that might slow down your cash flow should one be returned.
Remote Deposit Capture can be implemented with ease – especially if you work with a check processing company that has a free loaner equipment program, as does CrossCheck. When you swipe a check through the device you will know in moments if the revenue from the check is guaranteed or not.
Obviously a service that enables you to accept large payments with complete confidence requires that you pay a fee, but in our experience the fees are negligible when compared to the potential cost savings Remote Deposit Capture can provide.
That’s what this calculator will help you discern.