by Debi Enders
Remote deposit is a banking service that allows you to scan checks and submit your deposits to your bank from your business or home office computer using a secure Internet connection. Is it convenient? Absolutely! And remote deposit is an automated, environmentally friendly banking technology that also makes good sense for many small businesses. It not only saves the time and expense associated with bank runs but also enables small businesses to make deposits immediately rather than holding them until they can make a trip to the bank.
You’ll also gain access to funds faster. Still, you might be wondering if remote deposit is right for YOUR small business. To decide, just do the math.
Begin by calculating your current deposit-related costs. Do you make trips to the bank daily? Weekly? How much gas is burned on each trip?
Think about the person who makes the deposits. How much time does it take? What is that person’s time worth in dollars and cents? Is there a better way to spend it?
Now consider the cost of remote deposit. You’ll want to check with your bank on this because each one charges differently.
First, ask about the special equipment you’ll need to scan your checks. Check scanners can cost up to $250, but some banks (Commerce is among them) provide one at no cost.
Then calculate the number of checks you typically deposit each month and look for a rate plan that fits your needs. You may have a choice of paying by check or with a flat fee. At Commerce, for example, a $15 monthly fee* covers up to 300 transactions.
Wherever you bank, be sure to read the parameters and the fine print for your remote deposit plan. More times than not, you’ll find it is the smart way to go. *The first two months are free.
Debi Enders (debi.enders@commercebank.com) is vice president, small business banking at Commerce Bank.
Submitted 7 years 65 days ago