Scan, Deposit, Done

Depositing checks no longer requires a trip to the bank, just a few clicks of a mouse. Remote Deposit Capture (RDC) is a simple technology becoming increasingly popular among businesses as it requires only a specialized scanner connected to a computer. The scanner, typically supplied by the bank, captures images of both sides of each check. The scanned images are transmitted directly to the bank through an encrypted Internet connection. Once the bank receives the information, it is processed and funds are deposited directly into a business's account.

The ease of use is appealing, but business owners may be leery of technology costs or concerned about the security of financial information being transmitted electronically. Here’s what you need to know:

Scanners

There are many different types and sizes of check scanners, but the two main types are single-feed and multi-feed. Single-feed scanners take one check at a time and are designed for lower-volume businesses and consumers. Multi-feed scanners let you scan a batch of checks together. Before you decide whether or not RDC is right for you, evaluate how many checks you expect to scan on a regular basis, and share this information with your bank so it can help you select which scanner suits your needs. Scanners cost between $450 and $899.

Software

To use RDC, a few programs and device drivers may need to be installed on your computer, depending upon the scanner model and application that your bank uses. A bank technician can walk you through the setup process and help connect the scanner to your computer. These services are included in a monthly usage fee ranging from $50 to $250 depending on how many accounts and checks are involved.

Any current generation PC should be able to run a scanner as long as it has Windows 7 or higher and Internet Explorer 9 or higher. Mac users can use RDC, but certain scanners and programs may have issues with Apple’s operating system. Check with your bank regarding hardware compatibility.

Most RDC applications run directly from a secure website. Each individual who will access the site should have his or her own unique user name and password to log into the system. You create deposits by entering the check information and scanning the items. You can also view reports on previously deposited items.

Business Benefits

The primary reason businesses access RDC is its ease of use and convenience. RDC enables businesses to easily deposit checks without the need to consider their proximity to bank branches. However, it also enhances cash flow by enabling deposits into multiple accounts, and provides greater reporting capability with deposited check images and reports stored on either an external device, such as a thumb drive, or websites, for future reference.

Keeping Information Secure

In the age of electronic processing, it is more important than ever to make sure information is secure. Since the names and accounts of your customers are included on any check that is processed through the RDC system, it is imperative that the computer with the scanner is kept free of viruses. Most RDC websites and programs are built with data encryption included, which secures the transfer of transactions to the bank.

Virus or malware intrusions on the computer  allow malicious programs to steal user credentials or create fraudulent items. The best way to mitigate this problem is to have a stand alone computer that is used solely for RDC with up-to-date antivirus and antispyware programs installed.

The location of the RDC workstation is equally important. As items are scanned, they will show up for review on the computer monitor, so the screen should be away from public view or hidden by a privacy screen. Be sure to retain the scanned checks for the time period designated by the bank by either storing them in a locked cabinet or in a safe where they can be accessed when needed. 

Beers is the marketing officer and Medico is an IT application support analyst at Centrix Bank, a commercial bank based in Bedford. They can be reached at dbeers@centrixbank.com and cmedico@centrixbank.com.