The idea of “saving money” can mean many things to a business owner.
Reducing overhead, investing wisely, and maximizing time are all areas where businesses try to make their dollars go a little bit further. Thanks to some of the products offered by our cash management group, business owners can save time and money on daily, weekly, and monthly activities.
If you’re a business owners, adding employees can present both sides of the issue; increased personnel helps improve service, but the payroll implications can be a headache.
Now, with our ACH service, you can provide both seasonal and full-time employees with direct deposit easily.
Most large companies already offer direct deposit, but many smaller and newer businesses haven’t yet eliminated paper checks from their daily and monthly duties. Direct deposit refers to the electronic transfer of a payment from a business account into an individual’s checking or savings account.
This is an ideal way for companies to manage:
- year-end bonuses
- expenses (travel, parking, etc), and
- vendor payments
Direct deposit can make your business more efficient by eliminating manual check processing, reducing administration costs, and simplifying the account reconciliation process.
This service can also provide you with a safeguard against fraud. With direct deposit, the risk of fraud is reduced by minimizing the potential for counterfeit or stolen checks, altered amounts, and forged signatures. Also, it helps the environment be using less paper.
Because there are no physical checks, nothing can get lost in the mail. So when your employees want/need their paycheck on time, the quickest and safest route is direct deposit.
Another part of our cash management quite is Image Remote Deposit.
If you’re a business that receives a lot of personal checks, Image Remote Deposit is a fantastic way to save your time and energy. With a scanner on your desk, you can make a deposit without leaving customers or other duties.
How does it work?
We equip your business with the image remote deposit technology, which includes a small table-top check scanner and the software to manage each step in the process. Using the check scanner connected to your PC, checks are scanned and captured electronically in a similar fashion to the service a teller would provide at a branch.
A series of simple screens guides you through the deposit process: scanning, preparing and balancing electronic deposit batches, and approving the transmission of these deposits directly to the bank.
The bank receives the electronic deposit file, posts the deposit to your account, and processes the deposit images instead of the original paper items. An email verification of deposit is sent to your designated email address, automatically confirming receipt of the deposit. Also, you have until the end of the business day to make your deposit rather than the traditional mid-afternoon branch deadline.
Being able to stay at work – making money – isn’t the only great feature of this service.
Once you, an employee or a courier service takes checks to the bank for deposit, those checks are gone. If you have ever needed to reconcile an account with a vendor or client that pays by check, going through bank statements to find a check can be tricky and time-consuming. With this service, images can be searched, retrieved, saved and printed via a secure Web browser.
Detailed reporting is available for current and past deposits, and can be exported for analysis. By making the deposit from your office, you can improve your small business’s organization and save you time and effort.
By saving paper and gas, this is also a great way to run a more environmentally-friendly business.
Also, the ability to deposit checks from your office can get money into your account faster. There are times when getting to the bank during business hours just doesn’t work out, and times when other aspects of your business suffer because you needed to get the deposit to the branch before a specific time.
Every day that passes between you receiving a check and it being deposited is another day your business waits for payment to actually take place. Instead of waiting until the next day (or a couple of days later) to get your deposit to the bank, why not take care of that business from your office?
Popular Community Bank offers these outstanding services that can help you save time, energy and money today.
If you have questions about how to add direct deposit, image remote deposit, or any other services to your current business package, speak with a representative at your local branch.