Benefits of Using a Check Scanner in Your Business

Checks have been around for the longest time and are still a key component of most businesses. Even though some studies indicate that the overall number of checks has gone down, the value of the payments has increased over time. You may ask why has the value of this means of payment gone up. It is because many businesses use checks to cover the enormous value transactions.

Just because you use checks in the current world does not mean you should still use the ancient check reading technology to process them. Technology has evolved, and your business needs to evolve too. Technology has changed how companies handle checks by introducing new check scanners that are more efficient.

Panini is one of the leading producers of effective check scanners worldwide. The company looks to offer check capture solutions to businesses. Panini looks to manage the check processing opportunities such as remote deposit capture, back-counter, remittance processing, and teller capture. Their product portfolio strives to deliver superior performance in critical areas such as MICR reading, printed endorsement, image quality, and document handling. Below are the reasons why you need an effective check scanner for your business:

#1. Remote Deposits

With this new technology, you do not have to take your checks to the bank manually. You are now able to scan the check and then send it to your bank. You are assured of security since you do not carry along your checks heading to the nearest branch. The process is swift and straightforward. In few seconds, the bank has your check. Remote deposits ensure the check verification is easy, convenient, secure, and fast.

#2. Enhanced Productivity

In the era we live in today, most businesses are actively engaging the evolving technology to boost productivity and streamline operations. The check scanner allows companies to use the latest technology in scanning checks rather than follow the conventional manual processing. A lot of time is wasted photocopying checks, physically organizing, storing, retrieving the checks, and even manually inputting the numbers.

Have you ever considered the hours lost queueing at the bank to deposit the check? With this amount of time wasted, your business might not be as productive as you would wish. A company that receives several checks will categorically not be that effective if it uses the conventional methods to process these checks.

However, with the help of a check scanner, the business will eliminate all these tedious and time-consuming tasks. The business owner has more time to work on the improvement of the company. With check scanners, you can scan as many checks as possible in few minutes.

#3. Saves on Labor and Administrative Costs

Checks handling can be pretty expensive if you decide to use the ancient check processing methods. A massive chunk of these costs comes with administrative costs. There are lots of processes and people involved in handling the checks. Just like any business, the management looks to reduce the costs to be as low as possible. A check scanner comes in handy in bringing down such costs. Investing in a scanner means a fewer number of employees who handle the check processing as well as a reduction in time.

With the conventional check processing method, there is the risk of errors that may affect the business negatively. You will save on administrative, labor, and storage costs since there are no physical checks to store. They are stored digitally.

#4. Enhanced Security

Few people handle the electronic checks, and they are verified against databases for individuals or companies bearing fraud records. That means the check scanners add a layer of security to your business check transactions. Digital checks are assessed for authentication via digital signatures and critical cryptography to ascertain if the check provider can make check payments from that specific account. Again, e-cheques are checked for duplication and encrypted, meaning they are safer.

#5. Automatic Information Storage

These check scanners use magnetic ink character recognition that reads and saves data from the scanned checks. All information on the checks is stored digitally and automatically organized in some database. The business owner can easily retrieve, manage or file the check’s information with few clicks on their computer. With the check scanners, you do not need filing cabinets to store the checks. To get the check, search on your database and export it.

The conventional check processing methods are quite time-consuming and tedious at the same time. You can imagine the amount of time lost working on a cheque until it is stored in the files. You have to ensure the checks are authentic, take them to the bank, and queue for hours as you wait to be attended to. With the advanced check scanners, you do not have to waste a lot of time processing checks, no extra administration or labor costs, and your checks will also be authentic. The scanners automatically check for the authenticity of the checks before you can use them.