What businesses should look for in a mobile RDC solution from their bank

As a hustling, time-starved business owner, taking multiple trips to the bank per week to deposit checks just doesn’t make sense. Using a mobile remote deposit capture (RDC) solution that allows you to deposit your checks remotely, however, certainly does. Mobile RDC is a fast and convenient time-saver that many businesses are using to get their checks deposited more quickly and efficiently. As consumers, we’re getting used to depositing our checks through our bank’s app, but is that the same solution that a business owner should use?

Is a mobile remote deposit solution right for my business?

For consumers, app-based mobile check deposits can be very convenient. As a small business owner, consumer-level solutions can be painfully limiting. It’s important to note that there are some bank-provided mobile RDC platforms that are adapted from consumer versions and modified to have increased functionality. Unfortunately, these modified versions can also be limiting. The best solution is one that was purpose-built for businesses from the outset. With these differences in mind, it’s crucial that business owners know the differences between consumer and both types of business mobile RDC solutions. What sets these solutions apart, and what you’ll want to focus on, are the specific features that the bank’s mobile RDC solution provides.

What are the key features to look for in a bank’s mobile check capture solution?

1. Deposit multiple payments in a single transaction, faster

The average consumer might not need to deposit multiple payments in a single transaction but this is a must-have for any business that wants to save time with their mobile remote deposits. You’ll also want to look for the ability to easily access deposit history to review the status of previous deposits. Another benefit of business-centric RDC solutions is that they generally allow for later cutoff times for deposits than RDC solutions for consumers do, giving you more flexibility for making those remote deposits on your schedule. Remote deposit capture solutions for businesses also typically have higher deposit limits, allowing you to help keep cash flow positive.

2. Capture invoices, remittance items and associated documentation

While mobile RDC systems made for the average consumer only allow them to deposit checks, mobile RDC systems that are made for businesses will enable you to remotely capture more than just checks.. Look for the ability to link non-check documentation like invoices, agreements, envelope addresses and more to individual checks in a single mRDC deposit session. Ask about search functionality, making historical captures easier to find and index. This allows you to cut down on excess paperwork and keep digital documentation of essential files.

3. Access detailed reporting

Beyond simple deposit history, look for reporting capabilities that include the ability to look up deposit and payment histories, track revenue, and even identify top customers.

4. Export data to accounts receivable systems like QuickBooks®

You want these transactions to flow into your accounting or ERP systems. A good mobile RDC system for businesses should include the ability to export your data to your accounts receivable software such as QuickBooks® to create efficiencies in your AR process. That will save your accounting staff time and will help ensure that no deposit gets accidentally overlooked.

5. Onboard easily with self-service prompts and intuitive workflows

Since you want access to all of these features, it’s imperative that you know exactly how they work. A good mobile RDC system should have built-in functionality that helps explain how each of the various features work. Getting answers to your questions directly in the app will save you time by not having to contact your financial institution’s customer support team.

6. Segregate duties and control user access

If you’re a business that is going to need multiple users to utilize your mobile remote deposit system, you’ll want to make sure your bank offers the ability to define user roles. With the right settings, you’ll be able to restrict access and data visibility to certain users. This means that if there’s sensitive data that you don’t want certain users to access, they won’t be able to. Look for an app that also has desktop integration, so if you have users that don’t need direct access to the app, such as individuals in your accounting department, for example, they’ll still be able to access the information they need to get their jobs done.

Beyond all of these key features, make sure that your bank’s mobile remote deposit solution offers multiple security layers, helping keep your mobile deposits safe and secure.

As you can see, there are a lot of features that consumer-based mobile remote deposit systems just don’t have that can help make life easier for business owners. Your business deserves a mobile remote deposit capture solution developed specifically for you. Make sure your bank is offering the robust functionality you need so you can save time, speed cash flow and keep core business needs on track.