Dual-purpose cash and check scanners can benefit a variety of small businesses, including property management. Each month, these companies process rent checks, and ensuring the payment is legitimate is important.
According to the 2016 U.S. Federal Reserve Payment study, 17.3 billion non-cash payments were made with checks, making it the third most popular form on non-cash payment after debit and credit cards. What's more, the average value written on checks was $1,410 in 2015. This indicates that checks continue to be popular for large-sum payments. In fact, NPR pointed out that the payment method is common in rental properties.
Property managers and landlords have to count payments and sort checks often. And if you oversee a lot of units, the beginning of every month can be hectic. Fortunately, you can save time, keep your records in order and deposit payments with the help of Cummins Allison's JetScan iFX i100. Here's what the dual-purpose cash and check scanner can do:
The machine can scan 400 items per minute, far faster than you can on your own. Instead of spending days sorting out rent payments, get it done quickly with a scanner.
Not only does the scanner count checks, but it also takes images of everything it processes, storing them in your records. This way, you can refer back to the files for tax purposes or recordkeeping without ever having to manually scan all of the payments you receive.
The same day you scan your checks you can deposit them with the JetScan iFX i100's Deposit Balancing Manager. This software sends data to your financial institution, saving you a trip to the bank.
Eliminate human error
With scanning, image records and electronic deposits, dual-purpose cash and check scanners help eliminate room for error in your accounting.
March 8, 2017