Smaller businesses with limited resources are turning to remote deposit capture as a way to streamline internal processes, but nonprofits may not realize it could be beneficial for them to do the same. Nonprofit organizations are often short on manpower, time and funds, which makes them the perfect candidates to try a check scanner and accompanying software to handle donations, payments and registration fees. Implementing this technology could offer various benefits to those running such organizations.
• Better resource management. Manually depositing checks takes valuable time out of the day, especially when it means an employee has to leave work to run to the bank. Nonprofit groups may not be able to afford the extra help they need to keep operations running smoothly, and sending someone to the bank each day can only further strain resources. Being able to deposit checks from the office allows someone to focus on other tasks rather than sit in traffic, wait in line to see a teller and potentially arrive after the bank has closed.
• More timely transfers. For nonprofit operations, every penny counts. It's often not possible to let checks sit around in a safe until someone can make a trip to the local bank to deposit them. Even if someone can make the trip to the bank immediately, it's possible the checks will take days to clear. Remote deposit capture technology transfers funds more quickly, allowing organizations immediate access to any donations or payments they need. This improves cash flow options for a group and allows them better control over funds.
• Less risk. When a nonprofit can't afford the time necessary to send someone to the bank each day, they face additional risks. The longer checks sit around in an office for, the greater the chances they'll be misplaced or lost. With remote deposit capture technology, an organization can scan checks as they receive them, rather than setting them to the side.
• Reduced costs. The expenses associated with traditional check management can be overwhelming for some nonprofits, especially those operating on small budgets. The cost of the gas necessary to get to the bank, as well as paper and ink expenses for organizations that must process checks internally before depositing them at a financial institution, can add up. A check scanner cut some of these expenses.
June 12, 2013