Processing and depositing cheques can slow down your operations process significantly. Instead of spending hours, a week manually scanning cheques and then waiting in line at the bank, use these five ways to make your cheque deposit system faster. Once you streamline your process, you will see an increase in productivity and a decrease in operating costs.
Many CFOs are now jumping on board with cash management solutions as a way to solve many of their cash-related problems.
1. Deposit Your Cheques in Batches
When you are constantly driving to the bank and standing in line to deposit your cheques, you are wasting a lot of time and gasoline money. This is especially true if you are only depositing one or two cheques at a time. Instead of depositing your cheques each night, make a weekly trip with several more cheques in hand and save yourself the hassle of nightly bank trips. Most banks offer batch deposits where you summarize the details of your cheques on one deposit slip and deposit everything in a single operation.
2. Use a Cheque Scanner for Faster Processing
Manually processing each cheque you receive is a tedious and time-consuming process. But there’s an easier way: cheque scanning. Cheque scanners can process over two hundred cheques per minute, saving you tons of time as well as administrative and labor costs. The faster you can scan and process your cheques, the faster you can deposit them.
3. Deposit Through an ATM
If your bank doesn’t have a drop box, it might be fastest to simply use an automated teller machine to deposit your cheques. Some ATMs are now enhanced with imaging technology so you no longer have to waste time finding envelopes and filling out deposit slips. The machine reads your cheque information quickly and without any hassle.
4. Use Cheque Imaging for Remote Deposits
By far the easiest solution to depositing cheques is cheque imaging technology. Banks are increasingly getting on board with this new technology to keep customers satisfied. With cheque imaging, you never have to step into a bank and wait in line to deposit your cheques again. You can easily deposit cheques remotely from the comfort of your home or office. You can use a cheque scanner or even a mobile phone app. The process is easy, safe, and convenient. It’s simple: Just scan your cheque to your imaging device—whether it’s a scanner, computer, or cell phone. The device then creates a high-resolution image that can be sent electronically to your bank in just a few clicks for processing.
5. Use Your Bank’s Drop Box
If you have difficulty making it to the bank during their typical business hours, you might just let your cheques sit on your desk until you find time to deposit them. However, most banks have drop boxes near their front doors that can be used to deposit cheques after hours. By using this drop box, your cheques won’t be deposited instantly, but you also won’t be wasting time waiting in line for a teller’s window to open up.