MerchantCapture
Benefits
Merchant Capture provides banks with strategic opportunities to attract new customers and retain existing ones.
Strategic remote deposit capture business targets include
- Any commercial prospect currently beyond the bank's geographic influence. This is a far less capital-intensive way for a bank to expand its deposit base compared to bricks and mortar or acquiring new branches.
- Current customers with multiple locations, many of which are beyond the bank's physical footprint.
- Customers who need fast clearing and availability of high dollar checks.
- Small retail customers who want the convenience of Merchant Capture remote deposit.
- High volume corporate back offices that need the equivalent of a lockbox-remittance processing operation.
- Any current customer that is only a borrower and not a depositor.
Accelerated clearing
- Provides a real opportunity to use Check 21 legislation in a win-win solution for both bank and customer.
- Check images are captured, verified and proofed at the point of presentment, decreasing these costs at the bank level.
- Merchant Capture (remote deposit capture, bank imaging software and check scanning) gives corporate customers the ability to provide banks with an image deposit in Check 21 X9.37 standard, either digital or IRD format, eliminating paper handling by the bank.
- Provides the means to give loyal customers improved convenience, float management and funds availability.
- Offers a better solution to customers than point-of-sale "ARC" conversion.
- Provides customers with "end-to-end" check clearing that improves customer service and satisfaction through reduced errors and fewer disputes.
No retention of physical checks
As the point of truncation is now at the merchant's site, the bank will no longer be required to archive checks or IRDs.
Reduced transportation costs
Banks can substantially reduce their costs for transporting checks to and from their branches and ATMs to their processing facilities, as well as their forward clearing costs. With remote deposit capture there will be no need to provide deposit courier pick up services for large and international customers.
Customer loyalty and larger balances
Provides simplification of banking relationships, frees businesses from their geographic dependencies and provides the ability to consolidate deposits into a single preferred bank.
Branch Capture
The same Merchant Capture technology can be used by any bank for capture of branch items rather than using couriers to physically transport items to a main location for capture and clearing. Reduced costs, later cutoffs and greater efficiency are contributors to easy cost justification.
Lockbox/remittance capture
Banks can provide commercial customers with MerchantCapture's remittance and lockbox services by processing their customer's remittance payments at the bank's location, crediting the customer's accounts and importing the images and data into the bank's regular check processing system for clearing and settlement
