Merchant Remit Solution for Financial Institutions
Benefits
Consolidate banking relationships
Merchant Remit's remittance and lockbox processing eliminates the need to have a local banking relationship associated with each business location.
A more efficient corporate treasury
This software application makes corporate treasury operations will simply be more efficient. Lower transaction processing costs, reduced funding rates, enhanced cash flows and consolidated banking relationships will result in a treasury department which has more time to focus on more productive endeavors.
Reduced internal accounting costs
Corporations can also save time and costs associated with bank account analysis, reconciliation and management, creating, balancing and transporting deposits, and associated keying and preparation for posting to accounts receivable.
Accelerated clearings
Merchant Remit's remote check deposit allows corporations to capture deposits in any office, business location or processing center, thereby eliminating the need for checks to be transported to the bank.
Improved customer service
On-site digital image archive and other instantly available information will facilitate deposited item research, particularly for expediting collection of returned items.
Improved availability
Most banks offer availability schedules which depend upon time of deposit. The earlier a corporation can make the deposit at the bank, the better the availability schedule assigned to the deposit. Merchant Remit makes all of this possible with remote check deposit.
Enhanced cash flow
Corporations can improve cash flow and working capital through accelerated clearings and improved availability.
Reduced return item risk
The cost and risk of moving items to the bank will be substantially reduced through the use of check image scanners, check scan verification and remittance processing software for a more cost-effective and safer environment.
Reduced transportation costs
The cost and risk of moving items to the bank will be substantially reduced for a more cost-effective and safer environment.
Data mining
Every field on an item can be captured and placed in a customer database during the scanning process. This information can be used for future fraud detection and marketing and account analysis.
Improved banking relationships
Merchant Remit, remittance processing software, provides a vehicle for businesses and corporations to redefine their banking relationship with regard to item processing charges, return and posting fees, availability schedules, credit relationships and compensating balances.