There are more than 20 million small businesses in the United States, and less than 5 percent of them are currently using remote deposit capture (RDC). They are missing out on a huge opportunity to expand and increase revenue from current and new small-business clients. Adopting RDC would help banks attract small businesses that are interested in improving cash flow and finding more effective ways to collect money.
Unfortunately, most community banks are failing to see the advantages offered by RDC. In a recent survey, it was found that 38 percent of small-businesses respondents said it was “important” or “very important” that their financial institutions offer RDC. That’s why it is crucial for banks to develop an RDC offering that meets the needs of their customers.
When figuring out what type of RDC is best for your customers, determining a price structure is crucial. Small businesses are willing to pay for this service, but it would benefit you more to offer it as part of a bundled service with a monthly charge. Other things to consider when choosing your RDC offering include issues such as control vs. flexibility; security and compliance; implementation time; deliverability; and customer service.
For more information on remote deposit capture and how it can benefit your bank, please visit Bank News.