Small and Medium businesses are experiencing double digit growth. This directly implies that A/R teams will have to process an increased volume of payments. While electronic payments involve manually reconciling payments to remittances, paper check processing could be a costly affair.
There are multiple options for processing checks:
- Increase team size: If SMBs choose to process increasing check volumes manually, they will inevitably end up increasing man-hours for check processing
- Use basic Remote Deposit Capture (RDC) technology: Saves the work of opening envelopes, however, manual work is still required for check processing
- Bank on the Lockbox: It will reduce, not eliminate the manual tasks associated with check processing and the cost factor will increase
- Explore RDC 2.0: Achieve end-to-end automation, from check deposit to payment reconciliation
The ebook compares the options for processing checks on multiple parameters including processing cost and resource requirement.