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Merchant Check Capture, Risk
Merchant Check Capture has been acclaimed to be the largest innovation in the banking industry since the creation of the account number. For some bankers it is hard to believe that we have actually legalized customer capture of checks and deposits. For others it is way past time to let customers help reduce back office and teller expense, strengthen customer retention and generate new fee income. With the passage of the Check Clearing Act for the 21st Century, Merchant Check Capture became viable and every check image vendor, without exception, began retooling their systems to take advantage of technology that potentially could be implemented in any of the 5 million U.S. businesses, an opportunity that no bank can overlook.
The list of benefits from Merchant Check Capture is significant, practical, and easy to understand. Changes in business and consumer transactions during the past decade clearly demonstrate their preference for electronic transactions over paper. These preferences help define the value of Merchant Check Capture. One of the most obvious benefits to participating check capture customers is the cost reduction for making deposits. Having an employee drive to the bank is expensive, you have mileage, salary, interruption from normal duties and each of these are reduced or eliminated by Merchant Check Capture. Merchant Check Capture will also extend the customer’s cutoff time by eliminating the drive time to the bank. It is the same as the benefits of electronic tax payments, which is already in use by thousands of businesses each month.
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