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6 Great Benefits of Remote Deposit Capture
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Convenience and a Business Value
You’ve probably heard, "Just because it’s easier, that doesn’t make it better." Yet in business, "easier" almost always equates to "better." Or maybe you know the term by its synonym, "convenience." The funny thing about convenience is it never travels alone. It always brings friends with it, like "efficiency," "accountability" and "productivity." Financially speaking, there are few things more convenient (efficient, accountable, productive) for a business than Remote Deposit Capture (RDC). RDC is like having a 24-hour banking center at your desk which allows you to make deposits electronically at your convenience, anytime day or night, weekends and even bank holidays, without ever having to leave your office. Any company can use RDC, though it may be most beneficial to companies who receive a lot of checks or checks for large amounts. Physicians, attorneys, CPAs, plumbers and heating and air conditioning companies come quickly to mind. All that’s needed to take advantage of RDC is a computer, an Internet connection and a scanning device. Simply scan, submit and authorize…it is just that easy. Information can be transferred directly to your receivables software, saving you time on manual updates and providing quick and effective reconciling with fewer errors. The funds are generally available to you the next business day. Of course, the paper checks should be held for a short period of time in case the customer has a return or needs the original item, but you will eventually shred the check to protect the customer’s confidential information. If you have any questions or want to learn more about the benefits of Remote Deposit Capture, please e-mail me at BizBanking@OmniAmerican.com. I’ll have someone from our Treasury Management department get with you to discuss the cost, credit approval and any other restrictions which may apply.
Talk to the PresidentQuestions can be directed to Tim Carter at BizBanking@OmniAmerican.com 
Q: With the way the economy has been, I feel I need to "bullet proof" myself. I need to start a business I can grow into. Is there any way to figure out how much money it will take to start my own business? Tim:First of all, I commend you on your proactive decision to take control of your career and your future. Making the decision to move forward can often times be the most difficult part of starting out. Naturally, the type of business you start, and how you go about it, will significantly influence the answer. But I like your question and want to address it in a “big picture” way. Start by listing out the things you know you’ll need: franchise fees, equipment, professional services and read my response to a similar question in my previous Q&A. Next, determine which expenses are one-time “start-up” costs. Finally, project other expenses for the next 6 months and 12 months. The Better Business Bureau, www.bbb.org, has an excellent worksheet you can use, along with many other useful tips and insights. The worksheet is a few years old, but it’s as relevant today as the day it was created. Another resource I suggest you tap into is the U.S. Department of Commerce Minority Business Development Agency (www.mbda.gov) which provides additional information on how much money you will need to start a business. It, too, provides helpful checklists and referrals to other resources of information. The Small Business Administration’s Online Women's Business Center at (www.onlinewbc.gov) includes a helpful section on evaluating start-up costs. Finally, "don’t quit your day job" until you can afford to do so! Whether working for yourself or working for someone else, income is still income and you should be careful about walking away from your current job until you can replace that income. I wish you the best and look forward to hearing wonderful success stories from you in the future.
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