Are you a business owner looking for convenience? Would you like to decrease your number of trips to the bank during the cold winter months? You don’t need to look any further than Merchants Bank and the convenience provided by Deposit-on-Demand.
Merchants Deposit-On-Demand is a cash management tool which allows you to convert paper checks to images, which are transmitted to the Bank for deposit. Using a scanner and software provided by Merchants Bank, you can reduce the time it takes to create a deposit and eliminate the need to drive to the Bank to make your deposit.
How does Deposit-On-Demand work?
- Paper checks are converted to images and then electronically transmitted to the Bank.
- Same day availability cut-off times will be extended to 6:00 pm (CST).
- Businesses can access images of checks deposited at their own computer for up to 7 years after contracting with the service.
- Faster deposit creation and character amount and legal amount recognition to reduce hand keying or using remittance advices to automate receivables posting.
You are a perfect candidate for implementing Deposit-On-Demand if:
- Your business doesn’t deal with a lot of cash
- Your business is geographically challenged! (Not located near a Merchants Bank branch.)
- Your business has few personnel available to take deposits to the Bank
- Your business receives checks throughout the day and would like to get multiple deposits to the Bank without making multiple trips to the Bank.
- You want to save money on service charges associated with deposited items.
- Your business has higher receivable volume and wants to take advantage of today’s technology and add efficiency to the deposit and posting process.