Consumers are rapidly adopting mobile remote deposit capture (mRDC) technology, largely because it saves them a trip to the bank or the cost of a stamp and the effort of filling out a deposit slip. But SMEs also stand to benefit from this mRDC technology, which could significantly improve their bottom line.
A new research report by WAUSAU Financial Systems and Celent finds that small and medium-sized businesses hold the greatest potential for RDC. SMEs continue to receive checks as payment and check payments have increased in the last three years, according to the 2016 AFP Electronic Payments Survey. Paper checks, however, are time consuming and costly for the payer and the receiver, but mRDC allows companies to digitize payments. WAUSAU concluded that mRDC is most beneficial for SME’s that receive several checks a day, but opponents of mRDC, such as Pew, are calling for greater transparency in mRDC solutions. mRDC could save SMEs the expense of writing and accepting checks, the time it takes for funds to clear and the hassle of visiting a bank branch.
Here are the data:
$740 million | The amount lost each year among SMEs in the U.K. because SMEs forget to take checks to their bank
$1,000 | The amount that SMEs miss out on when they forget to deposit a check.
20% | The percentage of SMEs that forget to deposit a check at least once a week, according to Barclays
11% | The rate of consumer adoption of RDC technology in December 2014, up from 2 percent in 2011
9 | The average number of checks per day received by SMEs with online and physical storefronts, according to the study.
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