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New Service Lets Lutheran Institutions Electronically
Deposit Checks |
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| Now you can deposit checks without leaving your office. With e.service® Deposit RCTM, our remote deposit capture solution, you simply scan paper checks and electronically transmit the captured images and data for deposit to your organization's bank account. You never have to leave the office to deposit checks. The only hardware requirements for this service are a computer with Internet access and a check scanner that we ship to you. |
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| Benefits |
| See how Vanco's e.service® Deposit RCTM can accelerate your check clearings and free up time. |
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| FAQs |
| Get answers to frequently asked questions about remote deposit capture. |
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| How It Works |
| View the steps involved, from scanning your checks to approving your deposit. |
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| Get Started |
| Contact us for more information and to learn how easy it is to get started. |
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| e.service® Deposit RCTM |
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| Benefits Back to Top |
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| Remote deposit capture offers a number of benefits to your organization, including the following: |
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| Accelerates Clearings |
| Remote deposit capture speeds up the processing of checks by eliminating the need to physically transport them to the bank. In addition, by enabling your church or institution to make more frequent deposits, you'll have funds in your bank account sooner. |
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| Reduces Transportation Costs and Risk |
| If your church or institution currently takes checks to the bank for deposit or uses a courier service, you will enjoy reduced mileage and service expense as well as a reduction in the risk associated with physically transporting checks. While a few items may still need to be deposited in person, the vast majority can be deposited via remote deposit capture. |
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| Frees Up Staff Time |
| Vanco's remote deposit capture eliminates labor-intensive tasks such as preparing deposit slips, endorsing checks and driving to the bank. And because this solution utilizes technology that recognizes the dollar amount on most checks, there is no need to manually enter this information. Simply review the scanned information before approving the deposit. |
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| Reduces Photocopying Costs and Filing Space Needs |
| Remote deposit capture automatically archives an easy-to-access image of every check you scan eliminating the need for you to make photocopies of electronically deposited checks. |
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| Simplifies Check Processing |
| Vanco provides all the tools you need to get started, including a high quality scanner and over-the-phone training. And since remote deposit capture is web based, you won't need software or expensive IT resources to use it. You'll love this new way of processing checks! |
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| How It Works Back to Top |
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Collect |
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Your organization continues to receive and gather checks exactly as it does now. |
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| 2. |
Prepare for Deposit |
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Your organization feeds checks through the easy-to-use scanner that Vanco provides. The scanner captures an image of each check and attempts to recognize the dollar amount. If the dollar amount is recognized, it appears automatically on the screen. If not, you will be prompted you to manually enter the correct amount. |
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Review and Approve |
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After all your checks have been scanned, make sure all the dollar amounts match up before approving the deposit. A list of all scanned checks to be approved will appear. |
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Confirm |
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Vanco generates a deposit report confirming the total amount to be deposited into your organization's account. |
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| Frequently Asked Questions Back to Top |
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| Who benefits from remote deposit capture? |
| The remote deposit capture process contributes significant efficiencies, cost reductions and competitive advantages to the organizations and businesses that use it. Electronic payment processing has advanced to the point that the processing is seamless, and for the most part, transparent to donors. |
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| How widespread is the use of remote deposit capture? |
| All major financial institutions now use some form of remote deposit capture technology to convert paper checks into electronic transactions and it is increasingly used by other large organizations. Vanco's solution is designed for small organizations as well as large organizations. |
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| How did the movement toward electronic payments and remote deposit capture begin? |
| Due to the improved speed, safety and cost of processing payments electronically, both the government and private organizations have been encouraging a move from paper-based payments to secure electronic payments for many years. |
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| Is remote deposit capture governed by any regulations? |
| The Federal Reserve's Regulation E and the National Automated Clearing House Association (NACHA) Operating Rules regulate electronic payments processed over the ACH network. Because of Reg E and NACHA Operating Rules, consumer accounts are protected from unauthorized or fraudulent transactions. |
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| Is remote deposit capture safe and secure? |
| Yes. Once paper checks are converted, electronic payments have less risk involved than physically transporting checks to the bank. |
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| Can I capture additional information? |
| Yes. After each check is scanned, you can enter other information (e.g. envelope numbers) in addition to what the scanner captures. |
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| Get Started Back to Top |
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| It's Easy To Get Started! |
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| Click here to request information or download a startup packet. |
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| You may also call 800-774-9355 and ask for a sales representative or send us an email at Sales@VancoServices.com |
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