Who makes money with Remote Deposit Capture?

What a great question! Doug Hartsema, SVP of JPMorgan Chase & Co. asked this question to a panel of distinguished guest at the recent TAWPI Conference in Orlando Florida this past weekend. All the answers save one pointed to the bankers who wanted to provide the service for free!

It has been proven throughout history that the market determines price, profits and success. No matter how wonderful your product or how determined you are to sell it, in the end the market will set the bar.

In response to a question I asked about “Is this (RDC) a business solution or a banking solution?” the panel correctly pointed out that historically RDC grew out of Check 21 which was intended as a banking solution. However, only one member of the panel said their company focused on the end user. She made it clear that the solution must be business focused.

Obviously we agree. In fact, the banks that only want to capture deposits will have to give it away for free. You don’t even need to think about it to know that when the bank asks you to send your deposits electronically your first inclination is to ask why? The standard answer is to save a trip to the bank and get your money there faster. While there may be some advantage to not having to go to the bank it is hard to quantify because many businesses have cash or plan trips to the bank around other errands. Add to this the fact that even the most robust bank sponsored RDC seems to be bank focused with little in the way of business solutions. Banks are just now incorporating features in RDC that update bookkeeping systems.

We charging for the solutions we offer and our customers are willing to pay. The question is why? And the answer is simple – “Because the customer is making money”. When the customer makes money everyone can make money!

In fact, many businesses are hearing about RDC not from their bank but from their professional associations and from companies like DCS. Here is why:

Software like ACHeck21 not only saves trips to the bank and gets the available funds into a business account as fast (or faster) than a banks RDC solution but it also provides business solutions that create value for a business. Not only will ACHeck21 process back office conversion, remittance processing, remote deposit, check 21 and the other forms of check processing but it offers enhancements. For example ACHeck21 offers a secure gateway that manages a whole host of services and it updates bookkeeping systems including Quickbooks, Archives images of checks (and stubs) and verifies checks. From the Gateway a business can see and represent returns or process an echeck or upload ACH files. Reporting is robust and flexible. Enrollment takes minutes not days or hours. When a business makes money they are willing to share – that means we all make money!