By: Eddie Curran | Category: Financial Services | Issue: October 2016
Kyle Beggs, Agent/Owner of RCI Insurance Group and fan of remote deposit capture; Eddie Curran, RCB Bank Business Services Director.
When I think of small town local businesses, I’m reminded of Mayberry from “The Andy Griffith Show”. In Mayberry everyone knows your name when you walk in the door. You pay with nickels, dimes or whatever you have. If not, you start a tab and pay it off when you can.
Things are a little bit different now, but even in our fast-paced modern world, the spirit of Mayberry can still exist at your business. It begins by cutting down on the time you spend away from your customers. For instance, skip your daily trip to the bank. Seriously.
Ask your bank about Remote Deposit Capture (RDC), which lets you process and deposit checks from your customers into your bank account without leaving your shop.
Are you business owner A or B?
A: You collect checks. Fill out a deposit slip, adding up your total once, twice or however many times until it balances. You leave your shop and drive to the bank. You wait in line to make your deposit. Then, you head back to the shop; maybe run an errand on the way.
B: You don’t have time to run to the bank every day, so your checks pile up in a drawer until you make your weekly trip. (Did you know the longer a check sits un-deposited, the higher risk it may bounce?)
Both business owners can spend more time with their customers with the convenience of RDC. Plus, they can keep their cash flow going by adding funds to their accounts quicker.
Did I mention you can save money and possibly a lot? If you want to see just how much, check out the RDC Business Value Proposition Calculator, available at remotedepositcapture.com. Enter a few details and you can see your personal cost savings for mileage, labor and productivity by using RDC.
Miles cost money. If your bank is just one mile from your business, that is two miles a day roundtrip, 10 miles per week. That’s 520 miles a year; and with the standard mileage rate at 54 cents, you’re spending nearly $315 a year traveling to the bank. How far are you from your bank?
Time is money. If an employee makes $10 an hour and they spend half an hour a day processing your payments, you’re paying roughly $1,300 in wages for trips to the bank each year.
Things have changed since Opie walked the streets of Mayberry, but one thing remains the same - the value of quality customer service. RDC lets you focus on building relationships with your customers by spending less time managing your daily finances.
Ask your banker for details or give RCB Bank a call.
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