Articles
August 3, 2009
Mobile Deposit Poised to Ease the Mixed-Remittance Dilemma
by Bhavik Patel
today
Businesses in virtually every industry are making concerted efforts to reduce the amount of paper processed, particularly in their remittance operations. Electronic transactions reduce costs, speed clearing, and streamline back office operations. Many businesses are encouraging their customers to pay their bills via EBPP or recurring debit or credit card. Consumer adoption of e-payments has accelerated in recent years, with e-payments and direct debit transactions now exceeding paper remittance transactions (Source: Tower Group). But despite these advances, a considerable percentage of payments continue to be made with paper checks, so billers are likely to grapple with a mix of paper and electronic transactions for the foreseeable future. Many billers rely on check clearing techniques - such as ICL, ARC, and remote capture - to convert paper checks to images for electronically clearing. As a result, remote capture has been very effective in minimizing paper and reducing costs for companies with many satellite locations.