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Remote Deposit Capture - What Is It And How Does It Work?
A financial institution service offering that is growing in popularity and adoption is called remote deposit capture, or RDC. In simple terms, remote deposit capture enables a small business to attach a relatively inexpensive check scanning device to a personal computer and to use the scanner to make electronic deposits of checks and money orders to their bank.Automatic debit, or auto debit, is a payment method where the payingentity authorizes the biller (or receiving entity) to automaticallywithdraw funds from their checking account or credit card account onsome regular basis. The pre-authorization process usually involveshaving the payer fill out and mail in a paper form indicating theirdesire to allow the auto debit by the biller, and the biller typicallywill require that the payer attach a voided check to the authorizationform. The voided check is used to verify that the person requesting theauto debit is the actual holder of the account, and it's also used toavoid keying errors that can be encountered when the payer manuallyenters the check information from the MICR line themselves.Insome cases the biller (or whoever is processing transactions on behalfof the biller) will attempt to do a pre-note transaction against thepayer checking account prior to actually enabling the real debit to theaccount. The pre-note process is designed to allow a biller to send anon-financially impacting transaction to the institution that owns thepayer checking account, and to receive back a positive or negativeresponse from the bank as to whether the account is valid and able tobe debited. The pre-note only gives the biller an indication that theaccount is in good standing for a potential debit, but doesn't givethem any indication about the amount of funds that are in the accountor whether the actual debit will be successful or not.Billerslove auto debit when they can get consumers to sign up for it. It putsthem in control of reaching out to the payer's checking account andwithdrawing money on a set schedule as opposed to waiting for the payerto send a check in. It also helps them manage and predict cash flow.Aside from those advantages, it's often the least expensive option thatthey have for collecting money owed to them, especially if the autodebit is a checking account debit as opposed to a credit cardtransaction. Some industries offer incentives to consumers to sign upfor auto debit. Often, loan providers will offer a slightly reducedinterest rate for consumer loans in return for the consumer's agreementto pay the loan using an auto debit or automatic draft process. Otherindustries, such as health and fitness clubs, have taken a stance thatthey won't provide their services to the consumer at all unless theconsumer agrees to an auto debit payment plan.For the majorityof billers trying to sign up consumers for an auto debit payment plan,adoption levels have been relatively low when compared to the otherways that a consumer might choose to pay for services. Propertymanagement companies (apartment owners) have been trying for years toget their residents to pay this way, and have been largelyunsuccessful. Research has indicated that overall consumers don't carefor the loss of control that they experience with auto debit paymentplans. If they are short of funds in their bank account on the day whentheir biller goes to collect, they subject themselves to overdrawnaccount fees from the bank as well as late fees and other charges thatthe biller may decide to impose. Also, although it can be really easyfor a consumer to sign up for auto debit with a biller, it's not alwaysas clear to them as to how to get the auto debit turned off once theyhave authorized it.There are service providers that sell autodebit services to particular vertical markets, or you can buy autodebit services directly from your bank and get guidance from them as towhat internal processes and capabilities you would need have toimplement such services.Rights reserved 2007 PaymentInfoCenter.com
About The Author: Jim Magerswww.paymentinfocenter.com
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