MISSISSAUGA, Ontario--(BUSINESS WIRE)--Although emerging payment forms, such as digital wallets and electronic person-to-person payments, are rapidly growing in popularity, the paper cheque still remains a widely-used, viable payment option for many Canadians. In fact, a recent study revealed that cheques and paper payments constitute 40% of the total value of retail payments.1
Ease-of-use, availability and willingness of merchants to accept cheques are all contributing factors to their continued use, and electronic cheque imaging is an excellent method of improving operational efficiencies while reducing risk and the time it takes to process deposits. Cummins Allison, a leading innovator of coin, currency and cheque processing technology, outlines ways that financial institutions, retailers, and other businesses can reap the benefits of electronic cheque imaging with the right equipment.
Embracing Branch Capture and RDC
For financial institutions, the desire to reduce fixed costs, along with mandates from the Canadian Payments Association to increase efficiency in payments processing, are driving exploration of a branch capture model for the processing and handling of paper cheques. This model makes sense for two reasons: it significantly reduces institutional costs and increases branch automation.
For merchants and other businesses, remote deposit capture (RDC) is still an up-an-coming concept. Electronic imaging allows these businesses to automate cheque processing, eliminating time-consuming and tedious manual process, as well as errors. Additionally, deposits can be prepared and delivered to the organization’s financial institutions faster and more accurately.
Streamlining Paper-Based Payment Processing with the Right Equipment
While the benefits of branch capture and RDC are clear, they can be lost if the right equipment is not deployed. Selecting advanced cheque scanners that are feature-rich, as well as hard-wearing and backed by excellent service, is essential.
Today’s advanced cheque scanners are equipped with standard options like physical endorsing and franking, but can also be used for ID scanning and magnetic stripe reading. A cheque scanner that is future-ready and offers multiple capabilities, beyond basic scanning, also ensures a much better return on investment.
A range of Cummins Allison’s cheque scanning equipment will be on display at booth #20 during the 2014 CPA Payments Panorama Conference and Trade Show, June 25-27 in Charlottetown, Canada.
1Examining Canadian Payment Methods and Trends; Canadian Payments Association; October 2012
About Cummins Allison
Cummins Allison is the leading innovator and provider of cheque, currency and coin handling solutions. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.ca.