?Businesses fight money loss through the use of secure technology
EAGAN, MN — Businesses across the country have been reacting to the recent rise in check fraud by employing the use of digital check scanners to protect data and reduce losses.
A recent study conducted by the Association for Financial Professionals found that 75 percent of organizations experienced check fraud in 2016. This is an increase from 71 percent in 2015 and reverses the declining trend in check fraud since 2010.
For those business that accept dozens of checks per day, like property management companies, this can equal serious losses that need to be avoided.
With the upward trend in check fraud, companies like Bank Systems Marketing in Eagan, Minnesota, are urging property management companies to update their monetary systems to include an extra layer of security.
“A digital check scanner will protect your business from fraudulent checks,” said Patrick Lorence. “Property management companies that receive their revenue from checks should take advantage of these secure payment systems to prevent money loss and save time.”
Increasing Efficiency in Property Management
Not only are check scanners protecting businesses from fraud, they are also quickly becoming the most efficient way of collecting, depositing and managing funds. High-speed check scanners, such as the TellerScan TS240 or the Panini VX50, can process 50 checks in a few minutes, saving property managers time and resources.
For companies that process dozens of checks a day, this opens the door to huge efficiency gains.
For example, check scanners provide many benefits to the everyday property manager. Implementing a scanning system allows property managers to easily scan rent checks, as well as deposit and access them in a single day, eliminating time-consuming trips to the bank and manual paperwork.
In the past, it used to take days for checks to clear as paper traveled from the bank of first deposit to the paying bank. Thanks to digital scanners, rent checks are converted into electronic payments which makes the clearing process more efficient. Property managers can now access same-day credit for deposited checks, versus the three-day float that was common in past decades.
Overall, the extra layer of security businesses receive by installing a check scanning system can effectively reduce the number of fraudulent checks a company receives, while also cutting down time and resources.