Research firm the Aite Group has released a new report that looks at the key drivers of small business adoption of remote deposit, including faster availability of funds, lower costs, greater times savings and later deadlines for deposits.
The survey found that 16 percent of small business owners use remote deposit and at the end of 2009 the number is expected to rise 25 percent. The report is based on a survey of 303 U.S small businesses that generate less than $10 million in annual revenue.
Close to three-quarters of the 30 largest U.S. banks offer remote deposit to their small business customers, while 37 percent of community banks offer the same service. Only 19 percent of small businesses use services provided by on of the top five banks.
"While banks have much to gain from offering remote deposit service, the greatest benefit continues to be the banks' ability to better serve customer needs," says Christine Barry, research director with Aite Group and author of this report.
"As banks of all sizes increasingly look to win the business of the highly desired small-business customer segment, their ability to offer coveted products - such as remote deposit - will play a large role in their overall success."
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Comments
define remote deposit
Would you please define "remote deposit"? Are you referring to deposits that are made electronically with credit cards (we all have that) or the kind of deposit that is made by scanning a check at the point of sale & batching it at the end of the day?
All that being said, deposits just can't get in quick enough it seems these days. Lag times of 2 - 5 days (especially over weekends) are a killer. Let's not get started on bank fees either.
With many if not most businesses seeing less cash & check deposits (used to be about 75% of deposits 10 years ago, now it's maybe 10%), and more credit cards, the CC fees are a real blow to the bottom line. What starts out as a 2%-ish rate really becomes 4-5% after all of the nickel & diming.
It seems that the only ones truly making money are the banks & cc companies. I'll get off my soapbox now.
Remote Deposit
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