Why Pay More: MultiSite has it for FREE

Remote Deposit Capture, in its most simple terms, is a service which allows a user to scan checks and transmit the scanned images and / or ACH-data to a bank for posting and clearing. The basic requirements for an RDC service currently include a PC, an Internet connection, a check scanner and a service provider such as your current bank. Checks you receive at your corporate or bank location can be scanned to create a digital deposit. This digital deposit is then transmitted (usually over an encrypted Internet connection) to your RDC bank or service provider who then accepts the deposit, posts the deposit to your account and assigns availability based upon your availability schedule.

• You do not have to go to the Bank. Scanned checks are converted to ACH images.
• Accelerated Clearing of deposits because of the Check 21 legislation.
• Improved Availability of funds because you can make deposits earlier in the day.
• Reduced Returned Item risk because the faster you get a receipt deposited the higher the probability that the funds are available.
• Reduced Processing Costs because the deposit process is less prone to errors and is automated.
• Consolidation of banking relationships because you may no longer be tied to a local bank, you can consolidate all your properties to use your preferred bank.

Remote Deposit Capture often has different names depending upon how the service is applied within a particular environment. These names include “Corporate Capture”, “Merchant Capture”, “Image Deposits”, “Image Cash Letters”, etc. In general, we see the term “Remote Deposit Capture” increasingly used as the catch-all phrase for a family of related products and services. Each of these service family members are related in 1 common way: The service allows for checks to be truncated and cleared electronically.

Using the Online RDC provided by your bank will be your lowest cost solution. The Banks want to encourage the use of RDC as it lowers their transaction costs just as it lowers your transaction costs. The Banks will charge you a transaction fee. Shop around for your lowest transaction fee. And the integration with MultiSite is Free.

• Third party providers use a bank Clearing houses so you can use a variety of different banks for your properties seamlessly.
• Easily add transaction charges to your tenants.
• Incorporate your bill paying directly into your website, instead of using the Bank Online web.
• Money Orders can be scanned and applied
• Enhanced web software allows customers to lookup transactions, account history, etc.
• Call MultiSite for more information about third party providers.

All forms of RDC that we know of provide all the necessary software to scan and process your deposits then an export feature allows you to write a file to your local hard disk. MultiSite reads this file and securely transports the information to our business servers. Our automated process posts the deposited receipt to the correct tenant ledger or Miscellaneous Income ledger and automatically pays down open balances. Open balances are paid off according to your setup in MultiSite.