uvresh, Author at iWallet Blog

Appliance Repair Mobile Check Processing Costs

Check processing for appliance repair business sounds simple right? It can be low cost and easy if you understand the different ways to process checks and the costs associated.

There are different factors to consider when you’re running a small to medium size appliance repair business. Having a good grasp on financial costs will help you to save time and money on mobile check deposits.

Today’s business owners can benefit more by using mobile check deposits than by using their traditional bank checking account deposit feature. There are a range of options to consider when they are considering mobile check processing.

Manual Machine Swipe Electronic Check Processing Costs

Manual swipe machines help small businesses to process several checks at a time. While it sounds fast and easy there is a monthly cost as high as $100 to rent the check scanner equipment.

Do you want the money in the bank ASAP? If yes this is not the best check deposit method because cash flow will be slow. Checks will need to be mailed or dropped at the office. This takes time having employees drive to drop off and time for administrative staff to process. You also run the risk of losing checks along the way.

Mobile Check Processing Cost

Using iWallet Business, a free app that allows your technicians to accept checks and make mobile check deposits anytime, anyplace. The app offers more benefits than traditional ATM deposits.

There is a monthly mobile check processing cost of $50 a month for up to 1400 checks per year. Using this method will actually save you money in the long run because there is less back end administrative cost. You also do not have to pay for gas for all the trips to the bank, which these days saves a lot of money too.

Mobile check deposits are great because check payment processing is accepted instantly using a smart mobile phone or tablet. No extra fee for equipment to purchase or to rent.

Accepting checks at time of completed work and using a smart phone to instantly deposit also saves time. Technicians have 24/7 mobile check processing and accounting has 24/7 real-time, consolidated reporting and banking.

Check Return Cost

The ability to make real time, mobile check deposits with iWallet can also potentially help eliminate return check costs. A returned check fee is when someone gives you a check, but they don’t have the funds to cover it. While you don’t plan for returned checks but it happens all the time. This also happens when an account has been closed or if the customer decided to stop payment because they may not have been satisfied with the work performed.

Your techs in the field do a big job and accept a large check for payment, it could takes days before it gets deposited which slows cash flow. Between the time of repair and when the check gets deposited, there is no money in bank account due to non-sufficient funds.

Now you’re faced with two issues, a charge for returned check, you have to waste time and go back to the customer to work out another payment source. While this situation is not your fault it is impossible to know how much the check writer has in their bank account, the depositor is still the one held responsible to pay the fee.

To potentially help to avoid returned checks us iWallet for all mobile check processing. The app that runs all checks through a national data base of bad checks. If the check writer is on the list you will be alerted instantly and the technician can ask for another form of payment on the spot.

Check Guarantee Cost

Check guarantee is another mobile check processing add-on feature which provides appliance repair businesses with check protection to eliminate the risk of non-sufficient funds. This feature helps business owners prevent getting burned by a bad check writer who clears the fraud database but doesn’t have enough funds to cover the work performed.

For a fee of 1.5%-2.3%, during the mobile check processing transaction, you can transfers the risk to the processor, and you will be guaranteed to receive funding on the check. It is simple process, during the transaction where the merchant transfers risk to the processor and funding is guaranteed.

Best Small Business Mobile Check Processing App

Mobile check deposits for personal use is very common, having the ability for multiple technicians to make mobile check deposits into a business account will be too with iWallet Business app.

Anyone can test iWallet Business because there is nothing to buy, no sign up fees and you can cancel anytime without additional cost. With this app you can accept all types of checks, including personal, business and travelers. It is the best 21^st century mobile check processing app for appliance repair businesses with two or more field technicians.

5 Ways for Small Businesses to Accept Checks

Many small business owners are so busy with their daily operations that they haven’t done their homework and looked into new ways to accept payments. And what works well for one small business doesn’t always for another.

Today there are more choices than ever when it comes to depositing checks. One size doesn’t fit all but knowing what’s important to your small business will help. Do you want to save time by not driving to the bank and get more time back in your day? How about reducing back office work and eliminate manual banking? Does improving cash flow sound good? Or do you want to help reduce check fraud?

The rise of new technology has opened up new opportunities to stream line small business everyday needs. Here’s a look at the difference between traditional bank deposits, manually swipe check deposits and remote check mobile deposits to see what is right for your business.

Traditional Banking

Most banks have physical locations to deposit checks but it is not the most efficient use of time. It just makes sense if you need to speak with someone but do you really need your employees doing that? Your cash flow will be slower if they only have time to go once a week. It is also a poor use of time to have your field workers drop off every day.

If you save your deposits for a weekly run and have multiple to process, plan on waiting in line. Tellers are becoming obsolete because banks are replacing them with ATM machines, inside and outside of the local branch. ATM deposit can be tricky especially if it eats your check. Once it gets chews there is no way to pull out. You will have to contact the customer for another if badly shredded. If you issue deposit only ATM cards, remind employees not to forget their pin. The last thing you need is to delay cash flow any longer.

The other downside for a small business waiting to deposit at a local bank is the risk of accepting a bad check or have insufficient funds. The best option is to be able to deposit at time of sale or service. This way you can correct the issue by accepting another form of payment if needed. needed.

Manual Machine Swipe

Many small business still use a device and have checks delivered to the office to be manually swiped, however this process is becoming somewhat outdated. If you have a team of two or more field workers they need to take time out of their work week and drop off their checks. While this is often impossible for companies with huge fleet in multiple locations across different cities. They usually end up have checks batched and sent to the home office. Both of these formats reduce cash flow and open up the possibility of misplacing or losing checks.

Manually type

Businesses that use services like Clearant & Swipe simple make check deposits worry free, but are they? This form of check acceptance allows you make deposits directly into your account without a trip to the bank. But what about the cost, is there a big fee associated for this? Does it scan databases for bad check writers?

With a PC

Using a PC to process checks has the same downsides as manually processing to transfer funds from the checking account to your merchant bank account. While it eliminates employees depositing at the local bank or batching and sends in to the office, it still slows down cash flow.

Mobile/Remote Check Deposit

What lots of savvy small business owners use these days is opt to use remote deposit, the process of recording a check image which can be transmitted electronically in place of a paper check. The process of taking a picture from any smart phone is seamless through the mobile app and the funding is faster.

Some of the advantages of using an app like iWallet Business is field technicians can upload check anytime, anywhere, eliminating the need to visit a bank or batch weekly and send to the office. You get a quick consolidation of deposits from multiple locations. iWallet also runs checks through a database and scans banking info against a national database of bad check writers in real time. This will help mitigate check fraud or bad checks.