New mobile banking app drives faster business payment processing
Although enterprises have a slew of alternative forms of payment to choose from, paper checks still play a major role in the business world. Instead of trying to drive merchants, consumers and clients away from this traditional form of payment, U.S. Bank is releasing a mobile banking app that brings digital solutions to paper payment methods.
The company announced that their Deposit Express mobile app will serve small businesses and enterprises that collect paper check payments while working with clients and customers in the field, according to BusinessWire. The mobile deposit solution will speed up payment processing as a whole.
“Using Deposit Express, customers can streamline their check deposit process, eliminating delays associated with trips to the branch or their office,” said Sam Robb, head of receivables solutions for treasury management at U.S. Bank. “Deposit Express is specifically tailored to meet the needs of small businesses. It offers robust reporting and research capabilities, as well as integration of mobile and web deposit channels.”
Mobile apps have provided electronic payment processing options to individual consumers for years, but this business-minded product offers additional resources to make the process of managing payments more effective and efficient. The new banking app could be a game-changing solution for sales associates who are often working out in the field, such as traveling salespersons or sales reps who visit clients on a frequent basis.
U.S. Bank’s mobile banking app is one of several measures the company has taken to improve its suite of digital payment solutions. The financial institution also offers on-site electronic deposits, which can handle larger volumes of checks through mobile devices or check scanners.
The on-site solution might be particularly useful for large businesses and enterprises that are handling a large volume of paper check payments or organizations that are in need of a more sophisticated remittance process.