Deposit Crazy!!!

I have a customer, that is slowing the money flow in their business. I am more closely involved at the moment, because one of the partners is in Italy. So, I am seeing the lag in timing from their system. And frankly, it is driving me bonkers. This is no way to run a business. Especially a new and growing one (under 5 years).

They are receiving customer payments at one location and then mailing them to another to be deposited. How crazy is that? This is creating a 3-5 day lag in their money clearing the bank.

While I completely understand the why they do it, I'm determined to find a better way.

Which had me remembering that mailer from my bank a while back. Where they were going to let us test drive a "deposit from home/office" system. That is just what these guys need.

I was totally excited when I saw that DepositNow has a system that would work wonders with their Quick Books Manufacturing program. The first guy that receives the check, could just scan it in and get the money to the bank. The DepositNow system integrates with their software so the other office would see (and me too) the money and deposit through QB. SWEET!

My next task is to determine how cost effective it is. Because in a young business it all goes back to dollars and cents. Okay, in all businesses.

The initial unit (scanner) costs $225. The only extra plus here is that this scanner is not for checks only and could be used in other areas of the business. Making it even more cost effective.

There are immediate costs with every check they currently receive:

• Postage to 2nd location - 42 ¢
• Trip to bank estimating 10 miles round trip in a big Buick - I'd say 1/2 gallon of gas - $2.00
• Time - depending on schedule and location always a variable.
• Money saved on paying bills without delay and penalty - variable.

So, if we just say $2.50 per deposit, with an average of 2 a week, that is $20 a month. $20 that could go to other things. And could more likely, looking at the past, grow into much more based on fees.

The only loose end for me, is the cost to have this system up and running. They say it has too many variables to provide numbers online. Which means, I need to make some calls.

For the moment though, I am going to email a page link to them to check it out and see how it is received. Wouldn't want to waste my time, if it is a NO GO from the start.

Hey - if you need this system too put my blog site name into the referral box and they will give you $25 off the scanner. And let me send you a big thanks, because I will also receive $25.00. I need to figure out how to get my company to sign on this system, earning me the referral, without revealing my blog. I don't suspect this will be possible. :-(