Skyline's DirectFED Payment Solutions Provides Guidance on Remote Deposit Capture for Business Users

LOS ANGELES, May 24 /PRNewswire/ -- Remote Deposit Capture (RDC) has been called "The most important development the banking industry has seen in years" by the Federal Reserve and others. It can be used by virtually any business, corporation, municipality, credit union, utility company, or law firm that receives paper checks, and wishes to have funds processed electronically and rapidly.

(Logo: http://www.newscom.com/cgi-bin/prnh/20100226/NY61423LOGO )

In its most simple terms, RDC is a service allowing a user to scan checks and transmit the scanned images and/or Automated Check Handling (ACH) data to a bank for quicker posting and clearing. Fueled by the passage of the Check 21 legislation and the ability to convert checks into ACH transactions, this is now a reality and accepted by more than two-thirds of U.S. banks.

Although the purpose of the act was to keep the country's financial industries operational in the event of a catastrophe that could make the physical transportation of checks impossible, the practical effect was to save time and money. RDC eliminates the need for an outsourced or bank-provided lockbox, the slow and labor-intensive traditional service in which a bank collects and processes customer payments that are sent to a special, bank-controlled post office address.  

Third-party remote deposit services such as Skyline's DirectFED Payment Solutions can offer overall lower costs and superior functionality.  However, when confronted with the choice of using the bank's RDC service, or not using RDC at all, many merchants do not fully understand the costs for depositing checks at their banks.

"The challenge is for businesses and business owners to better understand the detailed dynamics of their own payment systems, as many merchants do not fully understand the costs for depositing checks at their banks," said Greg Imlay, marketing director for Skyline's DirectFED Payment Solutions.

In response to the growing need for clarification, Skyline's DirectFED Payment Solutions published a white paper titled, "ABCs of Bank Account Analysis for Remote Deposit Capture Services," which explains how companies are charged for RDC services by typical banks, in many cases without even knowing such charges are incurred. To download the white paper, visit http://www.directfed.com/articles/whitepaper01_download.htm

"Once business owners understand the complexities of using their banks' RDC service we are confident they will see that Skyline's DirectFED Payment Solutions offers a truly competitive remote deposit capture for their checks," added Imlay. "Our patented, easy-to-use desktop software and scanning system reduces the time and expense of delivering checks to the bank, aids in the speedy resolution of disputes, allows your business to run on less working capital and quickly delivers notices of bad checks at a cost that is competitive to the solutions offered by traditional banks."

About Skyline's DirectFED Payment Solutions

Founded in 2004, Skyline's DirectFED Payment Solutions is the first business-centric processor performing Remote Deposit Capture for a wide range of companies and organizations. Skyline's DirectFED was created to take advantage of the benefits created by Congress passing The Check Clearing for the 21st Century Act ("Check 21"). Our goals for our customers are to optimize float to their advantage, reduce bank fees and provide significant back-office savings by using the new laws and technology to their advantage. Our patented suite of products provides unique solutions for businesses that range from multinationals to small enterprises, not-for-profits, municipalities and all types of financial institutions. For more information on Skyline's DirectFED, visit www.directfed.com.

SOURCE Skyline's DirectFED Payment Solutions