WAUSAU Financial Systems Unveils Solution to Help Financial Institutions Win Small- and Mid-sized Business Customers

MOSINEE, Wis., Dec. 19, 2011 /PRNewswire/ -- According to research from Aite Group, half of U.S. small businesses would consider using remote deposit capture (RDC) services through their financial institutions as a way to save time, increase convenience and provide cost savings.  Despite demand, nearly 75 percent of the top U.S. banks fail to meet their own expectations of success with small business adoption of RDC, predominantly due to a lack of the support and resources it takes to onboard interested customers.

With only five percent of small businesses deploying the technology, WAUSAU Financial Systems today unveiled expansions to its Deposit 24/7 Suite™, including customer on-boarding, risk monitoring and training support, and marketing, to further advance its offering and aid financial institutions in taking advantage of the significant growth opportunities in payments processing among small- and mid-sized businesses (SMB), or companies with less than $1 billion in revenues. 

"Our research reveals the overwhelming demand for remote deposit capture technology among the SMB market, but few financial institutions are capitalizing," said Christine Barry, Research Director for Aite.  "Barriers ranging from limited time and resources and difficulties gauging risk levels of small business customers have kept financial institutions from realizing real growth potential."

WAUSAU's solution breaks down barriers of RDC adoption and deployment for financial institutions through a turnkey, bundled service package that includes:

• A marketing toolkit to help financial institutions design campaigns promoting RDC benefits, including improved cash flow, convenience and operational efficiency;
• A quick and easy online enrollment form for financial institutions to expedite the customer on-boarding process;
• Training guides, videos, live webinars and 24x7 web-based training, allowing customers and staff to learn about using RDC at their own pace;
• A best-in-class risk monitoring application that notifies financial institutions of risks, in addition to Day One review and decisioning capabilities;
• The ability to accept multiple payment channels – including checks, ACH payments, and soon, credit cards processed through RDC application – from any location, and to view the payments capture via a single online portal; and
• The capturing of non-check items, including remittance payments, envelopes and coupons.

"For years, financial institutions have throttled their SMB RDC efforts despite the market opportunity, due in part to non-scalable processes should RDC take off among customers," said Celent Senior Analyst Bob Meara.  "With this offering, WAUSAU clearly listened to the market.  While RDC certainly isn't new, this package provides financial institutions a fresh way to approach SMBs operating in payment-rich industries."

The bundled service can be offered by financial institutions to customers for one low monthly fee, including maintenance and customer support, end-user training and scanner deployment. 

"Financial institutions have made it clear that the demand for RDC among the SMB audience is real, but limited resources and infrastructure kept them at bay," said Sam Golbach, senior vice president of product solutions for WAUSAU Financial Systems.  "With this comprehensive package, WAUSAU handles the RDC training and implementation, making the entire ramp up and process less daunting and giving financial institutions the opportunity to focus on customer service and growing their customer base."

For more information, visit www.wausaufs.com.         

About WAUSAU Financial Systems
WAUSAU Financial Systems is a premier provider of payment and receivables processing solutions, helping businesses of all types move money faster. With its products, services and consulting, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU holds the No. 1 market share position in retail and wholesale remittance processing solutions. WAUSAU processes more than $1 trillion in payments each year through its work with more than 650 organizations, and maintains more than 30 percent of all U.S. lockbox volume. The company works with 13 of the 25 largest financial institutions, 42 percent of insurance companies with more than 5 million customers and 24 percent of utilities with more than 100,000 customers. More than 200 financial institutions use WAUSAU's remote deposit capture service, and industry consultants Celent and Aite have ranked WAUSAU's remote capture functionality above all competitors. For more information, visit www.wausaufs.com.

SOURCE WAUSAU Financial Systems