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Small business is big business for a growing number of smaller financial institutions, and mobile RDC is helping to drive this trend. One in five banks with assets under $100 million today offers mobile deposit to small business customers, according to the consulting firm Celent. Over two-thirds are planning to follow.

At Cachet we strive to stay ahead of the technology curve, especially as it relates to remote deposit. We were the first to introduce an RDC solution for Mac users. We also were the first company out of the gate with a mobile solution supporting check cashing to prepaid cards. Now we’ve introduced the next-generation of merchant capture: an omni-channel solution that deploys seamlessly across multiple desktop and mobile operating systems for consistent user experiences regardless of which access device customers choose to use. Cachet’s enhanced Select Business™ puts the power of anytime, anyplace banking into the hands of millions of small business owners. These are businesses which until now were unable to leverage the value of remote deposit to its fullest potential; or in some cases at all.

Consider the example of a regional distribution company. Such companies dispatch delivery trucks to customers on a daily basis, often entrusting drivers with collections, which in the case of checks, typically get placed in pouches for processing at the main office either at day’s end or, more likely, the next morning. With Cachet’s enhanced Select Business, banks and credit unions can help businesses like these close that gap between payment acceptance and processing with anytime, anyplace deposit access using mobile devices like smartphones and tablets.

Enhanced Select Business is a cloud-based software solution supporting state-of-the-art technology tools that help businesses better manage receivables. A business owner can log into the portal on their smartphone, tablet or desktop and see in real time all the deposits that are coming in across multiple channels. Enhanced Select Business supports access to all the same functionality provided by advanced merchant RDC systems using smartphones and tablets, but includes several technology enhancements, including a unique API-driven, open business platform that enables integration with a financial institution’s current treasury system and a single client portal. The solution also allows for multiple checks to be deposited in one transaction, which simplifies and accelerates the deposit process.

Small businesses are crucial drivers of economic growth, accounting for about half the national gross domestic product and employing about 60 million Americans, according to government data. Small businesses and their owners also account for a significant share of banking industry revenues. The consulting firm McKinsey has estimated that in 2011 between 20% and 25% of a total $790 billion in industry revenues from credit and deposit products came from small businesses and the personal accounts of small business owners. Large corporations – which generally are serviced by large cash management banks – accounted for nearly the same share of the revenue pie, or more precisely 24%, McKinsey said.

Remote deposit and the technologies underlying these innovative product sets (such as mobile and the cloud) are great equalizers in the financial services marketplace. Even the smallest community banks and credit unions can look and feel like big cash management banks with hosted solutions like Cachet’s enhanced Select Business.

Today’s tech-savvy business owners are looking for cash management solutions that work like those they use to manage their personal finances. Solutions like mobile deposit. Enhanced Select Business allows banks and credit unions to respond to these demands, and even grow their geographic footprints, with little to no impact on existing resources. We even provide strategic marketing support for launching and growing client RDC programs.

Omni-channel access is the order of the day. Just as all financial institutions had to have ATMs in addition to drive-up windows and branches a generation ago, so it is now that mobile access has become a business imperative. An ath Power Consulting survey earlier this year illustrates: 66% of those small businesses surveyed said they would switch financial institutions for a superior mobile banking experience. No one wants to be on the losing side of that shift in customer allegiance. The challenge is keeping pace with technology-driven changes in customer preferences which seem to occur at a faster pace with each new generation of customers.

At Cachet, we’re committed to helping financial institutions keep pace with these changes without “breaking the bank.” Our enhanced Select Business is an omni-channel solution that helps banks and credit unions to grow deposits and customer satisfaction with robust RDC product offerings with a minimum of upfront investment. Speed to market, seamless integration across multiple channels, multi-check deposit and video deposit capabilities are just some of the innovative features of enhanced Select Business. Most importantly, however, it is a solution that has and will continue to evolve with technologies and changing customer preferences, thereby enabling banks and credit unions to grow their small business portfolios.