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Remote deposit capture (RDC) means the ability to deposit checks from your church without ever having to physically deliver the checks to the bank.
RDC is accomplished by simply scanning all of the checks from your collection plates to the bank, as your Sunday service counting team will place 50 or more checks onto the scanning feeder and then press the send button to the bank.
MICR stands for magnetic ink character recognition, a technology used by the banking industry for processing checks. If you examine one of your manual checks, you will see a long sequence of numbers at the bottom of the check. These characters represent your check number, your bank’s unique identification number (routing number), and your unique checking account number.
Text MICR Reader Technology allows your church management software to electronically identify your regular donors and thus automatically record donor checks to each donor’s unique profile account.
RDC and Text MICR Reader Technology work hand-in-hand. As such, these two technologies can drastically reduce manual record keeping deposit time.
At MinistryCFO, we can help you analyze the cost/benefit of utilizing RDC and Text MICR Reader technologies. In other words, we can help you determine at what point your church will start saving money by moving to these two technologies.
Let MinistryCFO help you electronically systemize your deposit and donor recordkeeping procedures, saving you time, energy, and money in the process.