What is a cheque scanner?
A cheque scanner is, by definition, a specialist tool used to extract and digitise data from paper cheque. These little devices scan the different information on a cheque, including the account number, routing number, payee details, and amount, using modern imaging technology. The data collected is thus transformed into digital data, facilitating processing and integration into your business’s financial systems. This has several advantages that we will cover momentarily, including the fact that it saves you a ton of time and ensures that there are no errors while entering data.
Cheque scanners come in various forms. You would ultimately choose the one that is most compatible with your business’s size. There are desktop models suitable for small enterprises and high-capacity machines tailored for large financial institutions. Key features of cheque scanners include image capture, MICR (Magnetic Ink Character Recognition) reading, and OCR (Optical Character Recognition) capabilities. These features collectively contribute to the versatility and efficiency of these devices.
The cheque scanners come with a set of benefits that you absolutely do not want your business to miss out on. Below are the top four benefits of cheque scanners.