Mitek launches mobile cheque deposits for businesses

checkbook

Mobile imagining company Mitek is launching business-focused solution Commercial Mobile Deposit Capture, which allows users to capture invoice documents and deposit cheques using their smartphone or tablet camera.

Mitek’s Mobile Deposit solution already allows American banking customers to deposit cheques using mobile imaging, and is used by more than 33 million consumers and 3,300 financial institutions. The company expects financial institutions that already market Mobile Deposit to their retail consumers to cross-sell Commercial Mobile Deposit Capture to their existing business customers.

 “A large percentage of U.S. businesses still pay invoices by check, particularly those with sales, service or delivery personnel that collect payments in the field,” said Bill Zayas, President and CEO of Miami-based payment processing solutions provider, DadeSystems. In fact, a recent surveyed showed that 72 per cent of businesses prefer payment via cheque or cash.

Mitek’s commercial solution will provide faster access to funds, reducing a company’s days sales outstanding (DSOs) and eliminating the tedious manual processes typically associated with matching and posting payments, the company said.

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