Scanning and depositing checks via mobile phone is a rapidly growing app used by 33 million consumers.
Another application of this app is used by many corporations with large fleets of service providers to scan invoices and accompanying checks in the field.
In fact, the use of this tool in larger corporations is expected to grow by about 40% in 2015.
However, smaller companies have not be able to utilize such offerings, according to Mitek.
To address this need, Mitek, the inventor of Mobile Deposit, has recently released a new module of mobile deposit for smaller enterprises.
Sarah Clark, VP of product at Mitek explained, “Mitek saw the demand for the similarly convenient experience, often called ‘Consumerization’ from smaller businesses.”
As a result, Mitek Commercial Mobile Deposit’s enhanced version of check deposit offers many features that will benefit small businesses.
Clark said the original offering was created because, “75% of payments to businesses are in check form which created a significant market demand and quick adoption of this product from large organizations.
With more than 3,300 banks and credit unions licensing their product many small businesses will soon be able to scan a check and the corresponding invoice with their mobile phone.
Clark adds, “This software is targeted toward small businesses and businesses with field operations: The everyday roofer, plumber or wine distributors collecting payments on the go.” This software is designed to virtually eliminate the possibility of misplacing a check or separating it from the corresponding invoice and is enabled to be used on any smartphone.
Clark continued “Mitek Commercial Mobile Deposit offers the everyday small business owner the opportunity to instantly receive and initiate this process with no delay in cash flow.”
“Another benefit is that it does not give wide open access. Every person within the business does not have access to every facet of the commercial account,” she added.
According to Clark, “This feature allows the business owner to set limitations within the account in order to grant permission only to those who require it.”
She also said “In the future Mitek will continue to listen to and seek feedback from the market.”
“We will continue to invest in this software and, based on the feedback of the market, we will improve and adjust it accordingly. For instance, .Mitek is also working on the capability of scanning multiple checks at once within their Commercial Mobile Deposit software,” she said.