Introducing Merchant Source Capture.
The quick way to turn check deposits into cash.
Key Advantages of Merchant Source Capture.
- Make your funds available faster.
- Make deposits anytime.
- Save time preparing deposits.
- Consolidate funds from remote locations into one financial institution.
- Cut costly courier fees or trips to the financial institution.
- Reduce risk of check fraud.
Is Merchant Source Capture for you?
Does your business:
- Have multiple locations?
- Make deposits after normal banking hours?
- Pay transportation costs to deliver deposits?
- Receive checks with large dollar amounts?
If you answered YES to any of the above questions, then Merchant Source Capture may benefit your company. It’s like having a 24-hour teller right in your office.
- Get faster funds availability – With electronic deposits, checks can be deposited into your account sooner, so your money is working smarter for you.
- Make deposits anytime – Enjoy the convenience of making deposits electronically 24 hours a day, 7 days a week, even weekends.
- Save time preparing deposits – Preparing deposits electronically is very efficient, reducing labor costs and freeing up staff for other tasks.
- Save time and money – Electronic deposits can reduce trips to the bank and eliminate costly courier fees.
- Streamline your cash flow – Check deposits can easily be made from any remote office or storefront. This makes it easy to consolidate deposits from multiple locations into a single bank.
- Reduce risk of check fraud – Faster check clearing may allow you to act sooner on returned checks, increasing your opportunities for collection.
- Work more securely – Multiple layers of security include password protection, Internet firewalls, and 128-bit encryption – the highest level of security commercially available.
What you will need.
Merchant Source Capture is easy to set up and use. All you need is:
- A PC with an open USB 2.0 port and a current version of VIsta (32 bit or 64 bit) Windows 7 (32 bit or 64 bit), or Windows 8 and Internet Explorer® 9 or newer.
- A properly installed desktop check scanner.
- An Internet connection.
- An account with Monument Bank.
How does Merchant Source Capture work?
Using a check scanner, you simply scan an image of both sides of the check. This image then becomes the legal equivalent of the original check, and the image is submitted to Monument Bank through a secure electronic server. Monument Bank treats this image as the legal equivalent and begins processing the check immediately.
Merchant Source Capture is easy:
- Scan checks from a Web-connected computer – Using a desktop check scanner, simply scan both sides of the checks in a single pass.
- Prepare the deposit – View images of the scanned checks right on your PC. The dollar amounts for the checks are automatically read, and the deposit is totaled.
- Electronically send the deposit to the bank – After you save the deposit, go to the Pending Items tab and click the deposit’s submit link. The deposit is sent to the bank through a secure Internet connection. Funds are deposited into your account – Funds may be available sooner than traditional deposits.
What is a substitute check?
Also known as an IRD (Image Replacement Document), it is a paper reproduction of the original paper check, and is legally binding as a legal proof of payment.
What does a substitute check contain?
- An image of the front and back of the check
- MICR line of the original check, which includes account and routing numbers
- Conforms in paper stock, dimension, and other industry standards for images and substitute checks
- Is ready for automated processing in the same manner as the original check
Do I have to change or upgrade my computer system?
Each scanner will have minimum system requirements, and will vary with each scanner. Each scanner will come with a driver that will need to be loaded along with a USB connection.
Who will use the system? What type of training will be provided for them?
Individuals already in charge of manually preparing and delivering deposits are typically the main users of this automated process. A video tutorial is available for your staff.
How late can I make a deposit and still receive same day credit?
The cut-off time for same-day deposits may be extended for deposits issued electronically. Contact us for more details.
What should I do with the check after I make the deposit?
Generally, original checks should be stored for at least 65 days before destroying. Refer to your Monument Bank agreement for details.
How will I receive notification of an NSF?
Returned checks will be handled as usual with a substitute check being returned in place of the original check.
Can I set-up multiple accounts for deposit?
Yes. Deposits can be made to any number of accounts without additional charges.
How does Merchant Source Capture differ from POP or POS systems?
Many retailers use a POP (Point of Purchase) or POS (Point of Sale) system that produces an ACH (Automated Clearing House) debit from their clients’ account. This information is usually captured at the point-of-purchase and the checks are truncated. This means that an image of the check is not captured and therefore cannot be returned in the customer’s financial institution statement. Some users of POP or POS systems are moving to Merchant Source Capture to reduce equipment, maintenance, and training costs.
What types of checks can be processed through Merchant Source Capture?
U.S. dollar checks drawn on U.S. financial institutions with valid routing and transit numbers are accepted, including personal checks, business checks and postal money orders.
What security controls are provided for Merchant Source Capture?
As an integral part of your online account access, the same security that protects other transactions also ensures that your Merchant Source Capture information remains confidential:
- We use SSL technology to transmit and receive information across the Internet. This technology encrypts (scrambles) information so it is virtually impossible for anyone to read it.
- If you forget to logout or are inactive for more than fifteen minutes your session will automatically be closed.
- We maintain numerous additional physical, electronic, and procedural safeguards to help prevent unauthorized access to your information.
- We continually update and test our technology to improve these protections and to ensure the integrity of your information.
In addition, users access rights, depository restrictions, and review criteria levels are created within the administrative controls.