Mitek Takes Mobile Deposit to SMBs (Feb. 18, 2015)
Mobile deposit capture (MDC) has gained tremendous ground with consumers looking for more convenient access to funds. Now San Diego-based Mitek Systems is offering an MDC platform designed specifically for use by small and midsize businesses. The company’s Commercial Mobile Deposit Capture platform is being marketed to banks and financial institutions which, in turn, can offer the solution to their SMB clients, many of whom are paid by check by suppliers and customers. A 2013 study by payment acceptance provider WePay found that 72 percent of small business owners prefer to accept cash or checks, in part, to avoid paying the interchange fees attached to card payments.
“There’s still a tremendous volume of checks being written in the U.S.—about 21 billion a year according to the Federal Reserve—and 75 percent of those are written to businesses, notes Sarah Clark, vice president of product, Mitek. “A lot of small and midsize business owners already are users of consumer mobile deposit and they want to apply the benefits of [mobile deposit] to increase the efficiency of their business,” she tells Paybefore. And banks have heard the call. A September 2014 survey found that 100 percent of bank respondents had concrete plans to adopt or were considering adopting commercial mobile deposit, according to Celent. In addition to serving as a customer acquisition and retention tool, self-service commercial MDC also costs banks less than paper check deposits.
One of the main business-specific features of Mitek’s new platform is the ability to capture paper invoices and pair them with check images, Clark notes. “Being able to take a picture of an invoice and the coinciding check is a key functionality. It turns a paper-oriented process into a mobile one,” offering faster funds availability and better cash flow management, she says.
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