With the proliferation of internet banking in today’s world it is a wonder that people visit bank branches at all anymore.
Our customers tell us that this is not the case and here is why:
Many businesses still continue to pay their invoices via cheque rather than direct transfer, the reasons for this are a little unclear however one possibility is that it gives an extra week or so before the funds leave their account which has a positive effect on their cash flow. Perhaps your business does the same thing for this reason or another one?
Regardless of the reasons, the fact is that many businesses are receiving cheques on a daily basis and if we look at the other side of the coin, the sooner that you can deposit the cheques to your financial institution, the sooner the funds are cleared having a positive effect on your cash flow.
Business is a strange beast right? However, the part that many businesses don’t consider in this paradox is the cost of sending a staff member to the bank every day to deposit their cheques. Sure banks have quick deposit facilities available so that you don’t have to stand in a line but these come with their limitations as well as you need to get your banking there before 4pm for it to be processed on the same day.
The issue that presents itself here is that unlike mail, it is impossible to send a staff member to the bank on their way home (providing they are working typical office hours) so the only option is to go during the day. The obvious side effect of this is the opportunity cost of the more productive tasks that they could be doing rather than visiting the bank.
Top that off with many staff members running personal errands whilst they are out of the office, the cost of sending a staff member to the bank each day is north of $30 per day according to our customers.
Everyday Mail provides a daily or ad hoc banking service which allows your business to take advantage of the cash flow benefits of depositing your cheques on the same day that you receive at a fraction of the cost of sending a staff member to do it which you can read more about by clicking here.
If you have any questions about our banking or any other of our services, please click here to get in touch with us or call us on 1300 624 562.
