Capital One Financial (COF) is offering commercial customers the ability to deposit checks via their smartphones.
The $302 billion-asset company said Monday it is offering businesses that have at least $10 million in revenues the bank's mobile deposit capture service, which lets users of the company's Business Deposits app deposit checks by taking a photograph of the front and back of the check using an iPhone or Android device.
The free app, which is available for download through both Apple's iTunes Store and Google Play, enables users to deposit checks by 9:00 p.m. Eastern time on weekdays for credit the same day, and to track the status of deposits.
The service "is a nice addition" to check scanners for businesses that field salespeople or service technicians who collect payments," Capital One spokeswoman Julie Rakes said in an email.
"This new tool is targeted at customers who do not have a significant volume of checks," added Rakes, who said the company expects to offer mobile remote deposit capture for small business customers in the first half of 2013.
Capital One joins a growing number of institutions that are making mobile deposit capture available for business customers. The rollout of mobile services comes amid a push by banks to cultivate customers who need more than one loan or deposit account. Small businesses can be remunerative for banks because they often sign-up for a series of fee-generating services.