TD Bank has added mobile check deposit for its business customers.
The $220 billion-asset bank, a unit of Toronto-Dominion Bank, is allowing customers to deposit checks using the BusinessDirect mobile banking application on an Android or iPhone device.
Business customers who want to make a deposit using this application need to follow three steps. First, a customer enters a deposit amount. Then, they have to photograph the front and back of a check. Lastly, a user selects an account to deposit their check.
Funds deposited before 8 p.m. Eastern Time are generally available the next business day, TD said in a Thursday press release.
"The ability to deposit checks through our mobile app helps small business owners save time that they can, in turn, invest in their business," said Ravi Subbaraya, head of business banking products at TD Bank, in the release. "The checks get paid faster and that accelerates their cash flow."