After a year in testing, RDM Corp.’s smartphone check-imaging application Simply Deposit Mobile is now available for all merchants, RDM announced Jan. 20.
An Apple Inc. iPhone app is available now, and one will be available soon for Research In Motion Ltd.’s BlackBerry smartphones, Michael Murphy, RDM vice president of marketing and product management, tells PaymentsSource. An app for smartphones using Google Inc.’s Android operating system should be ready later this year, he adds.
Murphy would not disclose pricing.
The app uses an image of a check captured with a smartphone’s camera and sends the information to the merchant’s financial institution, or through RDM’s processing service, for processing.
Waterloo, Ontario-based RDM designed Simply Deposit Mobile for businesses that accept checks outside of an office, Murphy says. Merchants may use their bank’s check-processing services if their bank has an agreement with RDM, or they nay use RDM’s processing service, Murphy says.
The application guides the merchant through the process by prompting when to capture the check image and confirming the dollar amount of the check, Murphy says.
Funds are settled according to the processor’s guidelines, which may vary among financial institutions. RDM’s processing service can settle funds the next day if images are submitted by 7:30 p.m. EST, he says.
Either the financial institution or RDM sets the merchant check-processing limits that restrict the number or daily deposit amounts through a typical risk assessment process, Murphy says.
RDM is selling the service directly and through financial institutions and independent sales organizations, which would buy the application at a wholesale price and add their own sales profit margin, Murphy says.
Financial institutions or corporations also may rebrand Simply Deposit Mobile with their own logos, he adds.
The mobile application is one component of RDM’s suite of small-business check products that includes online data access and in-store hardware, Murphy says.
What do you think about this? Send us your feedback.
