Jack Henry & Associates (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced the availability of a cost-effective equipment leasing program that enables banks and credit unions to capitalize on RDC opportunities independent of the initial capital investments historically required to purchase check scanners and the ongoing hardware management and support.
This new leasing option, which is believed to be the first scanner fulfillment program in the industry, enables financial institutions to provide merchants with check scanners for as little as $15 a month.
Jack Henry & Associates' Remote Deposit Capture solution supports virtually any commercial entity that accepts checks as a form of payment with a Web-based electronic payment processing system that converts paper-based checks into electronic transactions and processes them through the ACH or Check 21 image exchange networks. This innovative solution also automates returned check re-presentment, generates real-time reporting, and supports proactive risk management. Remote Deposit Capture extends geographical coverage well beyond a financial institution's branch network, increases revenue, improves efficiencies, and significantly enhances customer convenience by combining the flexibility and immediacy of electronic payments with the familiarity of paying by check.
This contemporary Remote Deposit Capture solution, which was developed internally by Jack Henry & Associates' ProfitStars division, is sold to the core bank clients supported by its Jack Henry Banking division, to the core credit union clients supported by its Symitar division, and to financial institutions outside its core client bases by ProfitStars.
According to David Foss, general manager of ProfitStars, "Our customers and prospects have recently been telling us they want to capitalize on the revenue opportunities that RDC creates but they want to stay out of the hardware business and avoid the inherent distractions. Our leasing program removes this common entry barrier and seamlessly supports ongoing program expansion by eliminating all of the time-consuming and labor-intensive equipment burdens including inventory control, shipping, collecting sales tax, providing hardware maintenance, resolving technical issues, and providing consistent access to the latest scanner technology. All of these services are included in our low monthly lease fee. As remote deposit capture continues to evolve into a product that financial institutions need to compete and meet the expectations of today's convenience-driven customers, we are very pleased to offer such an attractive pricing structure for the merchant site hardware requirements."
Jack Henry & Associates' leasing program includes a variety of scanner makes and models that are compatible with diverse check volumes and scanners are shipped directly to merchants on behalf of participating financial institutions.