Jack Henry & Associates (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that Dep@sit, the micro-business and consumer remote deposit capture solution provided by its ProfitStars division, has been selected by Mercantile Bank of Michigan, a subsidiary of Mercantile Bank Corporation (Nasdaq: MBWM).
Dep@sit, which enables small businesses and consumers to deposit checks remotely using personal computers and flat bed scanners, will be private-labeled and marketed as Merc@Home Deposit by Mercantile Bank.
This competitively distinct remote deposit capture solution will make banking easier for time-conscientious, convenience-driven bank customers by enabling them to make deposits 24/7 to Mercantile Bank checking or savings accounts. Using a personal computer, flat bed scanner, and high-speed Internet connection, paper checks are scanned and sent to Mercantile Bank for deposit via its Internet banking site. The bank anticipates that Merc@Home Deposit will have strong appeal to sole practitioners and other micro-business owners, and does not plan to charge retail and business customers to use the service although typical account fees may still apply.
According to John Schulte, senior vice president and chief information officer for Mercantile Bank, "We know it's not always possible to get to the bank during a busy day. We are also aware that many people are trying to save fuel by limiting trips around town. This new remote deposit capture service can help our customers save time and reduce traffic hassles while giving them quicker access to their money. Instead of holding on to a check until you can get to the bank, for example, you can deposit it immediately from home - and the sooner it's deposited, the sooner it's credited to your account."
David Foss, president of ProfitStars, said, "We are excited Mercantile Bank selected our solution to power its new high-profile Merc@Home Deposit program and we are confident it will effectively and efficiently support the bank's expectations. We expect that many types of sole practitioners - doctors, lawyers, and dentists in particular - as well as a wide variety of micro-businesses will benefit from this competitively differentiating banking service. 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 welcome the opportunity to partner with a leading-edge institution like Mercantile Bank."
The Dep@sit solution was developed internally by ProfitStars and Jack Henry & Associates. It is sold to the core bank clients supported by the Jack Henry Banking division, to the core credit union clients supported by the Symitar division, and to financial institutions outside the core client bases by its ProfitStars division.
Dep@sit also complements the company's high-volume Remote Deposit Capture solution which provides 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.