Wachovia (NYSE:WB) has introduced two new products that will provide small businesses with enterprise-class cash management services. Online Deposits allows customers to scan paper checks from their desktops and electronically send the images to Wachovia for deposit. Bad Check Recovery will help small businesses recover funds from clients who have insufficient funds.
Ideal for businesses with five or fewer accounts and less than 50 deposited items per account each month, Online Deposits allows customers to use an Internet-based application rather than invest in new software. Bad Check Recovery is a free service that lets customers spend less time chasing bad-check writers, recover the full face value of returned checks, and have recovered funds deposited directly into their account by the following business day.
To qualify for Online Deposits, customers must have been in business for at least one year, have a Wachovia deposit account and a pre-approved scanner. Businesses can sign up for Bad Check Recovery through Wachovia Business Online.