MINNEAPOLIS, July 06, 2016 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading mobile FinTech provider of cloud-based remote deposit capture (RDC) and mobile money solutions, has introduced two new major enhancements to its Select Business™ Merchant Capture solution for banks and credit unions.
As a cloud-based, multi-platform software solution, Select Business saves business customers a trip to the bank or credit union by allowing electronic check deposits via a desktop scanner, tablet or smartphone. It also helps businesses to manage their check deposit activity more efficiently and effectively by automatically recognizing checking account information and displaying previously entered account notations.
The latest release of Select Business Merchant Capture now features the ability to custom label up to eight note fields. The fields can be labeled for phone numbers, driver licences, social security or account numbers, or any information a business wants to collect and track. The content associated with these fields is fully searchable and reportable.
The second major new feature for Select Business allows merchants to review and resubmit returned checks that have been deposited via Select Business but returned by the Federal Reserve. The new returns processing feature empowers merchants to easily manage their own returns rather than relying upon their financial institution. Robust reporting capabilities also allow merchants to identify questionable accounts and stop bad checks before they enter the system, saving both merchants and financial institutions time and money.
“Most merchant capture products offered today are not only too complex and expensive, they lack key features that would make them truly useful or help reduce operating costs,” noted Jeffrey Mack, president and CEO of Cachet Financial Solutions. “Our newly enhanced Select Business Merchant Capture allows financial institutions to better serve the needs of their business customers, while mutually improving efficiency and profitability.”
According to the Celent report, State of Remote Deposit Capture 2015, with more than half of mobile banking consumers experiencing the benefits of mobile deposit, demand is growing among small business and other commercial users. The report noted that the increasing use of business mobile RDC will accelerate the decline in branch foot traffic, with RDC accounting for a third of all retail bank deposits by the end of 2015, and half by 2016.
About Cachet Financial Solutions, Inc.
Cachet Financial Solutions is a leading cloud-based, SaaS technology provider serving the financial services industry with mobile money and remote deposit capture solutions for PC, Mac and mobile. Founded in early 2010, Cachet has quickly grown into a technology leader and trusted partner of some of the largest and most respected financial organizations. With remarkable growth, an impressive client base and award-winning technology, Cachet continues to drive innovation and deliver world-class solutions to financial institutions of all sizes.
The company's industry-leading solutions help clients to increase customer engagement, grow revenues and gain competitive advantage. Cachet's cloud-based technology platform simplifies development, deployment and servicing of consumer and commercial solutions—minimizing cost and accelerating speed-to-market and ROI. Enabled by Cachet's suite of business and consumer solutions, financial institutions can better serve the needs of all their customers. For more information, visit www.cachetfinancial.com.
Forward-Looking Statements
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