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CheckFaxRDC
CheckScanRDC Consulting About Us

December 2006
Fax Machines - Check Scanners Small Business Already Have


Lighthouse Consulting Group, LLC filed a patent application in 2006 for using fax machines and other general-purpose scanners for remote check image capture. This approach will make the benefits of remote check deposit available to many more businesses and individuals than current solutions that depend on dedicated scanners attached to PCs. It will also provide offering banks a way to competitively differentiate themselves in the marketplace.

Over the last few years the number of banks offering remote deposit capture has increased significantly; and there is a growing base of business customers using the service. But for many businesses there are serious disadvantages to current offerings.

    • They require a PC and the purchase of a dedicated scanner. This can be a significant investment for a small business; or for a bank that wishes   
       to provide scanners free to a large number of customers.
    • They do not take advantage of imaging devices customers already have on their desktops, such as fax machines and general-purpose scanners.
    • They are not cost effective for customers with a small volume of checks.
    • They require customers to purchase equipment in order to try out a remote deposit capture service.

A fax based solution addresses the needs of small businesses and high net worth individuals, who deposit up to 100 checks per month. In 12 select industries, there are over 3.3 million predominately non-cash businesses that meet these criteria. They deposit over 1.5 billion checks per year. In addition, twelve percent of all households have fax machines, with penetration greater in high net worth households. In our view:

   1. There is demand for the benefits of a remote deposit solution by businesses and individuals depositing only a few checks per month.
   2. The economics are different than at higher volume levels - the benefit per check of avoiding a trip to the bank are much greater.
   3. This market can afford to pay banks for the somewhat higher per check costs that might be incurred.
   4. Current solutions do not address this market because of the high fixed cost of the dedicated scanner.
   5. For this segment the alternative is trips to the bank and using high cost tellers.

LCG's fax solution employs a patent pending system, process, and check carriers. It replaces a fixed cost dedicated device with variable cost check carriers that facilitate scanning, security, and keeping front and back images together. It is compatible with existing image capture software, providing images and data comparable to those transmitted to the bank by a PC with scanner attached. It is economical for customers with low check volume and enables banks to cost effectively offer remote capture to them.



RESEARCH

March 2011
Small and Home Busines Check Deposit Practices 2010-11 Survey Results


October 2007
Small Business RDC Survey Results


ARTICLES



2012
Some Small and Home Businesses Willing to Pay Large Premium for RDC

Small and Home Businesses Are Not All the Same – An RDC View

2011
Lighthouse Consulting Group, LLC Granted Patent for CheckFaxRDC Application

2010 Survey of Small and Home Business Check Deposit Practices Now Closed

2010
LCG Sets Up LinkedIn Small and Home Business Depositor Group

CheckFaxRDC Compared to Other Remote Deposit Capture Solutions

2009
Looking Beyond the Averages When Offering RDC to Small and Home Businesses


2008
Oil Prices, Credit Crises - Alternate Routes to Remote Deposit Capture Growth


What will the role of branches be in 2015?

Remote Deposit Capture Creates Market Segmentation Opportunities


2006
Fax Machines - Check Scanners
Small Business Already Have


2005
Small Business - A Remote Capture Opportunity

Remote Check Image Capture -  Business Case Behind the Marketing Opportunity

2004
Check 21 a Marketing Opportunity!


2003
Check 21 Act Passes Congress - Opportunities and Concerns


When Will Banks Get On

Board for Check Imaging?


Customer Relationship Management - Why Expectations Go Unmet


Recover from a Disaster or Risk Customer Attrition


Internet Attacks May Be the Least of Your Worries!

Losing the Paper Chase


2002
Fewer Checks to Be Written and Even Fewer to Be Posted

Depositing Checks from Your Office
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