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October 2007 - Small Business RDC Survey Results

Recently we did a small web survey of small businesses regarding their deposit practices and interest in an RDC (Remote Deposit Capture) service like CheckFax, which uses fax machines and general purpose scanners instead of dedicated check scanners. We got the following results.


    • Interested in a way to deposit checks without going to bank — 58% = Those Interested
    • Deposited mostly checks — 93%
    • Number of checks per month — All respondents average 26, Those Interested 38 (range 1-300, most under 100)
    • Use Tellers or Night Depository — 92%
    • Trips to the bank per month — All 6.1, Interested 6.7
    • Time for trip to bank — All 24 minutes, Interested 30 minutes
    • Value of time person going to bank — All $103, Interested $94 per hour
    • Have a Fax machine — All 90%, Interested 89%
    • Interest in CheckFax — All 90%, Interested 89% — some with fax not interested, some without fax interested
    • Willing to spend additional per check (average) — All $.29, Interested $.27 — wide variation in a small sample. Some zeros, those with low volume
      $.50 and $1. Those with higher volumes $.05 and $.10. Interested average is lower because of respondent not interested in a solution from office,
      but interested in CheckFax and gave an amount willing to pay.

    • If exclude those willing to pay zero additional — All $.44, Interested $.43
    • Value per check based on number trips to bank, time for round trip and value of time — All $19.27, Interested $18.94. A large disparity between
      value and willing to pay.


The survey basically confirmed our view that small business use tellers nearly exclusively, nearly all have a fax machine, and that the value of the person going to the bank varies from $10 per hour through hundreds of dollars per hour. And users are only willing to recognize and give a portion of the savings to have the benefits of an RDC solution.


RESEARCH

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


October 2007
Small Business RDC Survey Results


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