Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that in its trial run, the Merchant Acceleration Program from Fiserv helped most participants increase the number of merchant remote deposit capture (RDC) users by at least 25 percent. Designed to help increase awareness and adoption of merchant capture solutions by businesses, the Merchant Acceleration Program helps financial institutions target industries that are typical users of merchant capture - medical offices, building trades, property managers, law offices and many others - to help them better serve these businesses. Merchant capture enables paper checks to be scanned as electronic images so deposits can be made from a remote location, such as a store or office, to a financial institution account without travelling to the branch.
Fiserv launched the Merchant Acceleration Program in the fourth quarter of 2009 as a trial. To date, 10 banks have participated and their success has prompted Fiserv to extend the program to all Fiserv merchant capture clients in 2010. The benefits for banks and credit unions are the ability to offer this tremendous convenience to business customers, and deposit growth can result as customers can deposit check payments upon receipt rather than in person at the end of the day or week. A 2009 study by Fiserv found banks that offer remote deposit capture solutions manage almost four times the deposit volumes than banks that do not offer remote deposit capture solutions.
Through the Merchant Acceleration Program Fiserv provides its clients with marketing tools including a return-on-investment calculator, marketing materials that can be branded by the bank or credit union, videos and other efforts aimed at educating businesses about the benefits of merchant capture. In addition, Fiserv offers sales incentives to financial institution employees who identify potential merchant capture users and hosts Remote Deposit Days at financial institution branches to demonstrate the business advantages of merchant capture.
Arkansas-based Arvest Bank, with more than $11 billion in assets, is one of the Fiserv clients participating in the Merchant Acceleration Program. After holding a Remote Deposit Day breakfast, Betsy Smyth Robertson, Treasury Management Support Manager, for Arvest Bank said, "The event was a great success. We were able to show the benefits of the system and let our customers try it and see how easy it is to scan and deposit a check. Customers and employees were also able to network with businesses already using RDC to learn about the benefits first hand. It was a great opportunity to demonstrate how the bank is supporting its customers in the community."
The event resulted in Arvest signing up eight new RDC customers, with expressed interest from others.
Brentwood Bank, with $450 million in assets, is another Fiserv client that experienced success with the program and had 18 businesses attend its Remote Deposit Day luncheon.
"The Merchant Acceleration Program helped us develop a template to drive growth that I am sure we can use for future events," said Joe Verduci, assistant vice president and Retail Banking manager, Brentwood Bank. "We presented the solution and then let our customers try it themselves. The hands-on approach, combined with the opportunity to ask questions over the luncheon to the technical reps as well as current users worked very well."
An example of the Fiserv core competency in payments and market leadership in remote deposit capture, Merchant Source Capture(TM) from Fiserv enables businesses to scan and deposit checks from their offices electronically - saving them money and time, and giving them faster access to cash. The technology can significantly increase deposits for financial institutions as well.
"The Merchant Acceleration Program is a win for our clients, letting them leverage Fiserv marketing resources and a proven marketing approach to help our clients capture the lucrative small business and corporate market," said Gary Brand, director of Channel Sales for Source Capture Optimization, Fiserv.