"This expansion of our check imaging suite allows credit unions to target a lucrative and underserved segment in today's economy - small business owners," said Stan Hollen, President/CEO, CO-OP Financial Services. "The upgraded CO-OP My Deposit is a perfect fit for small- to medium-sized businesses, as well as schools, religious organizations and non-profit associations, that need to deposit checks on a regular basis."
CO-OP My Deposit was introduced in March 2008 for credit union members to scan and deposit checks from their homes. The server-based application now eliminates the need for small business owners who have a higher volume of checks to travel to a branch. Set-up is very straightforward - only a certified high-speed scanner and a personal computer with Internet access are needed to take advantage of the convenience of CO-OP My Deposit.
The high-speed scanner can be ordered from the private, online CO-OP Scanner Store. Scanners range from those that can process dozens of checks per minute down to a single feed scanner that still reads both sides of the check in one pass.
In addition to its easy Web-based access, the advantages of CO-OP My Deposit to small businesses include reduced float time, online revisions and adjustments, e-mail receipts, online history viewing, and automatic data capture and balance before checks are submitted to the credit union.
Robust risk and fraud assessment is done immediately, and all identifying information processed through the imaging product is stored so duplicate checks can't be deposited separately. As with all CO-OP imaging products, minimal training is required.
Within the CO-OP E-Commerce Solutions business line, CO-OP My Deposit is part of the CO-OP Check Imaging Suite that features ATM Check Imaging and Fast Branch kiosks, as well as My Deposit Branch. CO-OP My Deposit works in conjunction with the Next Generation Network, an advanced platform enabling "plug and play" so credit unions can easily launch new products and services with minimal or no capital investment.
For more information, contact the Business Development department of CO-OP Financial Services at 800-782-9042, ext. 7140 or via e-mail at: BusinessDevelopment@co-opfs.org.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., CO-OP Financial Services is the industry leader in access and convenience products for credit unions. Nearing 30 years of credit union service, CO-OP connects credit union members to their accounts through network services, payment processing, e-commerce, CO-OP Shared Branching and call center services. With a total of 3,000 credit union members, 30 million cardholders, 28,000 surcharge-free ATMs, 4,000 shared branch locations and 160 million-plus monthly transactions, CO-OP Financial Services is the nation's largest credit union service organization, offering the tools, counsel and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org. Follow CO-OP on Twitter at:http://twitter.com/COOPFS and keep up with industry issues via the CO-OP Insight Vault blog at:http://co-opinsightvault.com.