Intuit intros new service to deposit checks remotely
Intuit is offering a new way to deposit checks remotely if your bank doesn't have that feature already -- or if it isn't free.
It's called eCheck Processing.
By signing up for this service, Intuit, the company behind Quickbooks and Mint.com, lets you accept money by putting in the client's bank account number, account type, routing transit number and check amount from any computer.
There is a catch, though.
You can't accept just any paper check with the service. You must have the other person's signed authorization on file with Intuit, or you must process the check over the phone.
So it's not like you're going to be using this to deposit the check grandmom sent you for your birthday.
Plus, it's not exactly cheap: $12.95 per month with a per-transaction fee of 30 cents.
We think this remote-deposit service will appeal mostly to small businesses, but with more people giving up on traditional employment and becoming independent contractors, eCheck Processing might find a wider audience than it would have just a few years ago.
Of course, you might be better off finding a bank that allows free remote check deposit. They typically allow you to scan checks or even snap a picture with your cell phone.
Another option is to accept payments through Paypal, which charges 2.9% of the amount plus a 30-cent transaction fee. If you have a merchant account, that drops to 2.2%.
You can test out Intuit's eCheck service with a two-month free trial.
If you just have to have the ability to scan paper checks, Intuit offers that as an add-on for Quickbook customers.