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Just Another Step Along the Way to a Checkless Economy

With its first anniversary around the corner, Check 21 is opening the door to more automation of the collections process--a little more slowly than expected

By Staff Writer | Updated on September 01, 2005

Throughout the course of every working day, six to 10 people, each bearing between 15 and 1,500 checks, make a pilgrimage to the corporate treasury of EBSCO Information Services at its headquarters in Birmingham, Ala. EBSCO’s treasury then consolidates the checks, makes the accounting entry and brings them to the bank for deposit. The necessity for the trip to treasury isn’t that surprising when one considers that almost all of the company’s collections are business-to-business, at least 70% are in the form of checks, and only one of EBSCO’s multiple divisions uses a lockbox. It is also not that surprising that Christy Wright, EBSCO’s director of finance and treasury, thinks it is time for the process to get a lot more efficient. She has turned to what she describes as an intuitively obvious solution: remote deposit.

In May 2005, EBSCO began working with Wachovia Corp. on a pilot involving headquarters and another nearby office. EBSCO placed scanners in each division in both locations to handle the check flow. “Now, we are no longer constrained by a deposit deadline and can scan checks 24/7,” Wright says. “There is no need to hold checks overnight.”

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