PNC Bank to Offer Ease of Online Deposit Service Integrated with QuickBooks to Small Businesses

PNC Bank is offering, for the first time, an innovative online deposit service designed exclusively for small businesses that will save them trips to the bank and simplify accounts receivable duties.Small business owners can initiate the electronic deposit of their checks to their bank account and automatically update accounting records with Deposit Now! A/R, the new remote deposit product linked to Intuit’s QuickBooks, the nation’s most popular accounting software among small businesses.

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Pittsburgh (PRWEB) July 24, 2006

PNC Bank, a member of The PNC Financial Services Group, is offering, for the first time, an innovative online deposit service designed exclusively for small businesses that will save them trips to the bank and simplify accounts receivable duties.

Small business owners can initiate the electronic deposit of their checks to their bank account and automatically update accounting records with Deposit Now! A/R, the new remote deposit product linked to Intuit’s QuickBooks, the nation’s most popular accounting software among small businesses.

With this service, being offered this month by PNC and BankServ in a pilot program, small business owners feed paper checks into a scanner and send electronic images of them from an ordinary desktop or laptop PC to PNC, any time of day. The bank then converts the checks to paper substitute checks and deposits them into the business owner’s account. With the QuickBooks interface, the software also automatically matches payments to invoices and keeps users’ books balanced.

“The major time and cost savings of remote deposit provided by PNC’s treasury management division to middle market and large corporations are now accessible by even the smallest business,” said Jeffrey Schmidt, who oversees PNC’s small business banking division. “This is another way we help our customers to bank with ease and confidence. This eliminates trips to the bank and simplifies their accounts receivable duties to free up more time for business.”

In a survey of small business owners, PNC learned that nearly 4 out of 10 visit their local bank branch at least once a day. At the same time, 78 percent view the location of their branch as important or very important.

With PNC’s new service, the scanner simultaneously captures both sides of each check. The checks are converted to digital images that can be verified and edited on-screen, then automatically matched with invoices and customers in QuickBooks and stored in a searchable database for future research and audit trail.

Since its inception in 1996, BankServ has been dedicated to developing new technology to move money quickly and safely over electronic networks. BankServ is a leading global provider of secure Fed wire transfer, SWIFT, Check 21 and ACH payment solutions for banks, governments and businesses. From a single location in San Francisco, BankServ has become one of the fastest growing companies in America. In 2003 and 2004, BankServ was listed in the Inc. 500 fastest growing private companies in the U.S. and in the Deloitte and Touche Fast 500 as one of the fastest growing public or private technology companies. More information about privately held BankServ can be found at http://www.bankserv.com.

The PNC Financial Services Group, Inc. (http://www.pnc.com), is one of the nation’s largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.

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