AdvicePay Introduces Mobile Check Deposit For Enterprise Customers

Fee-payment processing platform AdvicePay, created just for financial advisors, rolled out a new mobile check deposit feature for large businesses. Enterprises can now let their branch workforce simply and expediently deposit financial planning checks into home office systems, according to a Thursday (March 18) announcement.

The move lets them steer clear of the risk of causing custody by keeping client checks as well as takes away the necessity of expensive express mailing costs, according to the announcement.

AdvicePay CEO Alan Moore said that businesses with different advisor branch offices that all provide financial plans for charges can accrue high mailing expenses fast because of the need to overnight checks to the home office to avoid custody. They also can become swamped with the time needed to process many hardcopy checks, Moore said.

“By enabling mobile online deposit of paper checks, AdvicePay eliminates the need to overnight checks altogether and consolidates separate workflows for credit card, ACH, other digital wallet payments and paper check systems into a single workflow environment that enables organizations to track, manage and report on all payments for financial planning services in one convenient place, powered by modern technology,” Moore said.

The mobile check deposit functionality of AdvicePay, which can be used on mobile devices and computers, speeds up check processing in a telecommuting environment brought about by the pandemic, letting advisors and employees deposit checks from wherever they may be. Moreover, the functionality will let financial advisor enterprises scrap paper check processing over the long haul. That shift provides significantly faster access to funds and simplifies a costly, mail-based and nonautomated process.

In July, AdvicePay said it had collaborated with Envestnet MoneyGuide to assist financial advisors with the quicker collection of business-to-business (B2B) payments. At the time, it was noted that advisors harnessing MoneyGuide would have access to AdvicePay. Moore said the integration “will provide needed efficiencies and time savings for advisors.”