The Cheque Scanner Market is an emerging market with a lot of potential. In recent years, the number of cheques being processed has been declining and technology has been advancing.
The use of cheques in business transactions is on the decline as well. This decrease in usage means that there are fewer opportunities for businesses to provide this service, which creates a need for new products and services to fill this void.
One company providing these solutions is Paychex Inc., Canon & theres, who offers a variety of products including payroll processing software and electronic payments processing systems.
These advancements allow companies to process more checks each day without increasing their costs or hiring additional staff members, making it an attractive option for many entrepreneurs looking to take advantage of this niche market opportunity.
Can I just scan my checks with a smartphone app?
Yes, but what good are they if you don’t have the right equipment. A cheque scanner will make sure that all of your data is accurate and readable by reading each line on its own magnetic strip so there’s no need for any human input!
What was in the report of analysis of scanner market of MICR?
The Cheque Scanner business report was published in August 2015. The new report provides a comprehensive analysis of the current and future prospects of the global Cheque Scanner industry, as well as insights on segments that are expected to perform better in coming years.
It is estimated that by 2020, about $3 million scanners will be sold worldwide with an average selling price of $1,000 per scanner. This translates into annual revenues for manufacturers of about US$3 billion or more than US$300 million per year for each company.