PayPal application for deposit checks using iPhones

A PayPal application that lets people deposit checks by scanning them with cameras built into iPhones was considered a budding success on lastweek

More than 100,000 dollars worth of checks were handled by a Mobile Check Capture feature in the 36 hours after it
.

The service, powered by BankServ, enables people to deposit money into PayPal accounts by using iPhone cameras to take pictures of checks made out to them.

Mobile Check Capture is one of the new features added to the recently released iPhone 2.7 application available online at PayPal.com/mobile or at the iTunes website run by Apple

Simply open the PayPal App, tap Tools on the bottom bar, choose Add Money From Checks and follow the prompts. The process consists of taking two pictures (front and back of the check) and entering the check amount -- much easier than trekking downtown.

Deposits take roughly six business days to appear in your PayPal account and the company recommends holding onto your checks for 15 days in case there's a problem. It's worth noting that you can't deposit more than $1,000 per day or $3,000 per month, so you might not be able to skip bank trips entirely -- unless you happen to use Chase or State Farm Bank, which have iPhone apps with a similar feature.

Source : On This physorg Page