Data Capturing

One of the most important aspects of any credit card application processing system involves data capturing along with the checking and verification procedures. Today this process of reviewing and processing of the typical paper based credit card application takes on average one week. However if the same application is completed online it can take less than two minutes. From here the credit card, if approved, takes approximately ten days to reach the applicant. The data capturing system used to process the information on a credit card application is tailored to this particular task. There are both manual and automated systems, for many years banks and credit card issuers have used manual processing systems for all of their data processing. The only problem with the manual system is that it takes far too long to process each application and the decision making process can be somewhat haphazard leading to inconsistencies that wreak havoc on the issuer and the recipients. Automated data capturing systems take the human element out of the loop and use machinery and scanners to process the applications at a much higher rate of speed.

Thanks to the latest technologies these scanners operate at amazing speeds with accuracy ratings in the high 90% range when being used with paper applications. There are also software capturing programs that are designed to work with online credit card applications that handle data capture and validations before they export the information to credit scoring platforms. All of this new data capturing software and equipment is geared towards streamlining the credit application and approval process. Today's consumers want an answer to their application as quickly as possible, this is one of the main reasons that so many of them now process their applications online instead of filling out a paper application and putting it in the mail. However, there are still millions of paper applications sent through the mail systems every year that must be processed. At the same time the majority of credit issuers are turning to outsourcing data capturing and the processing of paper applications.

This is done for the same reason, which is to speed up the process. There are companies that are dedicated to data processing ranging from both digital and paper application processing to credit scoring. All of this information can then be electronically transmitted to the credit card issuer where it can be stored until needed to either issue an approved credit card or a letter of denial. Out sourcing your data capturing needs to a company such as Out Prosys makes sense in today's tough economic times. It gives your company the ability to process applications at the fastest possible speed, eliminates human error and can save your company millions in overhead each year. They are ISO9001:2008 certified and specialize in converting handwritten and typed text into electronic documents. Utilizing the latest in digital scanning equipment they offer an amazing 95% or better accuracy rating and highly trained and experience data capture operators to ensure your complete satisfaction.