Online Banking: a Convenient and Secure Way to Manage Your Business Finances

Online Banking: a Convenient and Secure Way to Manage Your Business Finances

With business and commerce operating at digital speed these days, your business needs the advantages of online banking services just to remain competitive. Fortunately, it can be done securely and affordably through your business bank.

Traditional methods of business banking, like writing checks, sending out physical invoices, and providing customers with paper statements, are expensive in terms of both money and time. Taking advantage of online business banking allows businesses to operate without these hassles and costs. 

Online banking can provide a cost effective alternative to these wasteful paper-based banking strategies. Consider these benefits of online banking for your business and talk to your bank representative today to find out how you can adopt a simple, easy and affordable way to administer your business finances.

It’s Easy to Bank Online

Most of what businesses used to do in a bank branch can be done securely and easily via online banking. Reviewing your business accounts, transferring funds, or setting up payments can all be done online, requiring only an initial visit with your local bank to set up an online banking system tailored to your business needs.

Banking on Your Terms

No longer are businesses forced to worry about “bankers’ hours”. With online banking you can access your account any time that suits you, freeing up valuable business hours and saving the hassle of driving to the bank. With secure account access you can enjoy the benefits of a commercial banking relationship in the office, at home, or on the road.

Online banking means that you can bank when you want, where you want, and with the convenience of all the features and benefits that are most important to your business.

Improve Your Cash Flow with Remote Deposit

Keep cash coming into your business as fast as possible by using the online banking remote deposit feature to process payments when the sale is made or services are provided. This technology makes it easy and fast to securely deposit money into your business bank account, and customers are happy to know they won’t have un-cashed checks waiting for a trip to the bank.

Adding the ability to process multiple payment types, like credit cards, debit cards, and paper checks means that it’s both easy and hassle-free for customers to pay using a method that suits both their needs and your business.

Your Accounts Are Secure

Of course, this freedom and flexibility requires robust security to protect your personal and financial information. That’s why banks take advantage of the latest cyber security technology and encrypt your remote transmissions and use password protection to enhance the safety of your data. Banks also use the latest anti-virus software as well as sophisticated data storage technology to keep your banking information well protected.

Passwords are most effective when they are changed frequently and contain a combination of letters, numbers and symbols. Work with your bank representative to make sure you are maximizing the benefits of their significant security features.

Add Alerts to Monitor Activity

Adding email or text alerts to your online banking is a great way to stay on top of transactions taking place in your accounts. This real-time system of alerts keeps you up to speed on your business finances and means you can stop fraud or identify problems before they impact your business.

Every business is a potential target to hackers, making a well-designed online banking system with smart alerts an important tool for combating these threats.

Eliminate The Costs Of Pushing Paper

Banks find dealing with physical checks both labor intensive and expensive, meaning they tend to impose check processing fees for business account holders. Moving to online banking can save money on fees by providing access to electronic fund transfers, also known as EFT’s. These digital transactions only require a few clicks of a mouse, so they save time and money for banks and their business customers.

Businesses can also cut the costs of dealing with paper checks and invoices by reducing or eliminating employee expenses associated with these banking tasks. Online banking can replace trips to the bank and automate bill payments, eliminating late fees and freeing up valuable payroll cash for growing your business. At the same time, payroll and other predictable payments can be handled electronically, which is both secure and convenient for your business and your employees. Best of all, you can keep cash in interest-bearing accounts as long as possible before transferring or paying it out, maximizing your ability to earn interest income while still making payments on time.

A business of any size can benefit from these features, but as you can imagine the more financial transactions a business has per day, the greater the financial and efficiency benefits of online banking are to the company.

Manage Employee Access to Your Business Banking

Some employees may need access to view account information but not to conduct actual transactions. Others may need more comprehensive access to best do their jobs. Either way you can set the access level for each employee, improving your business financial security while still helping everyone do their best work for the company.

It’s important to update records and log-in data when employees join or leave the company so that account access continues to be only for those who need it.

Start Using Online Banking and Save A Tree

It’s no secret that businesses are going digital and saving on paper waste and the associated time, cost, and risk of banking document storage and processing. Adopting online banking can reduce or even eliminate the need for paper statements and decrease your business’s environmental footprint, all while enhancing your ability to bank in real time and save money.

Online Banking Is Ready for Business

Now is the time to talk to your bank representative about getting started with online banking. These powerful banking solutions can make your business more efficient while improving your bottom line, and employees and customers benefit from the added security and convenience of modern payment technology.

If you haven’t already, talk to your bank about setting up the right online banking system for where your business is today and for the road ahead.