If you have a business and you’re not taking advantage of mobile banking services, you may be missing an opportunity. There are just so many features that save time and hassle, offering instant access to your accounts. That access allows you to better manage your cash flow and the time you save allows you to spend more time growing your business. Here are a few of the benefits mobile banking offers businesses.
This technology allows employees on the go to photograph a check and have the funds deposited electronically. Service technicians can also act as on-site payment collectors when they do their work, meaning fewer delays in getting paid and no more needing to worry about extending net 30 days payment terms.
Run Credit or Debit Card Payments
Today it’s possible to use mobile banking for business to conduct credit and debit card transactions via Remote Payment or Deposit Capture. The same is true for remote check deposits, which transfer funds electronically directly to your company account.
In the case of card payments, all that is needed is a swipe of the card and e-signature before funds move directly into your business account, making it easier for you to manage your cash flow.
Check Image Verification
Instead of waiting for duplicate checks or deposit verifications, mobile banking allows businesses to view an image of any physical checks that are deposited and have cleared. This means that it’s possible to quickly and accurately understand the cash position of your business and manage the checks being deposited. This includes remote deposits made by employees working in sales, service, or staffing your booth at industry and trade events.
The ability to get a fast update of account balances and associated checks that have cleared no matter where you are is a proven way for a business on the go to keep its cash flow organized any time an internet connection is available.
Account Balance Updates
Not only can you see the checks deposited to your account but you can also get a simple overview of all company finances by logging into mobile banking. For circumstances requiring a more in-depth review of a particular account, it’s usually possible to “double-click” on that account and get individual transaction details.
The ability to conduct your business banking 365 days per year, 24 hours per day, means you can set time aside for reviewing the books when it’s convenient for you and not when a branch or call center happens to be open.
Transfer Money without the Hassles
Are you tired of always trying to find Wi-Fi for your laptop or worrying about getting back to your desktop so that you can move money between accounts? Mobile banking can be done from your smartphone, allowing you to increase your interest income by leaving your cash parked in accounts that make you money for as long as possible.
Monitor Transactions to Stay on Top of Receivables and Payments
Using mobile banking, it’s now possible to see your deposit and payment history while you are on the go. Keeping an eye on your money no matter the day and time means that it’s now simpler than ever to avoid late payment charges or forget an aging receivable because of a lack of detailed information.
Managing Payment Dates to Maximize Cash Flow
Taking advantage of mobile banking online bill payment services mean businesses can schedule payments to be made on the various dates that bills come due. This added payment oversight helps prevent accidental payment errors and their associated late fees.
Mobile Banking Apps Maximize Convenience and Security
Your banker can help you get started with their dedicated mobile banking smartphone application. This puts the power of online banking right at your fingertips via a small icon that can open your banking with the tap of a finger.
When tapping the application icon you’ll be asked to provide your authorization information and PIN that keep your accounts secure. Once you are logged in you can complete your mobile banking on your phone, meaning that you can get paid or pay bills anytime, anywhere. This secured access and ease of use make mobile banking and mobile banking applications a must-have for businesses of all sizes and scopes.
Make sure you’re getting the most out of your bank’s mobile services. They can save your business valuable time, which of course means you’re saving money. The convenience and instant access to your accounts also allow you to better manage your finances and cash flow. 1st Source Bank offers a full complement of mobile banking options and we’d love to discuss them with you if you don’t already have them.