The Benefits Of Online Banking: What Online Services Does Your Company Need?

The Benefits Of Online Banking: What Online Services Does Your Company Need?

If you’re still writing paper checks, mailing paper invoices, and collecting payment with monthly paper statements, you’re wasting business capital. Online business banking is more efficient, and much more convenient. With online banking, your company can design a cost-efficient means of keeping track of income and expenses outgo – all from the convenience of your computer. Here are some key benefits of online banking, and some good reasons to talk to your Mobanker about designing a more efficient way to manage the company finances.

Online Banking is Convenient

With online banking, you can check balances, make online payments and move money between accounts. If you can conduct a transaction with a teller face-to-face, chances are good that you can conduct the same transaction online. Designing the perfect online business system is as simple as stopping by your local bank branch. Depending on your business model, you and your bank professional can customize the perfect online system to meet your business needs.

Bring the Bank to You

Bank on your terms and your schedule. If you want to check the books at 4:00 AM, simply turn on your computer and conduct your company’s banking business. Eliminate trips to the bank. Simply sign in to your account, and you’re in control of company finances. Bring your commercial bank to you, work on your schedule, and in your office, with all the features you need. Online banking brings your business bank to you – any time.

Cut Banking Costs

Processing paper checks is time consuming and can be expensive. You can avoid some of these costs by taking advantage of automated tools:

  • Electronic funds transfers, or EFTs, can help you pay bills quickly without the expense associated with paper checks.
  • In many cases, a company may be able to save on labor costs by using online banking to make deposits, track slow pays and perform other payment collection activity
  • Online banking is efficient and productive.
  • Automated bill payment of routine company expenses simplifies financial management, and eliminates unnecessary late fees. Most monthly bills, payroll, routine expenses can be paid electronically to save you time and money.

When selecting your company's online banking features, consider such things as the number of transactions you make in a day – one, or thousands. The more transactions, the more effective online banking becomes. If your company maintains numerous accounts, you can select features that automate account transfers on selected dates to keep cash in interest-bearing accounts for as long as possible.

A growing business benefits from a well-designed online banking system tailored to the way business is conducted.

Keep Banking Business Secure

Banks employ multiple layers of data security to protect your company information. The latest in virus detection software, numerous firewalls, and heavily encrypted transmission to keep your company information protected.

When designing a company online banking system, follow the security protocols established by your bank. Password protect all accounts. Change passwords often. Add numbers and symbols to your passwords. Your bank representative will provide the information needed to secure company information.

Customize Employee Access to Business Bank Accounts.

Not all employees need access to all company accounts. That’s no problem. Online business banking is completely customizable. Enable employee access to online accounts on a “need-to-know” basis to improve in-house security. Design a system that creates password protection for each employee’s account access. Update your in-house system as employees are added or leave the company.

Stay Alert

Using online banking, you can customize your accounts to issue alerts when account activity takes place. These alerts can be delivered by email or text message to keep you current on account activity, and to identify potential fraud before it can even take place. Any business is susceptible to hacker attacks. Design your online banking system to send alerts that notify you of any business activity. With online banking, you and your business capital are always in touch.

Remote Deposit Capture Increases Cash Flow

Using online banking, payments for products or services are moved immediately from the customer’s account to your company account at the time services or products are delivered. This increases the rate of cash moving through your business. If your business employs remote deposit capture, you can design a system that accepts payment in different formats, like one that accepts credit cards, debit card payments, and paper check payments. Securing payment is fast, simple, and customers appreciate the convenience.

It’s Easy to be Green

Using online banking cuts down on paperwork. Your company uses less paper and the bank uses less paper. In some cases, small business offices have essentially gone paperless with immediate access to company account balances, electronic statements and other environmentally-responsible business activity. Online banking makes “going green” easy.

Is It Time to Toss Your Company Checkbook?

The benefits of designing the perfect online banking system are available through many banks, improving management of business financials, lowering costs (and expanding margins), and boosting company productivity so your team can do more for less. So, maybe it’s time to toss the company checkbook. Maybe it’s time to talk to your business bank professional to set up an electronic business system that works specifically for your company. Maybe it’s time to design your company’s online banking system for tomorrow’s business world – today!