The Advantages of E-Banking for Business

The Advantages of E-Banking for Business

Just as all businesses are different, so are all banks. It's important to choose one that's right for your company and to establish good banking relationships. A bank can be an invaluable partner. Whether your needs are simple or complex, you want a supportive and reliable bank that fits the needs of your business, including its online banking program.

Over the course of the past decade, online banking exploded as people discovered the advantages it provides. How can a business benefit from online banking? There are many ways.

Monitoring

One advantage of online banking for businesses is the ability to more easily monitor a large number of accounts and daily transactions at any time. You can verify whether checks have cleared and see images of cleared checks to verify details. You can, and should, easily monitor your cash flow daily.

Overnight Transactions

Businesses can utilize Automated Clearing House (ACH) transfers, which can be done overnight for direct deposits and wire transfers. In addition to being reliable, the system is more cost-effective, faster, and secure than processing personal checks.

Fast and Easy Transfers

Many online banking programs allow you to transfer funds between accounts. Whether savings, checking, lines of credit, credit cards, or loans, transferring funds between accounts is easy, often with no additional fees.

Customized Access

Many banks allow you to set up customized access so you can give designated employees access to certain accounts and not others. You can allow certain employees the ability to view accounts, but not transfer money. Or you can allow employees to initiate a transfer that can only go through with your approval. You can set up and schedule future and recurring transfers. Essentially, you're able to set up boundaries and restrictions that work for you and your company.

The Advantages of E-Banking for Business

Better for the Environment

E-banking is more environmentally friendly. Online banking can take much of the paperwork out of the banking process, which means less paper waste. Also, fewer car trips to the bank means fewer carbon emissions.

Accounting Support

If you use QuickBooks or other popular accounting software, as many small businesses do, many banks enable the interface of information from your online bank account with the software. While there are usually additional fees for this service, the benefits may be well worth the cost because of the time it can save in reconciliation and other tasks.

Mobility

Business owners are often on the go, so many banks offer mobile banking that lets you log into your account through a smartphone at any time, from anywhere. This mobility and flexibility lets you quickly take advantage of opportunities as they arise or resolve issues as soon as possible.

Bills

Online banking allows you to pay bills online. Many banks will let you store a payee’s information for future payments. You can set up recurring payments and establish a time period for the payments. You can schedule payments to take advantage of discounts or to benefit from "float" by delaying some payments.

Online banking gives businesses flexibility, speed, ease of account management, and convenience. It provides multiple benefits that help you better serve your customers.