Online banking is nothing new these days – many individuals and businesses alike have been making the move to online banks for both the convenience and the wide range of services. However, many businesses still aren’t aware of the major benefits of online banking, and are still relegating themselves to banking in person at their local financial institution.
Recent technology has made doing business infinitely more simple, whether that means having teams working remotely or doing business with overseas clients. It’s never been easier to start and grow a business, and your bank should be able to help support that growth.
While there are many benefits of online banking for companies, we’re going to focus on the most beneficial rewards of using an online bank for business.
For companies that have large accounts payable, the ability to quickly and easily set up online bill payment can be a huge time saver – especially if they have recurring payments, since that entire monthly process can be automated after setting up initial payment preferences. Online bill payment also eliminates the need for envelopes and stamps, which can help cut down on a business’s administrative overhead.
Online banking provides a much quicker process for money transfers, especially compared to phone or in-person transfers. To make sure that account transfers (including loan payments) are as simple as possible, make sure that all of your company accounts are listed online and that you take the time to set them up and link them correctly.
One of the biggest pros of online banking for businesses is that reviewing and reconciling your accounts is simplified by the option of being able to pull up a full bank statement online at any time. Debits are generally reported almost immediately, so companies can manage cash flow in real time, without waiting for a print statement to arrive in the mail.
While these are some of the best benefits that companies get for choosing an online bank for business, there are other aspects of online banking that businesses should seriously consider before setting up an online business bank account. Account security is one of those considerations. While online security and cloud computing has become incredibly mainstream over the last few years, it is still important to make sure that your company has a process in place to manage secure keywords and login information at all times.
Taking additional precautions such as changing login passwords every six months and clearing your browsing cookies after each online banking session can significantly decrease the risk of a security breach and give everyone in your company the peace of mind that your account information is safe and secure.