866-920-8185 Facebook

The Benefits of an Online Bank for Business

September 16, 2013

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.

Online Bill Payment

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.

Quicker Money Transfers

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.

Easier Account Transaction Management

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.

Recent Posts

  • Revere Bank Sponsors Golf Tournament to Benefit Bright Minds Supporting Disadvantaged Youth in Howard County
  • Revere Bank Sponsors Laurel Back 2 School Jam
  • Revere Bank Executives Attend Autobahn Speedway Grand Opening
  • Revere Bank Montgomery County Regional Board Member, Mark Richardson, Tells How to Take Your Business to the Next Level at Seminar in Columbia
  • Revere Bank Senior Vice President Dave Gramil Awarded Maryland Next Leaders in Banking Award

  • Questions? Contact Us!

    Please Note: You may have disabled JavaScript and/or CSS. Although this news content will be accessible, certain functionality is unavailable.
    StartRight! Sponsor Quick Bank Deposit checks from the convenience of your own desktop and eliminate multiple trips to the bank. It's easy, fast, and secure. More
    Free ATMs Free ATMs There's no charge to use a Revere Bank ATM or any of the 37,000 ATMs in the Allpoint network across the country. More