In this digital age we are almost at the end of hearing ‘the cheque is in the post’. Your business will have to keep up with the development of internet banking as it will change the way your business, along with others, interacts with customers. Online banking can provide you with multiple benefits to help you better serve your customers.
1. Easy monitoring
Being able to access your bank account anywhere anytime can help you monitor your online banking activities. Due to the large number of daily transactions in businesses it is easy to miss unusual activity in your account. By having easy access to your accounts you can review the day’s transactions easily. If you want to check if a cheque has been cleared or a payment has been transferred then instead of going into your bank or waiting for paper statements you can simply log on to monitor the transaction.
2. Less time spent in the bank
Online banking allows you to carry out many tasks that you would have previously had to go to the bank to perform with traditional banking. Waiting in line in the bank can be time consuming and as a business you can’t afford to waste time queuing or getting stuck in traffic to get there. Online banking is very convenient due to its 24 hour availability so you can still access it when on holidays and you are not constrained by the bank’s business hours.
3. Fast transfers
Using online banking to perform transfers is far easier and quicker than traditional methods. Online banking allows transfers to be done overnight, it is also good when doing direct deposits and wire transfers which are a faster way to transfer money. Often banks allow you to edit the access employees have to certain accounts where they can view accounts but not transfer money for example.
4. Bills
With online banking you can often pay your bills online and have the bank store the payee’s information for future payments. This is useful if the bill amount varies over time so you can simply log on and have the details of who you are paying saved. Alternatively if you have recurring bills of the same amount you can schedule these in advance. Many banks allow you to put an end date on these recurring payments in case you forget to discontinue them.
Online banking is just one method in which to make a payment. We have written a guide of the different types of payments as your suppliers may want you to make payments in different ways.
