Maximize the Benefits of Online Banking for Your Business

You may already know the benefits of online personal banking. For business owners, online business banking offers features and services that can streamline the key cash management functions of your business while enhancing your bottom line results.

Most businesses are faced with a choice between ordinary Online Banking and Online Banking for Business. Banks offer basic Online Banking with a core set of capabilities designed to accommodate small businesses that don’t require more comprehensive features like payroll management or user access control.

No two businesses are exactly alike, meaning that the choice of online banking service for your large or small company should be based on your specific business needs.

Traditional Online Banking Includes the Ability To:

  • View balance information
  • Pay bills using Online Bill Pay
  • Access account history
  • Set alerts for account activity
  • Initiate and complete funds transfers
  • Request and review images of checks

While individuals and some small businesses can make use of these features to manage their finances online other businesses, both large and small, benefit from added features not found in basic Online Banking. For businesses that are trying to manage complexities like order flow and payroll, go beyond the basics and consider Online Banking for Businesses.

What Is Online Banking For Business?

This more comprehensive service offers a variety of features and benefits designed to deliver added efficiency and capabilities to business owners looking to get more from their online banking.

Make and Receive ACH and Wire Transfers

Collecting payment and getting payments made to vendors in a timely fashion doesn’t have to be difficult or time consuming. With ACH collection it’s possible to simplify the administration and collection of regularly scheduled ongoing payments like monthly rents or memberships. You can also make payments using ACH, making it a simple way to manage your business finances.

For businesses of any size that do business internationally Online Banking for Businesses offers wire transfer capabilities, meaning you can easily send and receive payments both globally and domestically. This can be done on an as-needed basis or, like ACH, on a regular schedule.

Payroll Management Tools

Paying employees is an important part of any business, but can often be time consuming and hard to manage. Online Banking for Businesses provides direct deposit capability, meaning no more rush to deposit checks at bank branches. As an added benefit direct deposit makes cash flow more predictable as all transactions take place at one time and payroll checks are no longer needed. Best of all this helps reduce the possibility of payroll fraud and provides an extensive set of records including payment amounts, dates, and tax information.

Remote Deposit and Payment Technology

Adding Online Banking for Businesses makes accepting remote payments quick and straightforward. Any business that performs work outside the office can benefit from the ability to accept payments at the client location. This way funds arrive quickly and there are no more hassles with mailing invoices, depositing checks, and chasing collections.

Online Business Banking can accelerate your cash flow by enabling a variety of payment methods, such as electronic funds transfer (EFT), remote deposit of checks, as well as debit and credit cards.

For the business on the go the flexibility to process remote payments makes life easier for you and your customers.

Control User Permissions and Access Rights

With Online Banking for Businesses it becomes possible to give each individual user of online banking a tailored level of access. After all, your accountant and most employees probably don’t need more than view-only level access to your company accounts. By taking control of employee access permissions you can establish limited or full access for each individual employee, helping your business run smoothly and stay secure.

A Flexible Banking Option

Talk to your banker about Online Banking for Businesses and have a conversation about how your business might benefit from the convenience and control offered by these robust business banking solutions.