Not long ago, doing business at your bank involved filling out a deposit or withdrawal form, going to your local bank branch with a check or cash deposit, waiting in line, and depositing your earnings through the teller window. For an entrepreneur or business owner, this means staying away from your business location and your customers.
Things have changed. Thanks to technological advancements, online banking allows you to manage almost any business need using a banking application on your computer or mobile device.
If you are accustomed to using traditional banking services, you may be hesitant to use the bank’s online services for your business bank account.However, online banking is safe (in some ways tomorrow more secure than traditional banking services). An online business bank account offers a wealth of benefits that can save you and your business time, money and effort.
Here are four ways online banking can work for your business.
1. Online banking can save you time
Almost any transaction that can be done face-to-face, can be done online. No need to travel, wait in line, or manage your schedule around branch office hours. From your laptop or banking app, you can check balances, make mobile deposits, transfer funds between accounts, pay suppliers and employees, refund customers if necessary, and verify that checks have cleared. If something goes wrong with your business bank account, in most cases customer support is available 24 hours a day, either online or over the phone. Spending less time at the bank means you can spend more time managing and growing your business.
2. Online banking can help you save money
Online banking programs allow you to transfer funds between multiple accounts—such as savings, checking, credit cards, and loans—often without fees. Also, your bank fees may be lower because the bank would rather not pay for branch maintenance and other extras, and those savings are passed on to you.
3. Online banking helps simplify the process
Many online banking accounts integrate with accounting and payment processing software or applications, such as QuickBooks, Stripe, Shopify, and PayPal. Instead of the time and cost of processing payroll – writing checks, buying envelopes and stamps and mailing them to suppliers and employees (or paying an accountant to do it for you) – a more automated backend can save you Put your time and money into your business. In addition, automatic reconciliation of your income and other balance sheets provides a real-time snapshot of the overall economic health of your business, so you can react and plan as needed.
4. Online banking provides an additional element of security – you
In addition to the level of security required to conduct any financial transaction today (such as encryption software or digital countermeasures to prevent identity theft and hacking), online banking provides another level of security – you. You can monitor your account anytime, anywhere, and you will be the first to know if malicious or unidentified transactions have taken place. You can also build safeguards, such as customizing employee access to specific accounts or ensuring transfers or transactions require your approval, as a way to prevent employee theft, which is important for a growing business.
Some banking processes should be done in person, such as applying for a loan or line of credit or gaining insight from a local branch advisor to help you build a successful business.But a hybrid model that combines 24-hour access Your online banking account is safe knowing that a trusted branch advisor is a phone call or a few steps away, which may be ideal for your business needs.
with a Business Banker discusses how online banking can help you invest your time, money and energy where you need it most: your business.
For informational/educational purposes only: The views expressed in this article may differ from those of other employees and divisions of JPMorgan Chase & Co. The views and strategies described may not be suitable for everyone and are not intended as specific advice/advice to any individual. Information comes from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. Before making any decision, you should carefully consider your needs and goals and consult with the appropriate professional. Outlook and past performance are no guarantee of future results.
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