Imagine getting an email that a vendor-approved your purchase order for your business. The notice tells you the vendor will debit your account today, but you know the balance isn’t high enough.
If you can’t get to the bank to transfer the cash, you should switch to Online Banking. Then, you can make the transfer yourself so that you can pay the vendor and keep your business on track.
Read on for more reasons to start using online banking.
1. Save Time
One of the most significant reasons to switch to online banking is that you can save time. Of course, you can access your bank account details at any time as long as you have an internet connection.
However, you can also reduce the frequency of trips to your local bank branch. Each trip you take involves travel time to and from the location.
You might also need to wait for a while to get help from a bank teller or sales associate. Then, the transaction can take a few minutes to process, and this could add up, especially if you don’t live or work near your bank.
On the other hand, you could process a transaction yourself in a few minutes or less. Instead of having to go to the bank to deposit a check from a client, you could do so yourself and get right back to work.
2. Process Checks Sooner
All banking options can have a bit of a delay when it comes to processing check deposits. However, that’s another reason for switching to online banking for business.
Many online banks let you take a picture of a check and deposit it using your mobile device. Consider if you receive a check on Wednesday afternoon at the end of the day.
Checks can take two business days to process, so you won’t get the full amount right away. If you waited until Thursday or Friday to take the check to the bank, you might not receive the funds until the following Monday or Tuesday.
You might not have time to go by the bank on Wednesday, or at least not until after the business day ends, usually at 5. If you deposit your check through an app, though, you could deposit it on the Wednesday business day.
Then, you could receive the funds on that Friday, a lot sooner than you would if you went to the bank later. Check processing can still take a while, but starting the process sooner is an excellent reason to use online banking.
3. Monitor Your Balance
If you don’t use online banking, you rely on your bank being open for you to check the balance. You might not need to go to the branch, but you’d at least need to call.
However, with an online bank account, you can review your balance whenever you want. That can be especially useful for new businesses that don’t have a ton of money in the bank.
If you know you have a big expense coming up, you can make sure your business bank account has a big enough balance to avoid an overdraft. Then, you’d know to transfer money from another account to cover the cost and save money on fees.
Even as your business grows, you should keep track of your balance. You never know when you might need to spend money on something to keep your business afloat.
4. Catch Fraudulent Activity
As you track your balance, you can also look at specific transactions and catch fraud much sooner than without online banking. You might check your account once per day online, and you can review the transactions that came through.
If you see something that looks off, you can contact your bank right away to settle the issue. You can then freeze your credit or change your credit and debit card numbers.
Maybe you notice the check numbers don’t look right, so you decide to place stop payments on some. That way, you can reduce check fraud on your account to keep your business finances in order.
5. Fewer Errors
Sometimes, the fraud you catch might be errors you or a bank employee made. While you can’t avoid errors entirely, you might be able to reduce them when you use online banking.
For one, you’ll perform more of the transactions, such as balance transfers and check deposits. As long as you have a good eye for detail, you might catch your errors before you submit a transaction.
Ideally, your bank tellers would also catch their errors before completing a transfer or deposit. However, it never hurts to do the work and double-check it yourself.
6. Easy While Traveling
A lot of business owners travel for their work, even if they only travel occasionally. If you have a business trip in your future, you should switch to e-banking now, especially if you use a local bank.
You might not be able to visit a bank on your trip, so you could miss out on transactions and fraudulent activity. However, if you can access your account details online, that won’t be a problem.
If you need some more money, you can transfer it from one account to another. And you can make sure you receive any outstanding invoices from clients while you’re gone.
Will You Switch to Online Banking?
If you want to streamline your business operations, consider switching to online banking. You have many reasons to do so, from saving time to easier access to your account activity.
Be sure to consider some of the reasons to make the switch. Then, you can have an enjoyable banking experience and be able to reach your business goals.
Do you want to start online banking? Open an account or apply for a loan today.
