Online banking offers many advantages to the small business owner. Your financial information is available anytime. You no longer have to drive to the bank, helping the environment. You can also easily track your money. Here are some advantages to using online banking for your small business.
If you are fond of standing in lines, go right ahead. Deposit money through the bank’s ATM and conveniently check your balance online. Most questions about your balance can be answered online.
2. Easy money transfers
Your small business might have separate accounts. You can easily transfer money between your accounts using online banking. If you have a credit card at the same bank, you can transfer money without hassles and phone calls.
3. Help the environment
Save gas, time and paper by doing your small business transactions at home. You do not have to drive down to the bank and fight traffic, reducing your carbon footprint. Use that online connection to find any necessary information.
4. Save money
Online banking leaves more money in your pocket. Not only are you saving money by eliminating the bank’s cost of mailing you a statement, you are reducing your expenses by not driving to the bank. When your bank’s expenses are lower, you benefit.
Information is available at your fingertips. You can find out whether a check cleared, a deposit went through or a credit card transaction happened without having to give your bank a call. You can look up information at any time, day or night.
Don’t spend all day looking for checks, envelopes and stamps. You can easily pay all of your bills online and leave the hassle of driving to the post office to others. With a few clicks, you can keep your business running.
If you have access to an internet connection, you have access to your bank. You don’t have to find a physical location of your bank to find out whether that check cleared. You can spend more time on vacation rather than worrying about your business.
8. Recurring transactions
Set up recurring transactions through your bank. You don’t have to worry about whether something has been paid, you can say for certain that it was paid on a date that you established. This service is free and convenient, giving you peace of mind.
9. Track investments
If you’re up at 3am, you can find out the current balance of your CD or money market account. You can discover the amount of interest that you’ve been paid for those investments.
10. See the larger picture
See the larger picture of your small business by having information about all of your accounts in one place. Know how much money is available on the credit cards. Be aware of the exact moment that you received interest on your investment account. You can download all of your transaction information to your computer for analysis.
11. Conveniently order checks
You might have vendors who insist on using checks for their transactions. You do not have to make a call or go into the bank to receive new checks. Click a few buttons, and your checks will be on their way.
12. Pay salaries online
It takes only a few minutes to pay an employee’s salary online. Just a few clicks transfers money from your account directly into theirs. Direct deposit makes life easier for everyone involved. Switch over to online banking. When you use your bank’s online services for your small business, you are saving time and money, helping the environment and relieving frustration.