If you are still writing paper cheques, mailing paper invoices, and collecting payment with monthly paper statements, you are wasting business capital. Online business banking is more efficient, and much more convenient.
Well, Here are reasons why online banking is the best for your business:

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Online business banking is convenient
With online banking, you can check balances, make online payments and move money between accounts. If you can conduct a transaction with a teller face-to-face, chances are good that you can conduct the same transaction online. Designing the perfect online business system is as simple as stopping by your local bank branch.

It brings the bank to you
It banks on your terms and your schedule. If you want to check the books at 4:00 am, simply turn on your computer and conduct your company’s banking business. Eliminate trips to the bank. Simply sign in to your account, and you are in control of the company’s finances. Bring your commercial bank to you, work on your schedule, and in your office, with all the features you need.

Online business banking is efficient and productive
Automated bill payment of routine company expenses simplifies financial management, and eliminates unnecessary late fees. Most monthly bills, payroll, routine expenses can be paid electronically to save you time and money.
When selecting your company’s online banking features, consider such things as the number of transactions you make in a day – one, or thousands. The more transactions, the more effective online banking becomes.

Using online banking cuts down on paperwork
Your company uses less paper and the bank uses less paper. In some cases, small business offices have essentially gone paperless with immediate access to company account balances, electronic statements and other environmentally-responsible business activity.

The benefits of designing the perfect online banking system are available through many banks, improving management of business financials, lowering costs (and expanding margins), and boosting company productivity so your team can do more for less.

Stay alert
When you start using online banking, you can customise your accounts to issue alerts when any account activity takes place. These alerts can be delivered by email or text message to keep you current on your account’s activity and to identify potential fraud before it can even take place. Any business is susceptible to hacker attacks. Design your online banking system to send alerts that notify you of any business activity.

Keeps banking business secure
Banks employ multiple layers of data security to protect your company’s information. These include the latest in virus detection software, numerous firewalls, and heavily encrypted transmission to keep your company information protected.
When designing a company’s online banking system, follow the security protocols established by your bank. Passwords protect all accounts. Change passwords often. Add numbers and symbols to your passwords. Your bank representative will provide the information needed to secure the company’s information.

Cuts banking costs
Processing paper cheques is time consuming and can be expensive. You can avoid some of these costs by taking advantage of automated tools:

Electronic funds transfers can help you pay bills quickly without the expenses associated with paper cheques.

In many cases, a company may be able to save on labour costs by using online banking to make deposits, track slow pays and perform other payment collection activity.

Customise employee access to business bank accounts
Not all employees need access to all the company’s accounts. That is no problem. Online business banking is completely customisable. Enable employee access to online accounts on a “need-to-know” basis to improve in-house security. Design a system that creates password protection for each employee’s account access.

Remote deposit capture increases cash flow
Using online banking, payments for products or services are moved immediately from the customer’s account to your company account at the time services or products are delivered. This increases the rate of cash moving through your business. If your business employs remote deposit capture, you can design a system that accepts payment in different formats, like one that accepts credit cards, debit card payments, and paper cheque payments.