Online Business Banking: Reasons for its Popularity
Online business banking means managing your business banking activities using either your banking institutions internet banking website or their mobile banking app for smartphones. It is an easy way of managing your banking activities without necessarily having to physically go to your bank. It is mainly designed to be used online. But why has online banking become a favorite to many in Australia?
1. Fast, Secure and Easy to use
Online business banking is used by a lot of business people in Australia because it is fast, secure and simple to use. Depending on the medium you are using to access your banking facility’s online banking, whether it be your bank’s internet banking or via the mobile app, you are assured of fast services. You do not have to stand in queues waiting to make transactions. Anti-fraud technology ensures that your transactions are safe and you do not have to worry about any of your details being accessed by online frauds.
2. View transactions online
You are able to view your account balances, check transaction history, and more, with the online business banking service. You do not have to go to you bank to request them or make a quick phone call to the bank to ask for your balance. With Online business banking, you only need to log into your banks system wherever you are, check your transaction history. It gives you the functionality of accessing all your accounts in one place.
3. Manage Accounts
With online business banking, you are able to manage who can bank on behalf of your business and customize what they can see and do in online banking. You can decide who amongst your employee can approve payments and the type of payments they can make on your behalf. It enables dual approval of your business payments. You are able to check real time who has accessed your account and what transaction they were carrying out.
4. 24 hour access
Business owners get to access their accounts online all round the clock and carry out transactions at any time. Online banking brings your business bank to you. If you are travelling, you are still able to access your bank account from wherever you are.
5. Paperless banking
With online banking, you do not have to keep file all the receipts of payments and the bank statements. Most accounts can give you access to our statements for up to 3 years, which is quite a long time. Makes work really easy for you. No need to head to the bank to get your bank statements or follow up on receipts.
An Online business banking service will help you organize your finances so you are never late in making payments, which can harm your credit score. Using the automatic bill payments feature allows you to schedule recurring bills like phone bills and rent. Always ensure there is money in your account before the payments are due.
7. Stay alert
When using online banking, you can customize your account to issue alerts any time a transaction has taken place. With this feature, you can keep track of all your activities even when you do not have access to the internet or to your company’s mobile banking application.
8. Cut banking costs
Cheque books, paper bank statements and receipts all cost money and are expensive to the business owner. As an alternative to issuing cheques, you can use the electronic money transfer from wherever you are by authorizing it from you site. It also saves in manpower as you won’t have to keep sending an employee to deliver cheques or collect statements for you.
Before a bank adopts online banking, it keeps a lot of measures in place to ensure that no data can be stolen by anyone trying to hack the system. The bank ensures that they use the best software and anti-fraud systems. Your banking details and history will always be secure with online banking.
For those looking to change their way of doing their banking business, online banking provides you with a stress free systems and helps keep your office paperless from statements and bank receipts. If you are big in helping the government go-green, you can start by using online business banking and watch your business grow.
We are experts in business management and are always on standby to help you manage your business. Give us a call today.