How Can Online Banking Save My Business Time And Money

by Debi Enders

If you’re still writing paper checks and mailing paper invoices, online banking can help you be more efficient, and it is much more convenient. Online banking lets you bank on your time and within your schedule. In addition to letting you view credits and debits posted to your business accounts, the benefits of online banking include:

•Convenience. You can access company accounts, check balances, make online payments on a timely basis, monitor loan balances and transfer money between accounts. Many of the transactions you conduct with a teller you can make online.  
•Alerts. Alerts can be customized for your account to let you know about specific account activity. You can receive alerts by email or on your smart phone to let you know when your balance has fallen, your balance is above the amount you specified or a direct deposit has been received, to name a few examples.
•Save money. Online banking saves the time and expense of processing checks.
•Security. The latest in virus detection software, many firewalls, heavily encrypted transmission and data storage keep your company information protected. Your bank is in the business of online security to safeguard your privacy.
•Customization. Online banking access is completely customizable. Enable employee access to online accounts on a “need-to-know” basis to improve in-house security.
•Paperless banking. Using online banking means less paper, eliminating paper clutter. Statements are organized in one convenient location, and you can view them as soon as they are available.
•Cash management. By using online banking and consistently monitoring the company’s cash flow, business owners can easily control the timing of disbursements, helping avoid costly overdrafts and shortages.

 Debi Enders (debi.enders@commercebank.com) is assistant vice president, small business banking at Commerce Bank.