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5 Ways Businesses Benefit from Online Banking

        Money | Online Banking

Fewer Trips to the Bank

With traditional banking, many transactions require time-consuming trips to the bank. Few business owners have loads of extra time to spare during a business day to battle traffic, getting to the bank simply to wait in line for a routine transaction. Instead, business owners can conduct such transactions from the convenience of their office or home -- or even while traveling. An Internet connection is all you need, and some banks offer mobile online banking. In addition, you don't necessarily have to be constrained to a bank's business hours. You can usually access your online account 24 hours per day and on holiday. (Keep in mind, however, that many transactions will only take effect during business hours.)

If you pride yourself on being environmentally conscious, you can also take comfort in the fact that fewer car trips to the bank means fewer carbon emissions. What's more, online banking takes much of the paperwork out of the banking process, which means less paper waste. If Americans opted out of paper statements, bills and checks, estimates say the action could save about 16 million trees [source: Shapley].