5 Ways Businesses Benefit from Online Banking


1
Account Monitoring

Perhaps the best advantage of online banking for businesses is that you can monitor your account at any time and from virtually anywhere. This is also a perk of personal banking, but businesses arguably benefit from it the most because they often deal with a large number of daily transactions.

With traditional banking, you need to call the bank to check on whether individual transactions have gone through, as well as wait for paper statements to arrive in the mail to view a list of your transactions. Online business banking makes it as easy as logging into your account. You can verify whether checks have cleared or see images of cleared checks to verify details.

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Sources

  • Bank of America. "Online Banking & Services." (Oct. 13, 2011) http://www.bankofamerica.com/small_business/online_banking_and_services/
  • Barich, Thomas. "QuickBooks 2011 QuickSteps." McGraw-Hill Professional. 2010. (Oct. 13, 2011) http://books.google.com/books?id=QcYnGQbsRL4C
  • FDIC. "Online Banking, Bill Paying and Shopping." Federal Deposit Insurance Corporation. GPO FCIC. 2009. (Oct. 13, 2011) http://books.google.com/books?id=1mEISz7DtjkC
  • Fuscaldo, Donna. "Simplify Your Finances with Online Banking." Bankrate.com. May 25, 2010. (Oct. 13, 2011) http://www.bankrate.com/finance/savings/simplify-your-finances-with-online-banking.aspx
  • Munger, David. Senior Vice President, Online Resources Corporation. Personal correspondence. Oct. 12, 2011.
  • Wells Fargo. "Wells Fargo Business Online." Wells Fargo. (Oct. 13, 2011) https://www.wellsfargo.com/biz/online_banking/

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