Nearly every business uses the Internet, and one of the most popular Internet tools is online banking.
Most business leaders are already using online banking services to review transaction histories, cashed checks and deposits, but online banking offers much more than just account history. However, many business owners are not taking advantage of the more sophisticated online banking services, such as online bill payment, payroll and wire transfers, and stop-payment requests.
“Whatever your daily business needs may be — loan payments, bill pay, ACH, wire transfers, etc. — they can usually be done via online banking,” says Darlene Nowak-Baker, executive vice president and lending manager with First Place Bank. “You can streamline your processes, and bank whenever and wherever you want to.”
Some business leaders may be leery of conducting these transactions online rather than in person, but while the tools are high-tech, the online systems are user-friendly and safe. If you can navigate the Internet or point-and-click your way through the Web, you’ll have no problem using online banking.
The key is to know what services you need and whether your bank offers those services.
Smart Business spoke with Nowak-Baker about online banking and how your business can get the most bang for your online banking buck.
What are the benefits of online banking?
No. 1, it’s a great time saver. There are no more trips to the bank and no more waiting in line. Your time is now free to focus on the bottom line. Also, online access to transaction history means no more waiting for voice mail and automatic response systems typical of most banks.
While these customer service offerings are convenient, they also consume more time than simply logging on to an online account to review records.
Online banking also makes paying bills and vendors easier. Rather than stocking paper checks, approving and verifying each check for accurate payment information and then expediting the check via mail or messenger, you can point, click and pay. Or, you can set up recurring payments by creating a file for each vendor with information including the payee, address and dollar amount.
Online banking tools will automatically pay the bill on time. If you need to change dollar amounts for each pay period, you easily can re-enter the dollar amount. Because these checks are produced and distributed electronically, there is less chance of fraud. Plus, you eliminate the expense of purchase order checks and further limit access to your checking account because you decrease the number of checks written each month.
Also, you can view transaction histories online and view and print images of checks written and deposited. Many banks charge customers who request cancelled checks. You can avoid fees and still feed your files with printed versions of checks through online banking.
View images of checks — front and back — and either download them to save on disc or print hard copies.
