Not so long ago, transacting at your bank involved filling out deposit or withdrawal forms, going to your local bank branch with checks or cash deposits in hand, waiting in line, then deposit your winnings through the window of an ATM. For entrepreneurs or business owners, that meant time away from your workplace and your customers.
Things have changed. Thanks to advances in technology, online banking allows you to manage almost all of your business needs using your computer or a banking app on your mobile device.
You might be hesitant to use your bank’s online services for your business bank account if you’re used to using traditional banking services. However, online banking is secure (in some ways After secure than traditional banking services). And online business bank accounts offer a host of benefits that save you and your business time, money and effort.
Here are four ways online banking works for your business.
1. Online banking could save you time
Almost any transaction that you can do face-to-face can be done online. No commuting, waiting in line, or managing your schedule based on branch hours. From your laptop or banking app, you can check your balance, make mobile deposits, transfer funds between accounts, pay vendors and employees, reimburse customers if needed, and check if checks have cleared. And if there’s a problem with your business bank account, customer support is available 24 hours a day in most cases, online or by phone. Spending less time at a bank means you can spend more time managing and growing your business.
2. Online banking could save you money
Online banking programs allow you to transfer funds between multiple accounts – such as savings, checking, credit card and loan accounts – often without incurring fees. Also, your bank charges may be lower, as banks would prefer not to pay branch maintenance fees and other additional fees, with these savings being passed on to you.
3. Online banking helps streamline processes
Many online bank accounts integrate with accounting and payment processing software or apps, such as QuickBooks, Stripe, Shopify, and PayPal. Instead of the time and expense of processing payroll – writing checks, buying envelopes and stamps, and mailing them to vendors and employees (or paying an accountant to do it for you) – a more automated back-end lets you saves time and money to spend on your business. Plus, an automated reconciliation of your revenue and other balance sheets provides a real-time snapshot of your business’s overall economic health, so you can react and plan as needed.
4. Online banking offers an additional element of security: you
In addition to the levels of security necessary for any financial transaction these days, such as encryption software or digital countermeasures to prevent identity theft and hacking, online banking offers another level of security: you . You can monitor your account anytime and from anywhere, and you’ll be among the first to know if a malicious or unidentified transaction has taken place. You can also implement safeguards, such as customizing employee access to specific accounts or ensuring that transfers or transactions require your approval, to protect against employee theft, which is important for a growing business.
Some banking processes need to be done in person, like applying for a loan or line of credit or getting information from your local branch advisor to help you build a successful business. But a hybrid model that combines 24/7 access to your online banking accounts with the security of knowing that a trusted advisor is at your fingertips or within walking distance could be ideal for your business needs.
Speak with a investment banker to discuss how online banking can help you focus your time, money and energy where you need it most: your business.
For Informational/Educational Purposes Only: The opinions expressed in this article may differ from those of other employees and departments of JPMorgan Chase & Co. The opinions and strategies described may not be appropriate for everyone and may are not intended to be specific advice/recommendations for any individual. . The information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. You should carefully consider your needs and goals before making any decisions and consult with the appropriate professional(s). Prospects and past performance are not indicative of future results.
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