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Online Banking: Choosing the Right Services for Your Business Needs


Every business has unique banking needs, so choose the right online banking solution for your company, large or small.

Generally, there are two types of online services available: Online Banking and Online Banking for Businesses.

Online Banking includes basic features that meet the needs of some small businesses with simple financial and operational needs.

Features of Online Banking

  • check account balances
  • view account history including check images
  • transfer funds between accounts
  • access Online Bill Pay
  • create alerts for certain account activities

These valuable online banking services simplify financials management for many small business owners. However, other businesses have specialized needs – from the ability to process 10,000 orders daily to quick order and payment capture at this year’s industry trade show.

These kinds of businesses need more online services – services available with Online Banking for Businesses. These features deliver numerous benefits to many types of businesses.

Features of Online Banking for Businesses

The additional features of Online Banking for Businesses may simplify routine business activity for your company.

Manage Payroll

With Online Banking for Businesses, pay your employees through direct deposit. It’s convenient for staff, eliminating trips to the bank. Also, you control when funds are withdrawn from the company account because there’s no waiting for employees to cash their checks. Direct deposit is also more secure. No worries about employees’ paychecks being cashed fraudulently.

Using Online Banking for Businesses to make payroll also provides convenient records of payments, pay dates, deductions, and other data relevant for tax records.

Initiate ACH Transactions and Wire Transfers

Online Banking for Businesses can simplify your accounts payable and receivable.

ACH transactions can be used to pay vendors or receive payments, and transactions can be set up as one time or recurring. ACH collection is particularly useful for businesses that rely on recurring customer payments, like membership dues, rents, or fees. ACH is a fast and easy way to manage funds.

In addition, Online Banking for Businesses provides the means to initiate domestic and international wire transfers directly to and from your company accounts, again as a one-time payment option, or to make payment on a recurring basis. In today’s global economy, even small businesses need to exchange funds across international borders and Online Banking for Businesses delivers that capability.

Grant Access to Multiple Users with Varying Rights

Online Banking for Businesses gives you the ability to grant multiple users access to specific company accounts. You may have employees who need limited access to certain accounts. Perhaps your accountant needs view-only access to all company accounts.

With Online Banking for Businesses, you set the access parameters for individual employees.

Remote Payment and Deposit Capture

Online Banking for Businesses also enables your company to accept remote site payments and deposits, ideal for businesses that deliver on-site technical services, like repair technicians, and outside sales staff.

Using remote payment and deposit capture, cash flow increases as more money moves through the company. With no more paper invoices, postage, or net 30 days, the cost of payment collection drops. Using remote payment and deposit capture, payment is received and deposited into the company account at the time services are delivered, or orders placed.

Customers and clients enjoy numerous payment options. Payments can be made using online electronic funds transfers (EFTs), credit and debit cards, and even paper checks.

For any business that uses employees to make service or sales calls, remote payment and deposit capture delivers a lot of benefits for your business, and your client base.

Using this information, choose the online banking option that best fits your company needs. Your business banker can also discuss your individual banking needs to provide more information about your bank’s online solutions.

Business - Financial Planning

Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Wealth Management team, or find the right financial partner on our Commercial Banking team for your business needs. 

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This article contains general information only. Sunflower Bank is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. This article is not a substitute for such professional advice or services, before making any decisions related to these matters, you should consult a qualified professional advisor.