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The Benefits of Online Banking: What Online Services Does Your Company Need?


If you’re still writing paper checks, mailing paper invoices, and collecting payment with monthly paper statements, you’re wasting business capital. Online business banking is more efficient, and much more convenient.

Here are some key benefits of online banking, and some good reasons to talk to your business banking representative about designing a more efficient way to manage the company finances.

With online banking, your company can design a cost-efficient means of keeping track of cash inflow and outflow – all from the convenience of your computer!

Online banking is convenient. You can access company accounts, check balances, make online payments, move money between accounts. If you can conduct a transaction with a teller, face-to-face, chances are you can conduct the same transaction online.

Designing the perfect online business system is as simple as stopping by your local bank branch. Depending on your business model, you and your bank professional can customize the perfect online system to meet your business needs.

Bring the bank to you. Bank on your terms and on your schedule. If you want to check the “books” at 4:00 AM, log on and conduct your company’s banking business.

Eliminate trips to the bank. Simply log on to your account, enter your PIN, and you’re in control of company finances. Bring your commercial bank to you, work on your schedule, and in your office, by designing an online business system with all the features you need.

Online banking brings your business bank to you – anytime.

Cut banking costs. Processing paper checks is time-consuming and expensive for any bank, so your company is often charged a fee for check processing.

  • Electronic funds transfers, or EFTs, are low- and no-cost bank transactions because they’re automated and computerized. With a couple of clicks, pay a bill, and save a buck.
  • In many cases, a growing company may be able to eliminate at least some of the expense of an employee who processes deposits, runs to the bank, tracks slow pays, and performs other payment collection activity. Online banking is efficient and more productive.
  • Automated bill payment of routine company expenses simplifies cash flow management and eliminates unnecessary late fees. Monthly bills, payroll, routine expenses can all be paid electronically to save you time and money.

When designing your company’s online business system, consider such things as the number of transactions you make in a day – one, or thousands. The more transactions, the more effective online banking becomes.

If your company maintains numerous accounts, you can design an online banking system that automates account transfers on the dates you schedule to keep more money in interest-bearing accounts longer.

A growing business benefits from a well-designed online banking system tailored to the way business is conducted.

Keep banking business secure. Banks employ multiple layers of data security to protect your company information. The latest in virus detection software, numerous “firewalls,” heavily encrypted transmission and data storage keep your company information protected.

Your bank is in the business of online security to safeguard your company assets and privacy.

When designing a company online banking system, follow the security protocols established by your bank. Password protect all accounts and change passwords often. Add numbers and symbols to your passwords. Your bank representative will provide the information you require to lockdown company information.

Customize employee access to business bank accounts. Not all employees need access to all company accounts. That’s no problem.

Online business banking is completely customizable. Enable employee access to online accounts on a “need-to-know” basis to improve in-house security.

Design a system that creates password protection for each employee’s account access. Update your in-house system as employees are added or leave the company.

Stay alert. Using online banking, you can customize your accounts to issue alerts when account activity takes place. These alerts can be delivered by email or smart phone text to keep you current on account activity and to identify potential fraud before it can even take place.

With online banking, you and your business capital are always “in touch”.

Any business is susceptible to hacker attacks. Design your online banking system to send alerts that notify you of any business activity.

Remote deposit capture increases cash flow. Using online banking, payments for products or services are moved immediately from the customer’s account to your company account at the time services or products are delivered.

This increases the rate of cash moving through your business. Securing payment is fast, simple, and customers appreciate the convenience.

If your business employs remote deposit capture, design a system that accepts payment in different formats. Design a system that accepts credit cards, debit card payments, and paper check payments.

It’s easy to be “green”. Using online banking cuts down on paperwork. Your company uses less paper, the bank uses less paper, and, in some cases, small business offices have essentially gone paperless with immediate access to company account balances, electronic statements, and other environmentally responsible business activity.

Online banking makes “going green” easy.

The benefits of designing the perfect online banking system are many – improving management of business financials, lowering costs (and expanding margins), and boosting company productivity so your team can do more for less.

So, maybe it’s time to toss the company checkbook. Maybe it’s time to talk to your business bank professional to set up an electronic business system that works specifically for your company.

Maybe it’s time to design your company’s online banking system for tomorrow’s business world – today!

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.