Did you know that online banking was first introduced in the 1980s? According to Banking and Finance on the Internet, and Internet Management book by Mary J Cronin, New York was the first city to experience the online banking system, which later trickled down to many other developed countries in the world by the 1990s.
Any system that proves to make operations easier for corporate houses, especially in such a fast paced economy, definitely merits consideration. Corporate online banking has seen an extreme boom in the past two decades, and many businesses are recognizing this system’s benefits over traditional banking.
5 Ways Businesses Benefits from Online Banking
If your company is yet to make the leap, here are a few points that might grab your attention.
- Fewer Bank Trips: Whether you are a small business owner or a well established company’s financer officer, time is a precious commodity. Corporate online banking ensures that you save on time that you would otherwise spend on bank trips. All you would need in a stable internet connection and you will be connected with your finances 24×7. You can initiate transactions from anywhere and at any time.
- Money Transfers: This one of the most unique advantages of the online banking system. No matter what the amount, it can be easily transferred to the recipient using this system. Business transactions, employee maintenance and other such transactions can be conducted without any hassles in just a few clicks, rather than waiting in long queues.
- Easy Bill Payment: Instead of dealing with time consuming routine cheque payments, banks offer easy payment methods in just a few simple steps. You can even set up monthly payment cycles for routine payments to save time and, most importantly, energy.
- Integrating with Accounting Software: Many businesses use accounting software to help them manage their finances. Corporate online banking allows you to interface the information from your online bank account with this software, helping to manage time as well as money.
- Monitoring Multiple Accounts: One of the best advantage of this system for corporate houses is the fact that they can monitor multiple accounts at any given point of time and from anywhere. Although it can also be considered a perk of personal banking, businesses possibly benefit the most from this facility because of the sheer amount of transactions that are processed on a daily basis. Corporate online banking also makes it easier to track transactions and review each transaction status.
Often, you do not even need an assembled computer to monitor accounts. With the onset of mobile banking, you to conduct business transactions even from a coffee shop.