While you may already use online banking for your personal account, you may not have considered this option for your business. Just as Landmark Internet Banking can make your personal financial experience easier, employing the solution for your business transactions can lead to greater convenience.
Here are some benefits of managing your business accounts online:
Account access from almost anywhere
Wherever you have an Internet connection, you can get an update on your business' finances. If, for instance, you're considering new furniture or supplies for your establishment, you can quickly log in and view the balance of your checking account to see if the business can afford the purchases.
Downloadable transaction history
Whether you manage your own accounting tasks or employ a third-party vendor, having access to your financial information is crucial. This is beneficial if, for example, you or your accountant need a printout of transaction history for the previous month to verify the business' financial activity.
Additionally, you can choose to go completely paperless, meaning that all your statements can be organized on a hard drive or in the Cloud. Rather than flipping through file folders to find out where you spent money two months ago, you can quickly locate documents on a computer or other device.
Improved account security
As hackers find creative ways to steal account information and commit identity fraud, it is important that all individuals keep an eye on their online checking account. With Internet Banking, you can opt to receive alerts if there are suspicious transactions or the balance drops below a certain threshold.
If you notice fraudulent activity on your business' account, you can immediately order one or more stop payments. Although there are fees for these transactions, this benefit can mitigate a larger financial risk of an authorized user cleans out the account.
Scheduled payments and transfers
As a business owner, you likely have monthly payments for creditors and bills. Instead of writing a check for the electricity, loans or other expenses every month, you can use Internet business banking solutions to automatically process those payments. Additionally, you can save a little by lowering your costs for stamps, envelopes and checks.
Internet banking affords the same convenience for transfers. For small businesses, in particular, the ability to transfer money at any time is beneficial. Although your personal and business finances shouldn't mix, there are often instances where startups and other smaller establishments need some financial help. Internet banking allows your business to get the funds it needs and permits you to send those funds back to your personal account once the business can repay the loan.
Free account access
Standard Internet Banking services are typically free of charge. Simply create login details and you're good to go. If you're the sole proprietor of your business, this option can provide many benefits for ensuring all transactions are on the books.
There are also more extensive Internet Banking solutions for businesses, which can be accessed for a fee and are useful if you have one or more business partners. With this option, you can each have separate login credentials and gain access to enhanced account alerts. Furthermore, you can employ additional features, including cash disbursement, automated clearing house payments, domestic wire transfers and payroll.
For more information about how you can grow your business, contact Landmark Bank.
Back to Blog