The Benefits of Online Banking for the Small Business

If you haven’t switched to on-line banking yet, now is the time to give it some serious consideration. There are many benefits to gain from banking on-line and this article explores the main ones.

If you have set up direct debits for your business credit cards or any other regular payments, it is so easy to check your available cash and make sure nothing will take you into the red by doing so online. This is even more important if you are operating on an arranged overdraft as the penalties for exceeding it can be very severe.

Other benefits can include savings on charges. They can be lower than on ordinary accounts because on-line bank accounts require less staff time to maintain them and deal with customers. Some of them also offer higher interest rates.

It is also so convenient to be able to order statements and cheque books, move money around and make payments as you sit in front of the computer.

Many companies and individuals now make payments electronically, and some of the larger businesses are beginning to refuse cheque payments. Satisfactory credit control can make the difference between success and failure in a small business and on-line banking makes this much easier.

All you need to do is log in to your account and check who has paid you by the due date. Then set your normal procedures in place for any offenders. Chase them early, and recognise where problems might arise so you can make the right decisions at the right time.

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