Small Business
Business INSIGHTS e-News for Professional Services
Why Online Banking is Good for Business

Increase cash flow, speed up transactions, and more.

For 62 percent of consumers, online is their preferred banking method, trumping the branch, the phone and the ATM, according to the American Bankers Association. Consumers appreciate the convenience and security of online banking. Likewise, businesses benefit from online banking. According to the latest Barlow Research Associates information, 63 percent of small businesses with a sales size of $100,000 to $10 million used a bank website for transactions, up from 50 percent in 2008. Small business customers using web-based banking reported using their bank's website for transactions around 10 times per month. These numbers supports the notion that online banking makes it easier for small businesses to manage finances. Here are a few conveniences offered.

Cash Flow Control
Managing cash flow is a critical task, but tracking whether or not payments have been received or if checks have cleared can be time-consuming endeavors. Online banking provides businesses with up-to-date, balance and account information, including pending transactions 24 hours per day, seven days per week.* Online banking not only offers account information, but also allows you to transfer funds between checking and savings accounts,** lines of credit and credit cards to meet immediate cash needs. Plus, you can access your account information from any Internet-enabled device, including a computer, tablet or mobile phone, so you can monitor accounts from anywhere at any time.

Speed Up Payments and Receivables
Need to pay a vendor or supplier? Online banking provides more options than just the mail. Set recurring or one-time payments to other bank accounts. In a rush? Transmit payments via Automated Clearing House (ACH) transfers that post overnight. If payment needs to be received as soon as possible, wire transfers can provide immediate funds availability during business hours. On the flipside, remote deposit capture allows you to use a desktop scanner or mobile phone to scan copies of received checks and transmit the image electronically to the bank for immediate deposit, saving you and your employees a trip to the bank branch. Fewer trips to the bank means less time away from business, more productive employees and even less money spent on gasoline.

Integrate with Accounting Software
Online banking includes cash-management tools such as categorizing payments and graphing capabilities to map your spending patterns. Businesses already using accounting software (such as QuickBooks) appreciate the ability to easily download banking information directly into their accounting system, saving time and eliminating data-entry errors.

Online banking can give you more time to focus on your business rather than your banking. To learn how PNC's online banking can help your business become more efficient, click here.


* Online banking may be unavailable during maintenance or other situations.

** Federal regulations prohibit you from making more than a total of 6 transfers each month from a savings or money market account (including transfers to another account for overdraft protection) or to third parties each month by check, through point-of-sale purchase transactions with a banking card, by pre-authorized or automatic agreements, telephone, or online.


The article you read was prepared for general information purposes by McMurry. These articles are for general information purposes only and are not intended to provide legal, tax, accounting or financial advice. PNC urges its customers to do independent research and to consult with financial and legal professionals before making any financial decisions.These articles may provide reference to Internet sites as a convenience to our readers. While PNC endeavors to provide resources that are reputable and safe, we cannot be held responsible for the information, products, or services obtained on such sites and will not be liable for any damages arising from your access to such sites. The content, accuracy, opinions expressed, and links provided by these resources are not investigated, verified, monitored or endorsed by PNC.