The conveniences facilitate cash flow and customer service.
Online banking provides access to your accounts from anywhere. Not having to visit a branch during banking hours is the most immediate benefit stated by proponents when citing the advantages of online banking, and while that's certainly a convenience, does online banking really save time or money? Indeed. The following examples illustrate just a few of ways online banking can assist your business.
The Phones are Unanswered
It's a Friday afternoon in the office during your busiest season of the year. Clients are bombarding your office with a variety of requests and questions, and support staff is just keeping up with the influx of telephone calls. A payment from one of your biggest clients arrives in the mid-day mail and needs to be deposited before the bank branch closes at 4:00 p.m.
The local branch is located only four miles down the road, but during the time it takes for a staff member to get in the car, drive to the branch, wait in line, make the deposit and drive back to the office, six client calls have been forwarded to voicemail. It's impossible to calculate the loss of goodwill from those clients forced to leave a message rather than talk to a human being.
With online banking, that staff member would have been able to remain in the office servicing clients, taking just few moments to use a scanner or a mobile phone to send an electronic copy of the check to the bank for remote deposit.
The Payment is Late
Your administrative assistant has been out of the office for three days. The invoices and payments scheduled for mailing are sitting on a desk. Each account not paid on time tacks on a late fee, not to mention the embarrassment you experience when the supplier calls the office because they have not received the payment.
With online banking, an authorized staff member can securely log into the bill payment feature from home and electronically transmit payments while still taking care of his sick child.
These are just a few reasons to explore online banking for your business. There are a myriad of other ways that online banking can save you time and money.
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