The simplicity and convenience that online banking offers to entrepreneurs is basically a very huge blessing. However it seems that there are some small business owners who still aren’t that familiar with this banking approach. Although most of these spend most of their time online and are familiar with web technologies, it is surprising to find out that when it comes to their banking habits, even digital natives can be so wary about online banking.
Why People are wary
There are very few isolated cases where banking records are compromised. Some reported thefts could sometimes occur with automated teller machines (ATMs) where skimming devices on the card slot could be placed by unscrupulous people to capture sensitive digital information necessary to get illegal access to bank accounts. Such instances however occur with the use of third party devices.
With regards to the possibility of gaining illegal access bank records by hacking into the company’s main servers, this scenario is highly unlikely. Banks invest a great deal on security by employing very strict and complex security measures. There are celebrated cases of people losing money via online banking but most of these cases are born out of people being careless when making online banking transactions more than unsafe online banking processes being followed by banks. For you to be confident about online banking methods here are some advantages for you to consider:
Convenient –
You can view your records through the Internet or call the company’s customer service hotline through your business phone. Both Internet and phone banking are accessible 24/7 and with real time information. You can easily transfer funds, pay your taxes, pay your employees’ salaries and request for checkbooks without leaving your office or even when you are working overseas.
No more Queuing –
One of the things people abhor is falling in line at the bank because it is so time consuming and keeps you away from your work. By banking online, you get your work done much faster and can see your updated records in real time. You simply log in to your account and perform all the services that you require all in a matter of minutes. Best of all it is free compared to checking your balance through the ATM that require a small charge if you check your balance.
Innovation –
With the convenience of Internet and phone banking, more banks have integrated mobile apps for easier access. With most entre preneurs now doing business using their smartphones, bank apps make the process more convenient by adding more advanced features to make them more user friendly and to encourage entrepreneurs to do online banking. You are also greatly assured that the bank will implement stricter actions with regards to information-stealing malware and anti-hacking apps.
Bank updates –
The bank can give you email alerts for all the transactions that you make online. Some banks also give notifications whenever you are running low in your balance or if one of your checks is almost due and you have to fund it. Services like these greatly help entrepreneurs to be always on their toes with regards to their bank accounts and avoid paying penalty fees. If you have a credit card with the same bank that you are maintaining your funds with, some banks today can let you view both accounts with one log in. It will notify you when you are due and may even alert you on ongoing credit cards promos either through email or SMS.
Take Control –
Online banking lessens your worries and keeps you focused on what matters — your business. By providing you all these features to enable you to do your banking in the comfort of your home or office, you get a bigger amount of control with your finances, and ultimately your company’s profitability.