Banking Solutions to Better Manage Your Time?
As we slowly begin to crawl out of the pandemic, small business banking tools are making that journey a little bit easier. Many of the available products not only save you time, but also improve cash flow, reduce fraud risk and deliver other benefits. Here are just a few examples your business can utilize:
Online banking – Most banks now offer small business banking services that let you conduct nearly all of your banking from your computer or mobile device, day or night. Check transaction history, transfer funds between accounts or set up alerts to get notified about activity on your account.
Remote/mobile deposit – Another way to save time and reduce bank visits is with remote deposit, which makes it possible to deposit paper checks into your account using a mobile banking app, or for larger quantities, you can use a scanner at your office. You’ll not only save time, but also gain faster access to funds.
Payment automation – If you spend too much time on payables and receivables, consider automating bill payment, invoicing and collection processes through your bank. By approving and paying bills electronically, you create easily trackable “paper” trails while utilizing fraud protection measures.
Business credit cards – These cards allow you or authorized employees to make online or in-store purchases, eliminating the vulnerability of keeping petty cash on hand. They can also help you forecast future needs, protect your purchases and replace the hassle of employee reimbursement.
Merchant services – Some banks offer merchant processing services that enable small businesses to accept credit and debit cards. These services also include point-of-sale systems, fraud protection, gift cards and other tools that can boost your income potential.
The bottom line: Banks that cater to small business understand you are busy and have timesaving tools that let you focus on what matters most.