Although consumers started to switch to digital banking well before the onset of COVID-19, the pandemic hastened its adoption. Now, roughly 76% of American consumers use digital banking — and the majority of consumers plan to continue using digital banking for the foreseeable future due to its convenience, speed, and ease of use.
These benefits aren’t only for consumers, either. Businesses can also benefit from the efficiency of digital banking, not to mention business-related perks like setting up ACH transactions and advanced fraud protection or businesses, digital banking will help you to:
Manage Finances on the Go
Whether you’re a small or large business, it’s important to be involved in your business’s finances and monitor transactions, even when you’re on the go. And as a businessperson, you’re likely on the move all the time. Using mobile banking and other digital banking tools will fit your active lifestyle and free up your time for more important tasks.
With mobile banking, you (or an employee) can essentially run your business from your banking app. You’ll be able to see your account’s transaction history in real time, such as balances, statements, deposits, and payments. You can also deposit a check, transfer funds, pay bills, apply for a loan, and generally access all of the same tools that are available via online banking or banking in person — but through a fast, secure, and easy-to-use app.
Prevent Fraud Before It Happens
You can protect your business from fraud before it happens — i.e., before you even get an alert for a suspicious transaction — with Positive Pay. This tool protects your business from fraud and potential losses by recording and reviewing the serial numbers and amounts of every check you’ve written. For any check that doesn’t match up, the check will be put on hold, and you’ll get a notification to approve or deny the check.
Positive Pay protects both checking and ACH transactions, and it can be customized according to each individual business’ needs, no matter the size of the business. For example, you can also set up:
- Reverse Positive Pay: Manually review and approve all checks.
- Payee Positive Pay: Add a check payee to your account.
- ACH Positive Pay: Activate ACH debit blocks.
Send and Receive Payments Faster
Everyone wants to get paid as quickly — and seamlessly — as possible. Digital banking enables you to send and receive payments faster because you’re able to immediately handle all payments online or through an app. You can also set up mobile credit card processing to quickly accept or issue payments. Note: Depending on the type of payment, payments are typically processed within two business days or the same day (for a fee).
Additionally, you can also set up an ACH system for your business in as little as two weeks. For businesses, ACH transactions are a fast and efficient way to directly pay employees, vendors, bills, and more. ACH transactions will also save time and money on printing, preparing, and transporting checks, plus you’ll have a clean electronic record of all payments.
However, it’s important to note that fraud can be more common with ACH payments. In addition to using Positive Pay to prevent fraud, be sure to handle routing and account information over the phone and not via email.
Get Started With Digital Banking
Digital banking is a fast and easy way to handle your business’s financial needs. You’ll be able to stay up to date on your balance and all transactions, no matter where you are — whether you’re traveling to a business event, meeting a new client, or paying a vendor. By embracing digital banking, you’ll also free up more time in your day to focus on what really matters. Check out our digital banking tools for businesses to get started.