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How Convenience Banking Can Improve Your Business’ Productivity

Key Takeaways

  • Real-time access to account information helps you stay on top of your finances at all times.
  • Remote deposit can speed up your access to funds from receivables.
  • Schedule automatic payments to ensure you never miss a deadline.

Using technology to speed up routine tasks is key to boosting productivity and can help increase profitability. That’s why many business owners have turned to online banking and increasingly rely on mobile platforms to access information and complete tasks. In fact, nearly 50% of small business owners use mobile banking to make decisions and approve payments.

Both mobile and online banking — also referred to as convenience banking — can ease money management and streamline payment processes, ultimately helping to improve cash flow. Here’s how to make the most of these tools to give your business an edge.

Monitor and transfer funds

Having constant access to account balances can give you a clearer view of your finances and help time purchases and payments to your advantage. Need to know when a payment has posted and the funds are available? You can set up automated email or text message alerts¹ so you’re notified as soon as it happens. Using alerts can also help you know when to take action.

Example: If your balance drops below a specified threshold, you can transfer funds from another account, such as a savings account or line of credit.

Help expedite receivables

Depositing checks electronically can speed up access to funds and save you trips to the bank. They can even extend the banking day since deposits are accepted after normal banking hours. Remote deposit services, which allow users to scan in checks and transmit them through a secure internet connection, can provide significant time savings for companies that process large volumes of checks.

Example: Mobile Deposit² services allow you to move funds into your account simply by taking pictures of checks. This can be a good option for businesses with lower check volumes.

Make and schedule payments

Convenience banking platforms may allow users to schedule funds transfers and wire payments in advance, offering flexibility and tighter control over cash flow. The ability to plan future payments can help ensure they’re made on time and let you capture early payment discounts your payees may offer. Also, you can alternate the timing of payments and purchases so you have cash on hand for unexpected expenses.

If multiple employees use your banking platform, you may be able to set controls determining their level of access and require dual approval for payments.

Example: An office manager might initiate an electronic payment to a vendor, while you approve the payment before the funds leave your account.

Improve record keeping

Detailed reporting options available through some electronic platforms can help track account activity more easily and simplify record-keeping.

Example: You may be able to view checks presented for payment and confirm their validity directly from your computer or mobile device, helping you spot irregularities and prevent fraudulent payments. Some platforms also allow users to create custom reports and integrate transaction information into other cash management software, such as receivables systems. This can save you time and manage your company’s finances more efficiently.

Locate branches on the go

If you are traveling, using mobile banking can help you find branches and ATMs through your device’s GPS features. Simply tap an icon on your app’s home screen to call up a list of nearby locations. This can make it easier to resolve issues requiring in-person assistance and to access cash without incurring fees from using other banks’ ATMs.

The bottom line

Convenience banking can help save time and gain greater control over your finances. Look into available features and explore how they might help you better manage your cash flow.

More information

We are committed to helping your business reach its potential. Our dedicated business banking professionals can help you find the right product to meet your business’ needs. To learn more, please call 1-800-428-7463, visit us online, or visit your nearest Citizens Bank branch.

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