Small business banking shouldn’t be confusing.
Nobody said running a business was easy. However, no one also said that it’s never going to get any easier! There are lots of things to handle and oversee in a company and that includes the finances. Managing the company funds alone is already a tough job, to begin with.
If you are tired of manually issuing checks, distributing payslips, and mailing out paper invoices, then it’s time for a change. It might seem like the best way to do those things but there’s another way that’s even better. That solution comes in the form of online business banking.
What is online business banking and how is it different from using a personal bank account?
Business banking refers to a company’s financial transactions. This includes sending out, collecting, and managing the company’s funds. Also, a business bank account is accessible to more than one person. A personal bank account is usually dedicated to one person only and is utilized for personal reasons such as savings.
Online business banking allows businesses to do all of their financial transactions digitally. There’s no need to go through the hassle of signing checks, visiting banks, and other tedious processes. It makes things easier by allowing users to send and collect payments remotely!
Services that prove why online business banking is better
If you are just about to set up a banking account for your business, online banking might be a better fit for you. Although traditional banks have earned quite a reputation over the years, there are reasons why small business banking is better done online:
1. Collect money easily
Digital banking solutions enable users to collect money conveniently. If before you struggle with sending out payslips and invoices manually, digital banking makes it easier. It provides features such as trackable e-invoices and single-use/multiple-use payment links that you can send out to your customers to make collecting money a breeze. It also allows you to receive payments from multiple channels so you don’t have to be limited to your traditional bank’s offers.
So whether your customers are paying through banks, with credit cards, or from their e-wallets, there’s no problem!
2. Settle payments conveniently
Paying corporate bills and suppliers used to be difficult because of the limited payment options and time-consuming processes. This is why salary disbursement is often a stressful period every month. But with a quality digital banking solution, you can kiss those problems goodbye!
Online banking enables small businesses to set up their disbursements ahead of time and easily send out money when salary day comes.
3. Manage your funds efficiently
Another great thing about digital banking solutions is that it lets you manage your funds in one secure place. You can make use of analytics to help you accurately track every single peso of your company funds and there’s also a directory feature where you can conveniently keep the data of your suppliers and customers.
This makes it easier for you to settle and collect payments. For small businesses that have limited manpower, online banking is a major advantage. It saves you funds by not needing to hire another employee to do business banking for you.
4. Be automatically reminded of due dates
Sometimes when you’re busy, you tend to forget about important dates. Payment due dates should never be missed to avoid penalties or other issues. Fortunately, digital banking solutions like NextPay have features that automatically remind users of their scheduled payments.
5. Accessible to team members
An entrepreneur who works on multiple things at any given time might appreciate making their business banking account accessible to members of the company. With this feature, both the business owner and trusted employees have access to the business banking account to accomplish any financial task. Secure authorization features also ensure your teammates are only able to access features they are allowed to use.
What is the best small business banking solution?
Choosing a digital banking solution that’s reliable and cost-efficient may seem like a challenge, especially if it should be one that makes all aspects of business banking easier for you.
NextPay was created as a solution to the many challenges entrepreneurs experience with traditional banking. We provide a complete digital banking solution that takes away all the headaches you might be experiencing with your current banking platform. Get access to better security, automatic reminders, multiple payment channels, and many other features that make business banking easier. Sign up for a NextPay account for free and transform how you do business banking today!