Online Banking for Small Business

Business.com / Accounting / Last Modified: February 22, 2017

Online banking small business accounts aren’t the wave of the future – they’re how many small and mid-sized ...

Online banking small business accounts aren’t the wave of the future – they’re how many small and mid-sized businesses already handle their banking. If you’ve been resisting the change from traditional banking to online banking for small business needs, it may be time to take the plunge. Today’s banks have a plethora of small business Internet banking solutions designed to meet your needs.

Here are the top things to consider in small business online banking:  

 1.      Online banking small business solutions can be a real time-saver when it comes to day-to-day financial tasks.
2.      Small business Internet banking offers you the freedom to manage your account from any computer.
3.      Security is key in managing small business online banking accounts.  

Perform payroll duties using small business Internet banking systems

Payroll is the most outsourced of all business systems, and for good reasons: Employment and tax laws, deductions, shift differentials, and vacation time mean payroll is a tricky task, one best turned over to an expert. For a small business, online banking solutions can usually adequately handle payroll processing, taking a huge weight off your shoulders.
Chase's comparison chart explains the features of three different payroll solutions through their online banking small business accounts so you can choose the perfect fit for your business.

For a small business, Internet banking solutions that offer online invoicing and unlimited transfers

Online invoicing allows to you set up and send invoices, receive online payments, receive transaction reports, and keep current on all billing records. Some online banking for small business accounts/programs even allow free, unlimited transfers.
Whether you have a large business or a small business, online banking solutions fromWells Fargo Business Online Banking can meet your needs. The bank’s online payment solutions allow you to pay your business bills online, to make next day payments to employees and vendors, to pay business taxes online and to exchange foreign currencies. Commerce Bank’s Small Business Options allow you free, unlimited electronic transactions each month. National City’s small business online banking solutions don’t just give you free bill pay – they guarantee you won’t be liable for any funds improperly removed from your account.

With online banking, small business accounting software integration is key

Find a small business Internet banking solution that lets you download and integrate your account information with your accounting software, such as Quicken or Microsoft Money, and you'll have a solution that saves you from the risks and hassles of potential human input errors.
Bank of America’s Small Business Online Banking solution lets you synchronize your Quicken or QuickBooks with your account info. RegionsNet for Business, an online banking small business solution from Regions bank, lets you download account activity to Quicken, QuickBooks or Microsoft Money.

Provide others with access to your small business online banking accounts

Ah, delegation - the saving grace of many a small business owner! Most of today's banks understand the demands on harried entrepreneurs and allow you to hand-pick employees within your organization to manage your accounts through online banking. For small business needs, you may only need to designate one or two individuals for account management.
For a small business, online banking options, such as those offered by Washington Mutual (WaMu) can give you and your employees the access you need. With WaMu, designated employees can have daily access to your accounts, perform transactions from any computer and schedule payments in advance.

Find reputable online-only small business Internet banking solutions

If you rarely need to go to the bank in person, consider small business Internet banking solutions that aren't tied to brick-and-mortar establishments. Check out the online-only bank's reputation from reputable sources. Remember, if they're doing business with the FDIC, your checking/savings accounts and CDs are federally insured up to $100,000.
ING is a reputable small business Internet banking solution for your business savings account. KeyDirect has earned the Bankrate.com Top Tier Award for consistently offering annual percentage yields (APYs) on deposit accounts that were among the highest reported in Bankrate's 100 Highest Yields.
  • Access your account history online for 18 months to seven years, depending on your provider of online banking for small business.
  • Think about security for your small business. Online banking providers should have updated security settings in place.
  • Find a small business online banking system that provides many self-management features, so you can add new users and features or make changes to your account.
  • Always keep your password and account login information for your small business Internet banking accounts secure.
  • Ask about the fees and penalties assessed for small business online banking account features and transactions.
  • Keep your anti-virus software updated on any computer used to access your small business online banking account.

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