Benefits of business online banking

All major banks offer a business account and many now offer a business online banking facility, which is perfect for managing your finances. If you don't already have an online business banking facility you should talk to your current business account provider about setting one up - it's normally free to do so and you should get a better deal than average online banking customers.

If you're not sure whether you'll need business online banking, here's a few benefits you should consider:

  • You can check your balances and view statements online in an instant.
  • You can move money easily between bank accounts, which is essential if you use more than one account.
  • You can make payments to suppliers, which normally go through instantly or in at least 3 working days, or set up regular payments to suppliers.
  • Other regular payments, such as salaries, can also be set up online and are easy to check.
  • You can download your account information in seconds and use this to analyse your financial performance from your computer.

Charges are normally lower for business online banking than current accounts, which make it a very cost effective way of managing your accounts. You may also find flexible deals and overdraft rates if the account is solely for business, as well as a competitive interest rate on your balance.

If you run a large business then you may need more than just a business online banking account. Some banks provide a software used for business banking, as opposed to an online account, which is much more secure and perfect if you have a large volume of transactions performed each month or need to link your account to other financial software. But no matter what package you need, you should certainly consider going down to your bank and requesting more information on remote banking for your business.

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