More and more businesses are demanding the convenience, security, and ease of electronic banking services. Not only for individuals, online banking services are also available and applicable for many business applications. For many banks, the bread and butter business banking services are coming to include offering business the same online access that private individual customers are coming to appreciate.
Different Businesses, Different Needs
Traditionally, business banking services have included such options as lines of credit, revolving financing arrangements, merchant accounts, working cash management, payroll management, various types of business lending, and other services. Now, banks are integrating these various financial services with the convenience of online access and management of business banking services. Bundled with such services are other options like electronic funds transfer, business bill paying accounts, and others. No longer the exclusive domain of individual users, businesses are now able to take advantage of secure Internet transactions to take care of the day to day demands of business financial management. Some banks offer a different suite of services, depending on the size and complexity of the business organization. The advantage of having all these services provided by the same bank can be considerable as a business grows and faces the need to adjust its financial capabilities and procedures to the changing environment and its developing life cycle.
Business Banking Services – Transaction Clearing
The Automated Clearinghouse system (ACH) is the principal network used by banks to route payments and deposits to the proper bank and the proper account within that bank. For many businesses, being able to take advantage of the security and accuracy of the ACH system to collect and disburse payments is an important key to success, cash flow, and stability. Banks are now able to offer ACH origination and processing services to business customers. This attractive capability can enable business to offer additional convenient, secure, and timely payment options to their customers. Banks offering this service to business customers find that they can attract more deposits and encourage stronger relationships with business customers, while reducing the need to compete with other banks for the business customer’s deposit dollars.
Business Banking Services Available
Whether your business is a home-based startup or a large organization with multiple departments, banks are eager to compete to offer the business banking services you require. The trick is to know what is available and to find a bank that can provide the product mix you need.